The State Council Decided To Reduce The Average Tariff Rate Of Textile Imports To 8.4%.

- Sep 27, 2018-

The meeting decided to meet the needs of industrial upgrading, lowering enterprise costs and multi-level consumption of the masses, and to reduce the tariff rate of 1585 items of industrial products and other commodities imported from November 1 this year, and to reduce the average tariff rate of mechanical and electrical equipment such as construction machinery, instruments and meters with large domestic market demand from 12.2% to 8.8%, textiles and building materials. The average tax rate for such commodities was reduced from 11.5% to 8.4%, for some resource commodities such as paper products and primary processed goods from 6.6% to 5.4%, and for similar or similar commodities, the tax level was reduced. So far this year, tariff reduction measures have been introduced, which are expected to reduce the tax burden of enterprises and consumers by nearly 60 billion yuan. The total tariff level of China will be reduced from 9.8% last year to 7.5%.