Economic news

China to cut import tariffs on nearly 1,500 consumer products

China will cut import tariffs on 1,449 consumer products from most favored countries from July 1, the State Council said. As a result, the average rate will drop to 6.9 percent from 15.7 percent.

The most favored nation tariffs are introduced among the members of the World Trade Organization (WTO) - with the exception of those countries that fall within the zone of preferential trade agreements.

The reduction of import tariffs for everyday consumer goods will help expand China's openness and will be an important step for the country to fulfill its promise to open its market.

The average tariff rate for clothing, footwear, hats, kitchen utensils, sports and fitness supplies will be reduced to 7.1 percent from 15.9 percent next month, and to 8 percent from 20.5 percent for household appliances, including washing machines and refrigerators.


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