China is sounding its trumpet of greater opening by expanding imports and reducing tariffs.
The coastal city of Qingdao, which is also the host city of the upcoming summit of the Shanghai Cooperation Organization (SCO), has seen many local import-oriented companies benefit from the country's tariff reduction measures.
According to Li Jing, director of the Import Classification Section of Customs Duty Division of the Qingdao Customs House, more than 3,000 king crabs from Russia have been cleared by customs. Businesses are paying much less in tariffs than before.
"(In the latest tariff cut), the tariff on a live king crab has decreased from 14 percent to seven percent, which will save this company 50,000 yuan. In recent years, the government has decreased the tariffs on goods four times. This time has been one of the largest decreases of tariffs," Li said.
Thanks to policies such as the reduction of tariffs, more and more high-quality products from all over the world are entering China.
On the first day of May, China announced to exempt import tariffs on 28 cancer drugs and the import of more innovative drugs, a measure will significantly enhance the availability and inclusiveness of the drugs and reduce the burden of patients.
Experts said that the tariff reductions will finally turn into tangible benefits, which benefit both the Chinese people and the whole world.
"The tariff reductions and import expansion may further advance the industrial upgrading and meet the people's needs for a better life. As China has a large market which accommodates 1.3 billion people, expanding imports will share its development dividend with other countries," said Tu Xinquan, director of the China Institute for WTO Studies at the University of International Business and Economics (UIBE).
The latest data showed that the China's imports totaled 4.3 trillion yuan in the first four months, an increase of 11.7 percent year on year, with its trade surplus narrowing by 24.1 percent year on year.
Sources:cctvplus
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