China to Cut Import Tariffs on 33 Commodities

China's Ministry of Finance said that the country will cut or completely eliminate tariffs on 33 commodities, ranging from fuel to textiles.

Import tariffs on gasoline and fuel oil will both be lowered to 1 percent from the previous 5 percent and 6 percent, respectively, while tariffs for diesel and aircraft fuel will be cut to zero, the ministry said in a statement on its website.

The tariff reductions, effective from July, aim to ease the country's trade imbalance and boost imports of advanced technological equipment and raw materials, the statement said.

In an effort to restructure the country's economy, the Chinese government has vowed to expand imports while stabilizing exports over the coming five years.

During the first five months of this year, the country's trade surplus dropped 35.1 percent year-on-year to reach $22.97 billion.