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China cuts import tariffs to expand domestic demand

The plan to impose lower tariffs on 935 commodities “will help increase the imports of quality products,” according to a statement from the Customs Tariff Commission of the State Council on Saturday, noting that the tariff reduction aligns with the need to foster new quality productive forces through scientific and technological innovation, enhance people’s well-being, and promote green and low-carbon development.

“In the new list, tariffs on many items relating to national security and people’s livelihoods have been reduced, which will expand the demand for imports and in turn drive up domestic consumption,” Tian said.

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