China cuts tariffs on more than 700 goods in bid to open up economy and lower domestic consumer costs

China will lower import taxes on more than 700 goods from January 1 in another round of tariff cuts as part of its efforts to open up the economy and lower costs for domestic consumers. There will also be cuts to some export tariffs, and temporary import tariff rates will be as low as zero for some goods, the Ministry of Finance said in a statement on Monday.