SHANGHAI, Nov 1 (SMM) – China will cut import tariffs on goods including steel products, construction materials, machinery, and textiles from November 1, in a move to further lower costs for manufacturers and consumers, and to push supply-side reform.
The decision will lower tariffs for 1,585 items, according to a statement released by the State Council. Overall tariffs will be reduced to 7.5% in 2018 from 9.8% in 2017.
Compared to tariff cuts announced earlier this year that targeted consumer goods, this round focused on industrial products and materials used for manufacturing.
Tariffs for electronics and other industrial products were reduced from 12.2% to 8.8%, textiles and building materials cut from 11.5% to 8.4%, and paper resources lowered from 6.6% to 5.4%, according to the statement.
In the first nine months of this year, tariff cuts lowered the tax burden on consumers and companies by about 201.5 billion yuan, according to China Customs data.