November 24, 2008

China to slash tariffs up to 30 percent off agricultural products

China will reduce tariffs on agricultural products between 20-30 percent, according to the China Securities Journal.


The move aims to help boost international world amid the global financial crisis, said the Journal, citing Zhang Xiangchen, senior envoy at the Chinese Permanent Mission to the World Trade Organisation (WTO).


Zhang did not say when the cuts would take place, and it was not clear if the tariff cuts would affect all products imported by China.


A Chinese commerce ministry official said she was unable to clarify the matter.


The average tariff on agricultural products is 15.2 percent, down from 54 percent before China entered the WTO in 2001, the report said.


A surge in imports could affect the world economy significantly, as China is the world's third largest importer after the US and Germany.

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