UNB News Beijing :
China said Monday it plans to slash tariffs as of Jan. 1 on more than 850 products including frozen pork, asthma and diabetes medications and some high-tech components to better develop its economy.
The moves announced by the Finance Ministry on Monday follow a preliminary agreement between Beijing and Washington on resolving a trade war that has rattled financial markets and added to pressures on global growth.
The step is intended to promote the coordinated development of trade and environment,” the official Xinhua News Agency said.
Xinhua and other state media said the temporary import tariffs would be reduced to levels lower than most-favored-nation rates. Beijing has adopted a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter. The Finance Ministry said the new tariff cuts would mainly apply to products in short supply and to foreign products for daily use.
The government has been seeking to cool surging pork prices and boost imports as China contends with an epidemic of African swine fever that has decimated its pork supplies. Reducing tariffs on some types of semiconductors would help high-tech industries that the ruling Communist Party wants to become world leaders.
China said Monday it plans to slash tariffs as of Jan. 1 on more than 850 products including frozen pork, asthma and diabetes medications and some high-tech components to better develop its economy.
The moves announced by the Finance Ministry on Monday follow a preliminary agreement between Beijing and Washington on resolving a trade war that has rattled financial markets and added to pressures on global growth.
The step is intended to promote the coordinated development of trade and environment,” the official Xinhua News Agency said.
Xinhua and other state media said the temporary import tariffs would be reduced to levels lower than most-favored-nation rates. Beijing has adopted a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter. The Finance Ministry said the new tariff cuts would mainly apply to products in short supply and to foreign products for daily use.
The government has been seeking to cool surging pork prices and boost imports as China contends with an epidemic of African swine fever that has decimated its pork supplies. Reducing tariffs on some types of semiconductors would help high-tech industries that the ruling Communist Party wants to become world leaders.
