China to lower tariffs on 33 commodities

29/06/2011 12:00 - 391 Views

China will reduce or completely eliminate tariffs on 33 commodities, mainly energy and textile products, from Jul. 1, said the Ministry of Finance on Friday.

The MOF said in a statement published on its website that it will cut import tariffs on gasoline and fuel oil to 1% from 5% and 6%, respectively, and tariffs on diesel and jet fuel to zero.

The tariff reductions are aimed to expand the country's imports of advanced equipment and technologies, key components and energy sources and raw materials and to ease the country's trade imbalance, according to the statement.

In the first five months of this year, China's trade surplus fell 35.1% year on year to US$22.97 billion.

The country's foreign trade totaled US$1.4 trillion in the first five months, up 27.4% year on year. Export value grew 25.5% year on year to US$712.38 billion during the period, and import value jumped 29.4% year on year to US$689.41 billion.

Jun. 28, 2011
Source: chinaknowledge.com