(Reporter Zhao Peng) On Thursday, the Ministry of Finance announced that starting July 1, China will further lower import tariffs on certain auto parts and components, fulfilling its commitments under the World Trade Organization (WTO). Specifically, the import tax rate for passenger cars, off-road vehicles, and minivans will drop from 28% to 25%. Meanwhile, tariffs on auto components such as body panels, chassis, and mid- to low-displacement gasoline engines will be reduced from 13.8% to 10%. This move marks the completion of China’s WTO obligations regarding auto-related tariff reductions.
In addition, the Ministry of Finance revealed that effective July 1, China will also implement tax cuts on over 2,800 goods originating from the Philippines, in line with the China-ASEAN Free Trade Agreement. To support international cooperation and development, especially for developing nations, zero-tariff policies will apply to selected products from five least developed countries: Angola, Yemen, Maldives, Samoa, and Vanuatu. Furthermore, under the supplementary agreement between mainland China and Hong Kong/Macao, zero tariffs will be applied to the fourth batch of goods from Hong Kong and Macao that meet origin certification standards.
This series of tariff reductions reflects China’s ongoing efforts to promote trade liberalization, enhance economic ties with neighboring countries, and contribute to global development. The measures are expected to benefit both domestic consumers and international partners by increasing market access and fostering a more open trading environment.
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