The meeting also called for intensified protection of intellectual property rights.
"This year marks the 40th anniversary of reform and opening-up in China. Given the evolving situation at home and abroad, it is important to firmly commit to fostering greater opening-up and attracting foreign investment to help anchor market expectations," Li pointed out.
Statistics from the Ministry of Commerce show that paid-in foreign investment reached 86.5 billion U.S. dollars between January and August 2018, a 6.1-percent increase year-on-year.
More steps were approved at the meeting to cater for diverse consumer needs and facilitate industrial upgrading. Starting from Nov. 1 this year, import tariffs for a total of 1,585 tax items will be slashed.
The average tariff rate for highly demanded products in domestic markets such as machinery and industrial instruments will be cut from 12.2 percent to 8.8 percent, textile and construction materials from 11.5 percent to 8.4 percent, paper and some other resource-based products and primarily processed goods from 6.6 percent to 5.4 percent.
Tax brackets will be consolidated for goods in the same or similar categories.
Tariff cuts introduced to date will help reduce corporate and consumer tax burdens by nearly 60 billion yuan (about 8.7 billion U.S. dollars) and lower China's overall tariff rate from 9.8 percent last year to 7.5 percent.
More efforts will be made to expedite customs clearance. The meeting decided that by November 1 this year, the number of customs clearance documents subject to verification at ports will be reduced from 86 to 48.
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