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China to cut import tariffs on industrial products, commodities

1 October 2018

China will begin lowering the most-favored nation tariff rates on certain industrial products and goods, according to its finance ministry. These include textiles, ceramics, glass, steel and metal products, starting from November 1. Metal processing machinery, along with mechanical and electrical equipment are also on the list of 1,585 items.

The general tariff level of these goods will go down to 7.8 percent from 10.5 percent. At the same time, China's general tariff level is now down to 7.5 percent from 9.8 percent. Presently, China's general tariff levels are lower than that of most developing economies, and is only slightly higher than the European Union. Officials say this move shows China's commitment to opening up, globalization, free trade, and multilateralism under the World Trade Organization framework.