Business
07:38, 01-Nov-2018
China lowers tariff rates on 1,585 taxable items
Updated
07:37, 04-Nov-2018
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China's latest tariff cuts on 1,585 items of imported goods have taken effect on Thursday.
The average tariff rate is cut from 10.5 percent to 7.8 percent, according to the Customs Tariff Commission of the State Council.
Items covered are mainly industrial goods including mechanical and electrical products, spare parts and raw material, significantly reducing production costs and increasing the supplies for domestic companies.
The number accounts for 19 percent of the total taxable items. In this case, China's overall tariff rate stays at 7.5 percent, down from 9.8 percent last year.
This year marks the 40th anniversary of China's reform and opening up. The country has introduced a slew of policies aiming at facilitating trade and meeting people's daily needs.
China removed import tariffs on all imported common drugs, including cancer drugs from May 1, and lowered the import tariffs on vehicles and auto parts as well as some consumer goods from July 1.
On October 19, the State Council published a work plan for trade facilitation with three objectives introduced to fully optimize the customs clearance process.
All these moves also echo China's commitment to the mutually beneficial policy and a multilateral trading system with the WTO at its core.