China said Monday it plans to slash tariffs as of Jan. 1 on more than 850 products including frozen pork, asthma and diabetes medications and some high-tech components to better develop its economy.
The moves announced by the Finance Ministry on Monday follow a preliminary agreement between Beijing and Washington on resolving a trade war that has rattled financial markets and added to pressures on global growth.
“The step is intended to promote the co-ordinated development of trade and environment,” the official Xinhua News Agency said.
Xinhua and other state media said the temporary import tariffs would be reduced to levels lower than most-favoured-nation rates.
Beijing has adopted a string of market-opening measures and tariff cuts meant to help revive economic growth that slowed to a three-decade low of 6% in the latest quarter.
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