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China's efforts to lower tariffs since WTO accession

11-23-2011 17:14 BJT

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10 years after its accession to the WTO, much has changed for China’s role in the global economy. At the G20 summit earlier this month, Chinese President Hu Jintao reiterated the country will give zero-tariff treatment to 97 percent of tariffed items exported to China from least-developed countries with diplomatic relations with China.

Since the 1st of July 2010, China has offered zero tariff treatment to over 4 thousand 700 products from over 30 Least Developed Countries, accounting for 60 percent of all Chinese taxable items.

Currently, China’s overall tariff level is the lowest among all developing nations. According to the Ministry of Commerce, China’s average tariff level has been lowered to 9.8 percent, from over 15 percent ten years ago.

Pascal Lamy, Director General of WTO, said "In WTO, China is now a senior member .... Is a very good record. "

During the past ten years, China’s trade volume has grown tremendously and ranks second in the world. Both the country’s import and export volumes have increased by nearly five-fold.

Apart from attracting over 700 billion U.S. dollars of foreign investment, China’s investment overseas has also grown - to 60 billion dollars in 2010, more than ten times the figure in 2001.

Editor:Zhang Hao |Source: CNTV.CN

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