China to Cut Tariffs on 700 Imported Goods

China will cut tariffs on 700 imported goods this year as part of a structural reform of taxes on international trade, Jia Kang, the head of the Ministry of Finance's Institute of Fiscal Science, was reported as saying by Economic Information Daily on June 11, 2012.

The tariff reductions will cover natural resources and goods that have high pollution emissions during the production process, Mr. Jia said in a trade forum Sunday, the newspaper reported. He said sectors of the economy that have high pollution emissions during production should be encouraged to increase imports to reduce damage to the local environment.

China Vice Premier Hui Liangyu said in a forum last week the government would adjust trade tariffs and provide financing support to boost imports and achieve more balanced trade.

The Economic Information Daily also reported Mr. Jia as saying Beijing would provide export rebates to support the domestic high-tech industry, including giving a full tax refund to equipment manufacturers to support their oversea expansion.