China's Reduced Import Tariffs for 2020 Said to Be Part of Strategic Plan to Boost Struggling Economy
China’s plans to reduce import tariffs on more than 850 products (see 1912230051) is a response to the “weakest” expansion rate of the country’s economy in 30 years, according to a Dec. 27 post from Dezan Shira & Associates. The…
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announcement was welcome news to Chinese companies, consumers and foreign exporters, who will be able to more easily ship a range of consumer goods to China, the post said. The announcement also pointed to further tariff-rate reductions with several of China's free-trade partners, including New Zealand, Switzerland, Singapore, Australia, South Korea and others. The tariff reductions were mainly a strategic move, the post said, and aimed to “fill the gap” in China’s domestic production to help its manufacturing industry. The post also contains a partial list of imported goods impacted by the new tariff rates.