Business / Economy

Tariff cut planned for 700 imported goods

( Updated: 2012-06-11 15:17

Around 700 types of imported goods will have their tariff reduced this year, said Jia Kang, director of the Research Institute for Fiscal Science at the Ministry of Finance. The move is to further optimize China's trade structure, he added.

Jia noted that the tariff-reducing policy will mainly cover two import categories: imports that can be alternative to domestic resources and products that cause pollution during their production.

Jia made the remarks at the China Top 500 Foreign Trade Enterprises Forum 2012, the Economic Information Daily reported on Monday.

Jia said that the tariff-adjustment scheme also involves export refunds.

The export refunds will focus on equipment manufacturing industry to support the nation's independent technological innovation. The move will also encourage equipment manufacturers with advanced technology to further expand their overseas market share.

On the other hand, export refunds for resources consuming industries will be revoked, said Jia.

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