China cut tariffs on import goods to boost investment

China cut traiff on import goods

 China cut tariffs on import goods to boost investment

With the development of the Cross-Border Electronic Commerce (CBEC) and reduction in tariff rate on imported goods, number of high-quality consumer goods from all over the world has increased in China. Meanwhile tariff on import has reduced a lot. With effect from 1st May 2018, the import tariff on 28 drugs, including cancer drugs, was announced to be removed. And the import tariff on cars shall also drop considerably. According to customs department estimate, the 16% VAT rate introduced on May 1 2018, will be reduced by more than 100 billion yuan per year in the import tax, which will eventually be passed on to consumers.

The China international import EXPO will further broaden China’s import dividend in this November. At present, China international import EXPO “6 + 365 days” one-stop trade services platform has been officially launched, this platform will boost global commodity, service, technology smoothly enter the Chinese market, and build a public platform for global trade development.

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