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Chinese government said it would keep tariffs low next year for commodities in wide-ranging fields to boost domestic consumption offsetting the impact of falling external demand.
Ministry of Finance, the State Council's tariff committee has finalized next year's tariff scheme, lowering the duties for 730-odd imported commodities to an average of 4.4%, which more than halves the rate enjoyed by Most Favored Nation status under World Trade Organization rules.
Imports listed for low tariffs in 2012 include crucial components and parts used in key industries such as the high-end equipment manufacturing, advanced information-technology products and alternative-energy vehicles. Production materials for agriculture and those related to public hygiene are also included.
In addition, lower tariffs will also be issued for imports that are considered by the government to improve the quality of consumption. Special infant formulas and skin-care products, for example, will receive a tariff cut of 10% and 1.5%, respectively, to 10% and 5%.
Tariffs on luxury goods, on the other hand, are going to remain the same. Currently, the tariff rates on most medium- to high-end goods range from 10% to 25%; those for certain fine wines are as high as 65% of retail prices.
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India Infoline Research Team / 14:59, May 20, 2015
GPIL reported 13.5% yoy decline in operating profit as the impact of higher volumes was offset by lower product prices