China will reduce import tariffs¹ on 1,585 taxable items starting Nov. 1, to serve industrial upgrading, lower corporate³ cost and meet domestic demand.

 

11月1日起，中国将削减1585个税目的进口关税以服务产业升级、降低企业成本以及满足国内需求。

 

The new policy adds to a slew⁴ of tariff² cuts China introduced this year, which will save an estimated total of 60 billion yuan (about 8.7 billion U.S. dollars) for firms and consumers, according to a statement released after the meeting.

 

It will put the country's overall tariff rate at 7.5 percent, down from 9.8 percent in 2017. Average tariff rates for mechanical and electrical equipment, such as construction machinery⁵ in high demand, will be lowered from 12.2 percent to 8.8 percent.

 

For textiles and building materials, the average tariff rate will be cut from 11.5 percent to 8.4 percent, while that for resource products and primary goods will fall from 6.6 percent to 5.4 percent.

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