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China introduces new tariff cuts

China introduces new tariff cuts

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  1 July 2018 11:30 PM GMT

Beijing, July 1: China on Sunday introduced new tariff cuts covering consumer goods and automobiles to help increase imports.

Tariffs on 1,449 taxable consumer goods were reduced from an average rate of 15.7 per cent to 6.9 per cent, including home appliances, food and beverage, cosmetics and medicines, according to the Customs Tariff Commission of the State Council.

It was the fifth round of tariff cuts for consumer goods since 2015, reports Xinhua news agency.

Meanwhile, vehicles and auto parts also saw marked tariff reductions. The 20-to-25-per cent tariffs for cars were cut to 15 per cent and duties on auto parts were lowered to 6 per cent from the previous levels of 8 to 25 per cent.

Analysts believe the intensive measures will help China meet increasing domestic demand, achieve balanced trade and share development dividends with the rest of the world.

China has been the world’s second largest importer of goods for nine consecutive years and took 10.2 per cent of global imports last year. The country is expected to import goods worth $24 trillion in the next 15 years. (IANS)

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