Wide-ranging tariff reductions offer opportunities to cut costs, ensure growth

China's new tariff cuts covering a wide range of items from aircraft engines to sunglasses and whisky, which became effective on Jan 1, will help both global and home companies save operating costs and maintain robust growth, said experts and business executives.

Many opportunities came after the country announced duty adjustment on 706 import items last week. It has introduced zero tariffs on some raw materials for the production of pharmaceutical products, removed the provisional import tax rate for imports of lithium-ion battery monomers for new energy vehicles and resumed the implementation of the most favored nation tariff rate.

Significantly cutting import tariffs for daily consumer goods such as infant formula milk powder and automobiles is conducive to expanding China's reform and opening-up, and serves as a major measure and action in the country's initiative to further open its market, said Song Xianmao, deputy director-general of the foreign trade department at the Ministry of Commerce.