Chinese customs cut taxes of $52.8 billion in 2019: official

Source:Global Times Published: 2020/1/16 17:48:40

Photo taken on Dec. 11, 2019 shows a signboard of "China Customs" at the Hengqin Port in Zhuhai, south China's Guangdong Province. The construction of the new Hengqin Port and an integrated transportation hub runs smoothly. It is expected that the daily crossings at the Hengqin Port will reach up to 222,000 once the new port begins operation. (Xinhua/Jin Liangkuai)

Chinese customs in 2019 cut 363.5 billion yuan ($52.8 billion) in taxes as part of the country's overall fiscal stimulus measures to support an economic growth that is faced with increasing downward pressure, a Chinese official said on Thursday.

In 2019, China reached its goal of cutting 2 trillion yuan in taxes and fees - the largest exemption in Chinese history - in a move to help boost domestic economic growth by 0.8 percentage points.

Given the difficult domestic and global context, China's economic operations remained within a reasonable range last year, as the country's foreign trade volume rose 3.4 percent year-on-year to 31.54 trillion yuan, Ni Yuefeng, director of the General Administration of Customs, told a meeting on Thursday.

Ni forecast that China would remain the largest country in the world in terms of its goods trade volume.

The business environment of domestic ports was further optimized in 2019. Last year, China ranked 56th in cross-border trade, a jump up from 65th in 2018, according to a report titled Doing Business 2020 from the World Bank.

China's customs has strengthened supervision to effectively promote the country's opening-up and advance the stability and quality of foreign trade, and has made efforts to expand imports. The country has allowed imports of 77 types of farm products from 82 countries and regions.

Given the soaring pork price in 2019, Chinese customs adopted special measures in the second half of the year to ensure pork imports reached 2.1 million tons, exceeding the whole-year target of 2 million tons.

In 2020, Chinese customs will further regulate and reduce the costs of importing and exporting, and will implement the country's tax-cut policy.  


Posted in: ECONOMY

blog comments powered by Disqus