China cut tariffs on import goods to boost investment
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...