economy

Tariff Cuts on Imported Goods

China has proposed cuts on most-favored-nation （MFN） tariffs for 1，449 taxable items of daily consumer goods from July onwards， from an average tariff rate of 15.7 percent to 6.9 percent. On average， the tariffs would be cut by 55.9 percent， according to Customs Tariff Commission of the State Council（CTCSC）. Due to the adjustment， MFN temporary duties for 210 taxable items of imported goods would be abolished.

The average tariff rate for clothing， shoes and hats， kitchenware， and sports and fitness goods would be reduced from 15.9 percent to 7.1 percent， and that for home appliances such as washing machines and refrigerators from 20.5 percent to eight percent. The average tariff rate for cultured and fished aquatic products and processed food such as mineral water would be cut from 15.2 percent to 6.9 percent， according to a statement.

The average tariff rate for detergents， cosmetics such as skin care and hair care products， and some medicine and health products would be cut from 8.4 percent to 2.9 percent.

Significantly reducing the import tariffs on daily consumer goods is conducive to expanding Chinas opening-up， and serves as a major indicator of the countrys initiative to further open its market， said an official of the CTCSC.

New Negative Lists to Be Released

China was working on new negative lists for easing market access for foreign investment， Gao Feng， spokesperson with the Ministry of Commerce（MOC）， said at a press conference at the end of May.

Gao said the MOC， along with other government agencies， was stepping up efforts on compiling two negative lists， one for nationwide implementation and one for pilot free trade zones.

Restrictions on investment in the sectors of energy， resources， infrastructure， transportation， circulation of commodity， and professional services will be removed or loosened in the proposed lists， according to Gao. There will be a transitional period for some industries， and specific measures will be unveiled for opening-up in the coming years， Gao added.

An official with National Development and Reform Commission said that the country plans to further open its manufacturing sector. China has rolled out an array of measures to significantly broaden market access since the beginning of 2018.

Foreign investment in China hit a new high of RMB 877.56 billion （US $137 billion） in 2017， up 7.9 percent year-on-year.

Catering Market to Exceed RMB 4 Trillion

Chinas catering industry has grown rapidly in the past four decades， and is expected to exceed RMB 4 trillion （US $625 billion） this year， according to a report released by the China Cuisine Association.

The sectors revenue stood at only RMB 5.5 billion in 1978 when China began its reform and opening-up， but rose to nearly RMB 3.964 trillion in 2017， becoming the worlds second largest catering industry， second only to the U.S. Catering made up 10.7 percent of Chinas total sales of consumer goods last year and contributed 11.3 percent to overall consumption growth. The country had less than 120，000 restaurants 40 years ago， compared with eight million restaurants by the end of 2017. About 1.04 million people worked in the catering sector in 1978， and about 30 million people are currently employed in this sector.

Growth of Technology Market

Chinas tech sector has seen huge developments in recent years， helping to boost the countrys global influence in science and technology. According to statistics released by the Ministry of Science and Technology， a total of 367，586 contracts were signed in the sector in 2017， with the volume of business hitting RMB 1，342.4 billion， a yearon-year increase of 14.7 percent and 17.7 percent respectively.

At the end of May， the minis- try issued guidelines to further commercialize and industrialize scientific and technological achievements， as well as to speed up development of its technology market.

According to the guidelines， China will develop a technology market with its service system improving and market scale expanding. By 2020， 20 highlevel specialized technology transfer organizations will be set up to spearhead the market， and another 600 organizations will be established to provide technology transfer services. China will develop three to five technology trade market hubs， and train 10，000 professional agents for technology transfer.

The guidelines proposed developing specific technology trade markets in artificial intelligence and biopharmaceuticals.