China to lower import tariff to 9.9%
The Tariff Policy Commission of the State Council has announced that China will further cut import tariffs on more than 900 products beginning January 1 of 2005.
This will lower the general level of import tariffs to 9.9 percent from the current level of 10.4 percent.
Meanwhile, China will resume the collection of export tariffs on resource-related products from January 1, 2005, which analysts say is a move to meet strong domestic demand.
China will also start collecting specific export tariffs on six kinds of textile products, resume collection of export tariffs on high-energy consumption products and impose a three-month interim export tariff on urea, a synthetic fertilizer, from January 1, 2005.
After the adjustment, the average import tariff for farm produce will drop from 15.6 percent to 15.3 percent; industrial goods from 9.5 percent to 9.0 percent.
Among them, the import tariff for textiles and clothing will be 11.4 percent; chemical products 6.9 percent; vehicles 13.3 percent; machinery 8.0 percent and electronic products 9.1 percent.
From January 1, 2005, China will levy specific export tariffs on six kinds of textile products, including coats and skirts.
The tariff will help encourage the export of high value-added products and optimize the mix of Chinese textile exports, Chong, an official with the Ministry of Commerce said. The tariff rate " will be set by considering the conditions of textile manufacturers. "
"It is also a self-regulation act to avoid anti-dumping actions of other countries," said an official with the General Administration of Customs of China.