(Yicai Global) Sept. 27 -- China will reduce import tariffs on 1,585 taxable items starting Nov. 1, to serve industrial upgrading, lower corporate cost and meet domestic demand, a State Council executive meeting chaired by Premier Li Keqiang decided Wednesday.
The new policy adds to a slew of tariff cuts China introduced this year, which will save an estimated total of 60 billion yuan (about 8.7 billion U.S. dollars) for firms and consumers, according to a statement released after the meeting.
It will put the country's overall tariff rate at 7.5 percent, down from 9.8 percent in 2017. Average tariff rates for mechanical and electrical equipment, such as construction machinery in high demand, will be lowered from 12.2 percent to 8.8 percent.
For textiles and building materials, the average tariff rate will be cut from 11.5 percent to 8.4 percent, while that for resource products and primary goods will fall from 6.6 percent to 5.4 percent.