Tariff, tax cuts to boost real economy

The nation will cut import tariffs on automobiles and other products as early as possible, as part of the country's initiative to further open up, Vice-Minister of Finance Cheng Lihua said on Wednesday.

"We are now working on detailed plans for the tariff cuts, and will implement the policies as soon as they are approved," Cheng said.

"The new policies are based on China's own need for further development and on China's own timetable," Cheng added.