China To Cut Import Tariffs To 17%

China will cut import and export tariffs to an average of 17 per cent with effect from October 1, the Xinhua news agency said on Sunday. The cut, bringing tariffs down by 26 per cent, would affect more than 4,800 items that account for more than 73 per cent of goods on which tariffs are imposed, it said quoting a decision by the Office of the Customs Tariff Commission under the State Council, or cabinet. The current average import tariff is 23 per cent. China slashed its average import tariff to 23 per cent last April from 35 per cent, the biggest single cut the country has implemented. The latest cut is seen as part of Chinas bid to meet conditions for entry to the World Trade Organisation (WTO).