Tariff reduction, China's import expectations surge
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Last Update: 2001-12-14
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Source: Internet
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Author: User
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Introduction: Dow Jones Beijing News: in order to fulfill its WTO commitments, China will reduce the tariff level of imported goods from the current average of 15.3% to 12% from January next year Bob Zhang, an economist at baring BNP bank, said the decision to cut tariffs announced by China's Ministry of Finance on Tuesday will stimulate imports, which will increase significantly in 2002 China's trade surplus will inevitably shrink from $24.1 billion in 2000 to $5 billion due to higher imports, Zhang said in a research report The official Xinhua News Agency reported that China's Ministry of Finance said that the tariff reduction in 2002 would apply to 5300 kinds of goods, accounting for 73% of the total amount of current tariffs The Ministry of finance will once again confirm China's commitment to import quotas for 10 agricultural products, including wheat, sugar and fertilizer China has promised to raise the average tariff to 10% in 2005 to meet its obligations to the WTO China officially became the 143rd member of the WTO on Tuesday, ending its 15 year journey to join the global trade group Zhang of BNP said that China will reduce the average tariff of industrial products from 16.4% to 12%, and agricultural products from 21.2% to 16% Although competition for imported goods forces domestic producers to speed up the restructuring, the biggest difficulty will come from removing those non-tariff protection barriers.
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