China to Lower 600 Import Duties in 2012

According to a financial expert at China's Ministry of Finance, China authority will conduct a structural reduction of tax from 2012 to next several years.

Now, reportedly, China will lower import duties on more than 600 products this year. In addition, the value-added tax and business tax thresholds on small-medium and micro enterprises have been raised from maximal CNY 5,000 to maximal CNY 20,000 as announced in 2011; and the reform in the value-added tax will also get deepened in its Jiangsu and Zhejiang provinces.