According to the news from the Ministry of Finance, authorized by the state department, from January 1st 2007, China will continue to make concessions of tariffs, which has been promised at the time of China’s entering into WTO, so as to further reduce the importation tariffs of 44 tax items, such as fresh strawberries.

China will continue to carry out tariff quota administrations to the seven agricultural products including cottons, and continue to make sliding duties to the cottons which are the certain exportation ones beyond the tariff quotas; however, China has ameliorated the sliding duties formulas. After the regulations, the general tax in the year of 2007 will be dropped from 9.9% to 9.8%, of which, the average tax rate of agricultural products will be 15.2%, the average tax rate of industrial products will be 8.95%.

Source: cncotton