China’s overall tariff level cut from 9.8% to 7.5%
03 October, 2018
The Customs Tariff Commission of the State Council has issued an announcement to reduce import tariffs for 1,585 tax purposes from November 1, People’s Daily reported.
The total tariff level in China will be reduced from 9.8% in the previous year to 7.5%.
The import tariffs on goods with considerable production capacity in China will be reduced, including 677 tax items covering textiles, building materials, base metal products and steel. The average tax rate is expected to decrease from 11.5% to 8.4%.
The average import tariffs on some electromechanical equipment in the areas of textile, engineering, metal processing, agricultural machinery, etc, will also be lowered from 12.2% to 8.8%.
Import tariffs on resource commodities and primary processed products such as non-metallic minerals, inorganic chemicals, wood and paper products as well as gemstones will be cut to the level of 5.4% from 6.6%.