China to Open More Markets

China to Open More Markets

China will further cut import tariffs for daily consumer goods starting July 1, the State Council decided at an executive meeting chaired by Premier Li Keqiang on Wednesday.

The average tariff rate for clothing, shoes and hats, kitchenware, and sports and fitness supplies will be reduced from 15.9 percent to 7.1 percent, and that for home appliances such as washing machines and refrigerators from 20.5 percent to 8 percent.

The average tariff rate for cultured and fished aquatic products and processed food such as mineral water will be cut from 15.2 percent to 6.9 percent, according to a statement released after the meeting.

The average tariff rate for detergents, cosmetics such as skin care and hair care products, and some medicine and health products will be cut from 8.4 percent to 2.9 percent.

The cabinet called the tariff cuts a move conducive to expanding opening-up, meeting the demands of the people and boosting quality and industrial upgrading.

China will roll out a series of measures to create a fairer, more transparent, and easier investment environment for foreign-funded companies, including relaxing market access, enhancing investment facilitation, and better protecting legitimate interests of foreign investors, said the statement.

The State Council also decided to establish a rehabilitation and assistance system for children with disabilities. From Oct. 1, children with visual, hearing, speech, physical, or mental disabilities, and children on the autism spectrum will be provided with assistance including operations, assistive devices, and rehabilitation training.

China on Wednesday urged the U.S. side to keep its promise on bilateral trade issues, and act in accordance with the spirit of recent joint statement.

Foreign Ministry spokesperson Hua Chunying made the remarks when commenting on the latest statement by the White House on Tuesday saying that the United States will impose a 25 percent tariff on 50 billion U.S. dollars of goods imported from China which contain industrially significant technology. The final list will be revealed by June 15, according to the statement.

Hua said that the relevant U.S. statement is obviously contrary to the consensus reached between the two sides in Washington not long ago.

She said that in international relations, going back on one’s word is a loss and squandering of the credibility of one’s country.

“If the United States persists in its willfulness, the Chinese side will take resolute and effective measures to safeguard its own legitimate interests,” said Hua, reiterating that the Chinese side did not want to fight, but it was not afraid to fight a trade war.

She said that China has consistently advocated handling and settling economic and trade differences in a constructive manner through talks, which is in the fundamental long-term interests of the two countries and the two peoples, and the common aspiration of the international community.

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Shayne Heffernan Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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