China, ‘opening up,’ cuts import tariffs on more products

31/05/2018

China is reducing import tariffs on a variety of everyday consumer goods beginning July 1, as the country continues to make efforts to “open up” to the global market. 

 

The State Council‘s decision to cut tariffs was made at a May 30 executive meeting chaired by Premier Li Keqiang, according to Chinese state media.

The move is part of Chinese President Xi Jinping‘s efforts to “open up” China to provide an easier investment environment for foreign companies.

The initative includes relaxing market access, enhancing investment facilitation and better protecting foreign investors’ interests and intellectual property.

The average tariff rates for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be reduced from 15.9 percent to 7.1 percent, Xinhua reported.

Home appliances like washing machines and refrigerators will see a drop from from 20.5 percent to 8 percent.

The average tariff rate for fish products and processed food, including mineral water, will be cut from 15.2 percent to 6.9 percent, according to a statement released after the meeting.

 

 

The average tariff rates for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be reduced from 15.9 percent to 7.1 percent.

 

 

The average tariff rate for detergents and skin care and hair care products, and some medicine and health products, will be cut from 8.4 percent to 2.9 percent.

In May, China pledged to reduce passenger car tariffs from 25% to 15%, giving the U.S. Increased access to a market it long sought. The auto tariffs will also go into effect July 1, the Finance Ministry said at the time of the announcement.

The decision to slash auto tariffs came on the heels of what seemed like a trade war truce between the U.S. and China, although officials in Beijing denied any connection.

The Council’s decision was made after U.S. President reversed his course on the truce, and declared steep tariffs would soon be imposed on imported China-made goods.

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