China Will Reduce Import Tariff Rates On Goods Such As Industrial Products

- Sep 28, 2018-

1. [Executive Meeting of the State Council: From November 1st, the import tariff rate of 1585 items of industrial products such as tax items will be lowered.] The meeting decided to reduce the average tax rate of mechanical machinery, instrumentation and other mechanical and electrical equipment with a large demand in the domestic market by 12.2%. To 8.8%, the average tax rate for textiles, building materials and other commodities fell from 11.5% to 8.4%, and the average tax rate for some resource products and primary processed products such as paper products fell from 6.6% to 5.4%, and the tax rate for similar or similar commodities was reduced. . So far this year, tariff reduction measures have been introduced to reduce the tax burden on enterprises and consumers by nearly 60 billion yuan. The total tariff level of China will be reduced from 9.8% in the previous year to 7.5%.

Industry News:

2. According to customs data, China imported 130,000 tons of waste aluminum in August, an increase of 8.3% from the previous month and a decrease of 23.4% from the same period last year. From January to August, China imported 1.1 million tons of scrap aluminum, a year-on-year decrease of 22.3%.

The trade union of Alcoa's Western Australia aluminum project said it will meet with employers on Wednesday to find a solution to the strike that lasted more than six weeks.