Chinese Vice premier stresses role of customs tariff
Vice Premier Zhang Gaoli on Tuesday stressed the importance of customs tariffs and called for tariff improvements.Customs tariffs are a key vehicle for regulating economic activity, and tariffs and import linkage taxes are important sources of revenue and play a special role in China's reform and opening up, Zhang said at the first plenary meeting of the Sixth Customs Tariff Commission of the State Council Though China's general tariff level has lowered to 9.8 percent, there is more room for tariff regulation as China has become the second largest economy and a key player in exports and imports, Zhang said.
More efforts should be made to study tariff policies and leverage tariffs to manage advantages in global and domestic markets, Zhang said.Tariffs should be given full reign in their role to stabilize the economy, improve economic transformation, and promote healthy growth of key sectors, Zhang said.
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What Happened In China
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What happened In China
China yuan retreats to 6.1779 against USD
The Chinese currency Renminbi, or the yuan, lost 12 basis points to 6.1779 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System. In China's foreign exchange spot market, the yuan is allowed to rise or fall by 1 percent from the central parity rate each trading day.
The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices before the opening of the market each business day.