China drops tariffs to boost local spending

25/11/2008 08:07:49

China says it will reduce tariffs on agricultural and non-agricultural products by 20 to 30 per cent.

In a statement, a senior trade diplomat says the move is to help boost global trade in the wake of the international financial crisis.

The diplomat, Xiangchen Zhang, did not give a timetable for when the cuts would take place, and it is not clear if they will affect all products imported by China.

The average tariff on agricultural products is around 15 per cent, compared with 54 per cent before China entered the World Trade Organisation in 2001.

A surge in imports from China could boost the global economy as it is now the world's third-largest importer after the United States and Germany.

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