According to the announcement early published by Tariff Commission of the China State Council, the import tariffs reduced from July 1 include two categories of finished vehicles and parts and daily consumer goods. Tariffs for finished vehicles reduced to 15% from the tax rates of 25% and 20% respectively, and tariffs for parts reduced to 6% from the tax rates of 8%, 10%, 15%, 20% and 25% respectively.

Daily consumer goods include 8 categories including food, clothes, shoes and hats, furniture products, commodities, recreation, sports and entertainment, household electronic products, daily chemical products, medicine and health, and the average tax rates of the consumer goods involving tax reduction reduced to 6.9% from 15.7%, with the average decreasing amplitude of 55.9%.

This tax reduction will promote the balanced development of foreign trades, improve the quality of the domestic supply system, force the domestic local enterprises to improve their innovation capacity, product quality and operating efficiency reversely, and upgrade the consumption to drive the upgrading of the domestic industrial institutions.

(Source: JJGLE.COM)