From January 1 on, China will cut taxes on more than 700 goods as part of its efforts to open up the economy and lower costs for domestic consumers.
The 700 items which currently have higher taxes will see taxes return to their original level.
Temporary import tariff rates will be as low as zero percent for some goods and there will be cuts for some export tariffs. The temporary rates can be changed ad hoc.
Further reading:
- Article on Bloomberg
- Article on SCMP
- Article on China-Briefing
- Table with details of the tariffs
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