SOURCE / ECONOMY
Chinese tariffs cut to 15.8%, lowest in history, in five years ending 2020
Published: Feb 25, 2021 02:48 PM

Customs staff members check the first "Qilu" freight train running from Jiaozhou, east China's Shandong province to Baku, capital of Azerbaijan in Jiaozhou, Jan. 31, 2021. A freight train carrying 100 twenty-foot equivalent unit (TEU) containers' goods such as tires and air conditions left Jiaozhou on Sunday, marking the launch of "Qilu" freight train services from Jiaozhou to Baku. (Photo by Xie Hao/Xinhua)



China's composite tariff rate for imported goods dropped to 15.8 percent, the lowest level in history, from 21.8 percent in the five years ending 2020, as the country rolled out a rangeof measures to open up its market to the world, according to data released by the General Administration of Customs on Thursday. 

The customs also noted that China is actively pushing implementation of the Regional Comprehensive Economic Partnership(RCEP) agreement, with measures such as establishing a management system for origin of goods as well as training companies on their knowledge when it comes to tariff concessions and relevant preferential policies under the RCEP framework.

This is reflection of China's activeness in landing the agreement, after China and 14 other countries in Asia-Pacific region signed the agreement in late 2020 to form the world's largest trading bloc. 

According to the Chinese customs, China will roll out a management guideline later to make clear provisions on products covered by RCEP preferential regulations, such as transportation rules and verification on origin of export. 

"China will establish an approved exporter management system, mainly focusing on enterprise and product qualification," read a customs statement issued on Thursday. 

China will also strengthen policy promotion and training to help enterprises better understand the tariff concession and preferential rules under the RECP umbrella, so that they can thoroughly benefit from RCEP rules and terms, according to the customs. 

Recently, Japan's cabinet conference also passed the agreement, media reports noted. 

Global Times 


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