China cuts tariffs to fulfill WTO commitments

China further adjusted tariffs from January 1, 2010, mainly related to the MFN (most-favored nation) tax rate, annual provisional tax rates, the agreement rates, preferential tax rates and tariff lines. After this adjustment, China’s WTO tariff reduction commitment has been fully completed. The average import tariff in 2010 is the same as in 2009, remaining 9.8%. Among them, the average tax rate is set at 15.2% for agricultural products, and 8.9% for industrial products. The provisional import tariff is raised to 3% for fuel oil in 2010 and 6% for jet fuel, an increase of 1% for both products that could influence domestic oil prices. (January 6, 2009)