The Chinese government wants to reduce import duties on more than 850 goods. Private investors will also benefit.
China is lowering tariffs on imports worth several hundred billion euros. As the State Council reported in Beijing on Monday, import duties will be reduced on more than 850 goods. The move has nothing to do with the ongoing trade war between China and the USA, but supports the argument of the government in Beijing that the Chinese economy is opening up further. The tariff cuts are intended to reduce the cost of importing consumer goods, high-tech parts, special medicines and frozen pork, among other things, from 1 January.
China urgently needs to import more pork from abroad due to African swine fever, which has been rampant for more than a year. According to estimates, around half of the animal population has been devastated by the virus, which is harmless to humans. The price of pork has already doubled and has become a strong driver of inflation. China is the world's largest consumer and producer of pork. The strong demand from China is also causing meat prices to rise in Germany.
The tariff cuts affect imports, which, according to calculations by the Bloomberg financial agency, reached a volume of 389 billion US dollars in 2018. They are intended not only to relieve the burden on consumers and boost domestic demand, but also to promote the development of the high-tech industry.
Source: T-Online
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