China cut tariffs on import goods to boost investment in China

With the development of the Cross-Border Electronic Commerce (CBEC) and reduction in tariff rate on imported goods, number of high-quality consumer goods from all over the world has increased in China. Meanwhile tariff on import has reduced a lot. With effect from 1st May 2018, the import tariff on 28 drugs, including cancer drugs, was announced to be removed. And the import tariff on cars shall also drop considerably. According to customs department estimate, the 16% VAT rate introduced on May 1 2018, will be reduced by more than 100 billion yuan per year in the import tax, which will eventually be passed on to consumers.

The China international import EXPO will further broaden China’s import dividend in this November. At present, China international import EXPO “6 + 365 days” one-stop trade services platform has been officially launched, this platform will boost global commodity, service, technology smoothly enter the Chinese market, and build a public platform for global trade development.

For more info – Please feel free to Contact Us to accelerate your business transformation with Jilian Consultants China worldwide Call & WhatsApp : +(86)18721579300 & +(91) 7217885430 us or Contact us – info@ijilian.com

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Keywords – import of goods to China, china’s tariffs on import goods, China tariff reduction, china lowers import tariffs, china tariff rates, current tariffs on Chinese imports, tariffs and quotes in china

China Foreign investment facilitation in FTZ will gradually expand to the whole country.

The director of the National Development and Reform Commission (NDRC) from the 13th National People’s Congress said that China’s investment will increase this year.

This year, we will further revise the negative list of foreign investment, promote investment facilitation, simplify the procedures for foreign investment enterprises, and constantly improve the policy of attracting investment. Substantial relaxation of market access in improving the investment environment. In 2018, the National Development and Reform Commission will jointly with the departments concerned under the state council to revise foreign investment in the negative list and gradually expand to the whole country which already has been trialed in FTZ. In order to substantially increase the opening level of the service sector, fully liberalize the general manufacturing sector, relax or eliminate restrictions on foreign ownership in some areas, and relax or remove restrictions on business scope.

To simplify the procedures for the establishment of enterprises with foreign investment, promote the one window stop service on business license and commerce record are also parts of it. To simplify the administrative examination and approval of production and management of enterprises, reduce the time of fire control certificate application, EIA, land permission, water electrical connection, import and export clearance time etc. In order to promote fair competition between foreign-funded enterprises and domestic enterprises, the protection of intellectual property rights of foreign enterprises and the legitimate rights and interests of foreign enterprises shall be protected and the basic laws of foreign capital shall be formulated.

It will also attract foreign investment this year to increase the widening of opening up in western region, inland areas, border areas. Meanwhile, to the central and western regions, northeast region transfers of foreign-invested enterprises enjoy national support industrial transfer and processing trade of funds, land and other preferential policies.

For more info – Please feel free to Contact Us to accelerate your business transformation with Jilian Consultants China worldwide Call & WhatsApp : +(86)18721579300 us or Contact us – info@ijilian.com