China to reduce customs charges to facilitate cross-border trade

BEIJING, Oct 13: To improve the business environment and facilitate cross-border trade at customs, China will reduce customs charges, enhance the efficiency of customs supervision and accelerate the process of customs clearance.

However, high-energy consumption and seriously polluting goods as well as those involved in industrial capacity cuts will see export rebate rates unchanged, Xinhua Net said in a report.

Notably, China’s exports went up 6.5 per cent year on year to 11.86 trillion yuan (about 1.72 trillion U.S. dollars) in the first three quarters of 2018, General Administration of Customs (GAC) data showed.

The trade surplus was narrowed by 28.3 percent to 1.44 trillion yuan in the first three quarters,

Exports of electro-mechanical products increased by 7.8 percent to 6.91 trillion yuan, taking up 58.3 percent of China’s total export value, said GAC spokesperson Li Kuiwen.

China has taken measures to readjust its export structure, with exports of automobiles and machine tools expanding 16.3 percent and 18.7 percent, respectively.

The country will also reinforce cooperation with Belt and Road countries on customs clearance, accelerate the development of China-Europe rail services and make efforts to promote international logistics, he added.

Besides these measures, China has also decided to improve its export tax rebate policy to reduce the business burden and bolster foreign trade, according to members of a State Council executive meeting chaired by Premier Li Keqiang on Monday.

(UNI)

LEAVE A REPLY

Please enter your comment!
Please enter your name here