China is preparing to reduce tariffs on hundreds of products next year in a bid to bolster the economy.
Import tariffs on over eight hundred items, ranging from frozen pork to technology products, will be cut from 1 January in order to increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption.
By slashing tariffs, China seeks to boost slowing economic growth through a reduction in business and consumers costs.
China’s economy is expanding at its weakest rate in nearly 30 years and could face more downward pressure next year, but the government has vowed to keep growth within a reasonable range in 2020 and keep policies forward-looking and effective.
