Business / Economy

China tariff level to stay steady after WTO transitional period

(Xinhua) Updated: 2015-06-19 10:18

BEIJING - The general level of China's import tariffs will stay steady once the nation's 15-year World Trade Organization (WTO) transitional period ends, the Ministry of Commerce (MOC) said on Thursday.

Since China's WTO entry in 2001, it has taken concrete steps to lower tariffs. By 2010, China's overall tariff level had dropped to 9.8 percent from 15.3 percent, said MOC spokesperson Shen Danyang.

"This means by 2010 China's tariff reduction commitments had been basically fulfilled," Shen said.

The remarks followed reports that once the transitional period ends in July this year import prices will drop drastically.

China's WTO Accession Protocol in 2001 gave China 15 years to gradually open up its economy.

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