Beijing announced that it will slash tariffs on hundreds of products worldwide; from frozen pork to high-end industrial parts. In total, 850 products were reviewed, making it easier for Chinese firms to buy imports.
This move brings hope amidst trade tensions, and a standoff between China and the US this year.
The goal is to lower trade barriers to support China’s economy, where growth has recently slowed to a 20-year low.
China’s finance ministry says lower tariffs should “increase imports of products facing a relative domestic shortage, or foreign speciality goods for everyday consumption.”
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