China reduces import duties on 859 types of products, including pork and parts for smartphones. The lower import barriers will start on January 1. Imports of the chosen goods last year were worth around $ 389 billion, Bloomberg news agency calculated.
Although the reduction in taxes is not directly related to the trade war between China and the United States, it does no harm to the improving relations between the two superpowers. With the step, China underlines the desire to open the economy more to foreign companies.
China also has its own motives. The slowing growth in the Asian country could possibly be boosted if prices fall. Moreover, China has to contend with the consequences of the African swine fever, which threatens a shortage of pork.
China has been reducing import duties since 2017. In particular, consumer goods such as wine, baby products, whiskey and fish and shellfish are becoming cheaper. Some medicines, smartphone parts and articles for the chip industry are also on the list.
About the author: John Campbell
John Campbell is the godfather of Polimedia and the oldest author from the whole team. His occasional guidance is crucial for everyone he advises.
