China Lowering Commodity-Import Tariffs

According to a recent announcement by the Chinese Ministry of Finance, the State Council's tariff committee declared next year's tariff scheme, where it lowered the duties for 730-odd imported commodities to an average of 4.4%, which more than halves the rate enjoyed by Most Favored Nation status under World Trade Organization rules.

And this cut comes as an effort to improve the domestic consumption, as the Chinese government noted that it will keep lowering the tariffs next year for commodities in wide-ranging fields.