China to reduce its tariffs to 10.4 percent this year

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Last updated at: (Beijing Time) Friday, January 02, 2004

China to reduce its tariffs to 10.4 percent this year

The General Administration of Customs said Thursday, Jan. 1, that it will reduce customs duties from 11 percent to nearly 10 and half percent this year.

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The General Administration of Customs said Thursday that it will reduce customs duties from 11 percent to nearly 10 and half percent this year.

The Customs administration said it will classify nearly 7,500 imported goods as taxable and will implement a quota system for ten farming products including wheat, soya-bean oil and sugar and fertilizers. It's also designating temporary most-favoured-nation tariff rates for 210 import products while sticking to special tariff rates agreed under regional or bilaterial agreements.

A senior official from the Customs said the further reduction of tariffs shows the Chinese government really is determined to fulfill the commitments it made to the World Trade Orgnization.

By People's Daily Online

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