China makes tariff over-haul, to further cut duties

Home>>Business

Last updated at: (Beijing Time) Tuesday, December 09, 2003

China makes tariff over-haul, to further cut duties

DISCUSSION

CHINESE

SEND TO FRIEND

China has done substantial work in tariff reform and will further cut import duties according to the commitments made during its accession to the World Trade Organization (WTO) in 2001, official said.

Liu Wenjie, deputy director of the Chinese General Administration of Customs, said at a press conference held here Tuesday that China sorted out and revised more than 3,000 customs documents which went against WTO rules and international practices since 2000.

Apart from the amended and practiced customs law, a newly-amended national regulation on import and export duties has been promulgated and will take effect as of Jan. 1, 2004, Liu said.

A new regulation on intellectual property protection will be published shortly and a customs announcement on the predefinition of place of origin is under deliberation, according to Liu.

Meanwhile, China reduced tariff rates yearly. In 2003, the average tariff rate was cut from 12 percent to 11 percent. In 2002, the figure was reduced from 15.3 percent to 12 percent, Liu said.

Liu went on to say that the decrease of tariffs spurred Chinese imports and helped increase tariff income.

In the January-November period, Liu noted, Chinese imports rose by 39.1 percent to hit 370.6 billion US dollars.

Customs income surged by 103.8 billion yuan (12.55 billion US dollars) to 338 billion yuan in the same period, Liu said.

The soaring trade benefited China and its partners including Japan, the United States and the European Union, which recorded 100 billion US-dollar trade volume with China respectively in the first 10 months of 2003, Liu said.

Liu acknowledged that the reduction of tariff rates served to promote the integration of the domestic and international market and China will further the downward progress according to WTO arrangement.

The improved customs management also helped to create a fair, transparent and predictable environment for the companies, Liu said.

Questions?Comments? Click here

China serious in honoring WTO rules, says premier

US TV dump charges not just a biz spat: Analysis ( 4 Messages)

China not to tolerate splitting Taiwan from motherland: Premier ( 3 Messages)

Trade war? A buying spree for cheap Chinese goods ( 3 Messages)

Moon probe to blast off in 3 years: Chief scientists ( 2 Messages)

Bush strategy: Spend now, pay later? ( 35 Messages)