China to further reduce import tariffs, Premier Li says

Premier Li Keqiang pledged to further cut tariffs for some imported goods on Wednesday when he delivered a speech at the opening ceremony of the Annual Meeting of New Champions in Tianjin, also known as Summer Davos.

Li said the Chinese economy has grown amid the country’s opening-up. Since the beginning of this year, the threshold of market access has been substantially lowered for industries, including the service sector, especially the financial industry, he said. These policies are on a fast track of implementation, he said.

Following the reduction of tariffs over medicines and some daily consumer products, China will further lower import tariffs over some goods to achieve a continuous reduction in overall tariffs and will remove “unreasonable” charges on import procedures, he said.

These are results of China’s independent opening-up to achieve industrial upgrading and transformation, and to give domestic consumers more choices and support economic globalization, Li added.