According to China'sTariff Commission in the State Council the most-favored-nation (MFN) import tariffs for over 1,500 items have been reduced as of 1 November 2018.
The average rate is now 7.8% compared to 10.5% previously.
Experts say these tariff cuts are aimed at helping domestic industries, reducing corporate costs and meeting multilevel consumer demands and also send a positive signal to the outside world of China’s greater economic opening.
Import tariffs will be reduced on commodities that are required for domestic production such as textiles, wood products and building materials, base metal products and steel. Wood products included are charcoal, miscellaneous wood products, particleboard, fibreboard, plywood and paper products.
Import tariffs will be reduced on some mechanical and electrical equipment including those for textiles, light manufacturing, engineering, general use, metal processing instrumentation and related equipment parts and components.
In addition, the reduced tariffs apply to some resource commodities and primary processed products such as minerals and commodities used for export manufacturing.