Faced with an escalating trade war with its biggest trading partner, the United States, these steps are aimed at boosting its competitiveness.
According to a statement from China’s ministry of finance, Beijing will slash import duties on products, including textiles and steel. While textiles will attract tariffs of 8.4%, steel will face a tariff of 11.5%.
The tariffs will be effective from November 1, said the finance ministry in a statement.
Faced with tensions from its trading partners, including the United States, China has pledged to take steps to increase imports this year.
In July, China had reduced import tariffs on a range of consumer products including cosmetics, apparel, fitness products and home appliances while pledging to open its consumer market even wider.
Import tariffs on paper products, wood, minerals and gemstones will be cut to 5.4%, down from 6.6%, said the ministry in its statement. Further, the average import tariffs on over fifteen hundred products will be lowered to 7.8%, down from 10.5%.
“Reducing tariffs is conducive to promoting the balanced development of foreign trade and promoting a higher level of opening up to the outside world,” said the ministry.