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BEIJING — China is set to lower tariffs on some imported products from the beginning of 2020, said the state-run Xinhua News Agency on Monday, in a bid to expand imports amid weakening domestic demand.
In a plan approved by the State Council, China will lower tariffs on 850 types of products to rates lower than most-favored-nation rates, said Xinhua. These products include a range of consumer goods, such as frozen pork, medicines to treat asthma and diabetes, and semiconductor products.
It also said China would implement negotiated tariff rates with 23 countries and regions starting in 2020.
The State Council, the nation’s cabinet, said the tariff cuts aim to lower import costs and boost China’s opening-up.
An expanded version of this report appears on WSJ.com.
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