China to Cut Import Tariffs on 33 Commodities (24.6.2011)

China's Ministry of Finance said Friday 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, in an effort to restructure the country's economy.

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