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China to Cut Overall Tariff Rates
China will cut its overall import tariff level from its current 16.4 per cent to 15.3 per cent from Monday, according to a statement from the Tariff Schedule Committee of the State Council.
The country will also adjust its tariff schedule - the number of items on which tariffs have to be paid - increasing the number of import tax codes to 7,111 from the 7,062 at present, the statement said.
The tariff reduction means China has reached a goal set by President Jiang Zemin at the fourth informal summit of APEC leaders in the Philippines in 1996 to "cut the country's overall tariff level to about 15 per cent by 2000," the statement said.
The reduction shows China intends to improve economic and trade co-operation with foreign countries, it said.
According to the announcement, the tariff rate reductions covers 3,462 imported items, accounting for 49 per cent of the total.
After the reductions, the average tariff rate for mineral products will be 3 per cent, and the rate for chemical productions will be 10.6 per cent. The new tariff rate will be 19 per cent for farm products, 21.1 per cent for textile products, 17.8 per cent for building materials and 24 per cent for goods used in transport networks, the statement said. (China Daily)
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