Starting from November 1 this year, China will slash most-favoured-nation tariffs on a total of 1,585 taxable items as the country moves to further open its market, an official statement has said.
The average tariff rate will be reduced from 10.5 per cent to 7.8 per cent for these items, the Customs Tariff Commission of the State Council said on Sunday.
The number accounts for 19 per cent of the total taxable items. After the adjustment, China's overall tariff rate will stay at 7.5 per cent, down from 9.8 per cent last year, reports Xinhua.
Such a rate is slightly higher than that of the European Union but lower than most developing countries, the commission said.
The tariff cuts covered sectors including textiles, ceramics, steel, machinery, and some resource-based products and primarily processed goods.
Lowering tariffs to an appropriate level can promote balanced development of foreign trade and opening-up, the commission said.
The move came after China provided zero tariffs on a majority of imported medicines starting May 1 and a reduction of tariffs on vehicles and auto parts as well as some consumer goods starting July 1.
