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Taxes on Various Industrial Products to be Reduced in the Import Sector

Written by: Editor

 
The import sector in China is about to suffer some changes in terms of taxes, starting with November the 1st. Approximately 1,590 tariff code categories will be cut, representing 19% of the total number of taxed import products in China. The decision is meant to push the opening-up process of the economic globalization, a matter in which China is extremely interested. In matters of company formation in China, we invite foreign investors to address their requests to our team of company formation representatives in China for complete assistance.
 

The import categories which will suffer tax modifications

 
Raw materials and products, textiles, electromechanical equipment, medicines, daily consumer products, vehicles, and equipment are among the categories of products for which the tariffs will go down from 9.8% to 7.5%. The Chinese government decided to implement such an important measure hoping that the new policies will lead to a well-adjusted development in the trading sector in China. The authorities in China are debating at the moment the ways in which the new policies can apply for China-USA trading activities.
 
Foreign investors looking to incorporate a company in the import and export sector in China can solicit the support of our company formation specialists in China who can guide them on how to open a WFOE in China.
 

The industrial upgrading process will be sustained by the new policies

 
The decision of cutting the tariffs for the imported items in China was made with the idea of supporting the economic globalization, a phenomenon in which China is very much interested. Sustaining the philosophies of free transactions, plus the joint trade system created with the rules imposed by the World Trade Organization, China considers that industrial upgrading process will be facilitated. Cutting tariffs for technological equipment from abroad is definitely the solution for many important industries in China which need comprehensive support. According to the Chinese authorities, the production costs can be reduced once the tariffs will go down a few points, leading to the expansion of ecologically responsive commerce in China.
 
We kindly invite you to contact our company formation agents in China and ask for assistance in opening a company in China.