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.

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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 cut tariffs on import goods to boost investment

中国将进一步扩大进口

跨境电商等新产业的发展、进口商品关税下调等政策让越来越多来自全球各地的优质消费品进入中国，并且相比之前需要缴纳的关税降低了很多。5月1日抗癌药等28项药品进口关税宣布取消，汽车进口关税也将会有相当幅度下降。根据海关部门测算，仅5月1日起实行的增值税税率下调一项，每年可在进口环节税方面减少超过1000亿元，这些福利将最终传导给消费者。

今年11月将举行的首届中国国际进口博览会，还将进一步释放中国扩大进口的红利。目前，中国国际进口博览会“6天+365天”一站式交易服务平台已经正式上线，这一平台将助力全球商品、服务、技术等顺利进入中国市场，并为全球贸易发展搭建公共平台。