The average rate of the benchmark tax on goods from abroad will be driven down by the government in Shanghai maybe even next month, according to anonymous sources close to the matter. Bloomberg's report on Thursday comes after China's Premier Li Keqiang indicated the move is in preparation but failed to provide details.
Pushing forward with its strategy to open up, the world's second-largest economy lowered levies in July on a wide range of overseas consumer goods, saying it aims to boost competitiveness. The new plan is for the so-called most favored nation (MFN) import tariffs, which average 9.8%. The United States, in a bitter trade dispute with China, where both sides have been erecting protectionist barriers, is included in the list of partners to which the tax applies.
