China to Cut Tariffs on 700 Imported Goods

China will cut tariffs on 700 types of imported goods this year with the purpose of reforming the country's foreign trade structure, according to Jia Kang, head of the Ministry of Finance's Institute of Fiscal Science. The Chinese-language Economic Information Daily first reported Jia's remarks, which were made during the China Top 500 Foreign Trade Enterprises Forum 2012 held in Ningbo on Sunday night.

"The tariff cuts aim to reduce damage to the local environment by using imports as an alternative to domestic goods that cause pollution during their production process," Jia said, according to the report, also adding that China "won't necessarily import only from developed countries, but will also import from developing countries."

Jia also stated China will support its high-tech industries and high-end manufacturers by restructuring the customs tax on exports. This will include giving full tax refunds to select equipment manufacturers to support their overseas expansion.

Furthermore, Jia noted that export refunds for resource consuming industries will be revoked.