China to Lower Import Tariffs for Commodities

(Beijing) – In an effort to boost domestic consumption, the Chinese government said it will keep tariffs low next year for commodities in wide-ranging fields.

According to a recent notification by the Ministry of Finance, the State Council's tariff committee has finalized next year's tariff scheme, lowering the duties for 730-odd imported commodities to an average of 4.4 percent, which more than halves the rate enjoyed by Most Favored Nation status under World Trade Organization rules.