CHINESE GOVERNMENT TO DECREASE THE IMPORT TARIFFS FOR SPECIFIC GOODS




Mustafa AY – TDO – 01.06.2018 On Wednesday, China’s State Council/government arranged an usual cabinet meeting. In the council meeting, following USA’s decision on implementing higher tariff rates on the import goods of aliminium and steel, China was subject to underperforming economy in some specific sectors. Right after the council meeting finished, China’s Minister for Finance –Liu Kun – stated that they will apply tariff cuts on some specific import goods. Beijing will implement tariff cuts over roughly 1500 import goods in a long-term as well as they will impose tax cuts over 210 import goods starting from 1st of July. According to Ministery’s official statement, drop at tax ration over approximately 1700 import goods will be around 8,8 percent. The import commodities that China will reduce import tariffs encompass garment, cosmetics and home appliances. Through this policy, Minister Kun is planning to stimulate indigeneous producers’s competitiveness against foreign producers.