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China Lowers Tariffs
China will lower its tariffs as of January 1, 2001, with the general tariff level down from 16.4 percent to 15.3 percent.
Sources with the Tariff Policy Commission of the State Council announced Friday that a total of 3462 tax items are involved in this readjustment, accounting for 49 percent of the country's total.
After the readjustment, the average tariffs for major products will be as follows: 3 percent for mineral products, 7.4 percent for metals, 10.6 percent for chemical products, 12.3 percent for forestry products, 14.3 percent for mechanical and electrical products and instruments, 14.8 percent for light industry products, 17.8 percent for building materials, 19 percent for farm produce, 21.1 percent for textile products and 24 percent for transportation vehicles.
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