China to Cut Import Tariffs

China will cut import tariffs on a number of products and ease import application procedures, the vice minister of commerce said.

“We will launch a series of measures to stimulate imports this year, including adjusting tariffs on some categories of goods and further simplifying the administrative process,” Zhong Shan, who was attending the East China Fair in Shanghai, told China Daily, but did not give details.

Zhong said an “excessive trade surplus is not what China’s policy is oriented toward,” and “one of our goals is to maintain balanced trade,” the report said.

China is battling inflation and excessive liquidity, and the problem is blamed in part on rising trade surpluses and foreign exchange reserves that result in pumping more money into the market to keep exchange rates stable.

Zhong’s comment was in line with that of Commerce Minister Chen Deming, who said in December a priority for the ministry this year is to boost imports. China cut import tax on computers, video, digital cameras and other IT products to 10 percent from 20 percent last month.

Zhang Xiaoji at the Development Research Center, a think tank affiliated with the Chinese Cabinet, told China Daily imports will increase rapidly if tariffs are cut, while noting there is much scope to slash them on certain categories, including luxury goods.

The commerce ministry had earlier said the government would issue guidelines to promote imports of mechanical and electrical products, especially those related to new energy, energy saving, high-end manufacturing, low-carbon technology, aerospace, shipbuilding and railways.

A service of YellowBrix, Inc.

Publication date: 2011-03-02
© 2011, YellowBrix, Inc.

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