1 New cuts on foreign investment
China announced on Thursday night a new list to further cut restrictions on foreign investment from 63 to 48, especially in the service sector, infrastructure, railway passenger transportation, international shipping, grain purchases and wholesales businesses. It will take effect on July 28.
In the financial sector, the foreign-capital cap in the banking sector was lifted, and the foreign-capital limit of securities companies, fund management companies, futures companies, and life insurance companies were relaxed to 51 percent.
All foreign capital restrictions in the financial sector will be removed by 2021.
In infrastructure, the railway trunk line network and grid foreign investment restrictions will be removed. The restrictions on foreign investment in railway passenger transportation companies, international maritime transport and international shipping agencies will be eliminated.
Restrictions on foreign investment in gas stations, grain purchases and wholesales will also be eliminated.
2 Import tariffs cut for daily consumer goods
China will cut most-favored-nation tariffs for 1,449 taxable items of daily consumer goods starting July 1, from an average tariff rate of 15.7 percent to 6.9 percent.
On average, the tariffs were cut by 55.9 percent, the Customs Tariff Commission of the State Council reported.
The average tariff rate for clothing, shoes and hats, kitchenware and sports and fitness supplies will be reduced from 15.9 to 7.1 percent, and home appliances such as washing machines and refrigerators will see reductions from 20.5 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 to 6.9 percent.
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 to 2.9 percent.
3 Import tariff reductions for cars and auto parts
The Chinese Ministry of Finance announced it would cut import tariffs on vehicles and auto parts from July 1.
For cars, the 25-percent tariff levied on 135 items and 20-percent duty on four items will both be cut to 15 percent. Import tariffs on 79 auto parts will all be reduced to 6 percent from the current level of 8 to 25 percent.
4 Cut tariffs on some goods from Asia-Pacific nations
China will cut import tariffs on goods from certain Asia-Pacific countries, starting from July 1, according to the State Council.
China will reduce the tariffs on soybean imported from India, South Korea, Bangladesh, Laos, and Sri Lanka from the current 3 percent to zero. Imported products such as chemicals, agricultural products, medical supplies, clothing, steel and aluminum products from these countries will also enjoy certain tariff reductions.
All imported products from the above five countries will adapt a tariff rate of the Second Amendment of The Asia-Pacific Trade Agreement, said the State Council.