China started to slash its average import tariff rate to 10.4 per cent from currently 11 per cent in accordance with its concessions to enter World Trade Organization (WTO), state media said.

The announcement was made after the planned tariff cuts were agreed to by the State Council, the Beijing Youth Daily reported.

In the course of 2003, China has reduced its average import tariff rate from 12 per cent to the present level. The previous year marked a steeper cut from a 15.3 per cent average import tariff rate.

The tariff cuts announced Thursday by China means the world's most populous country has nearly completed the lowering of tariffs that was part of the requirements for entering the WTO.

China joined the WTO as its 143rd member in December 2001, promising to cut average import tariffs to 9.8 per cent by 2010.

Close

Today's Top News		Top Business News
+China angry at Koizumi's shrine visit ( 2004-01-01) +China begins cutting average tariff rate to 10.4% ( 2004-01-02) +Official: Gov't boosts small, medium biz ( 2004-01-02) +Bank loans push car sales ( 2004-01-02) +Imported drugs hit market quicker ( 2004-01-02)		+China begins cutting average tariff rate to 10.4% ( 2004-01-02) +Bullish market expected in 2004 ( 2004-01-02) +More HK people work on mainland ( 2004-01-01) +Grid giant to issue 5b-yuan bonds ( 2004-01-01) +Bank loans, desire to impress push car sales ( 2004-01-01)