By Sara Cheng
China reduced import tariffs of over 730 products on the 1st January this year. The average import tariff after reduction is 4.4%, which is around 50% of China’s previous tariff under the Most Favoured Nations Treatment. Consumer goods, advanced technology and equipment and natural resources are the major products on this tariff reduction list, which reflects China’s strategy to boost domestic demand, seek trade balance, diversify outlets for foreign currency reserve, and seize advanced technology and critical resources to both strengthen China’s position as a world manufacturing base and move up the value chain with better technology and more value added products.
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