New round of tariff cuts takes effect

China's eagerness to boost imports is driving the current account balance amid downward pressure, and the trend could be intensified after the year's biggest import tariff cuts take effect, influencing sentiment on financial stability and the exchange rate, according to experts.

A new round of tariff reduction, on a wide range of industrial products and raw materials, began on Thursday, which drives down the country's overall tariff level for all categories to 7.5 percent from 9.8 percent in 2017.

The refreshed tariff level, on average, is slightly higher than the European Union standard, but lower than most developing countries, which matches China's current development status, said an official from the Customs Tariff Commission of the State Council.