China to nix high import tariffs to spur domestic demand

780 items have been approved for lower tariffs.

BBVA notes that the State Council has approved to apply lower import tariffs on 780 items in 2013, more than the 730 items allowed such status in 2012.

"Most of the new items on the list focus on either improve on the quality of consumer goods, support technological innovation, or facilitate industrial upgrades," BBVA said.

"Lowering import tariffs in such a manner is in line with the proactive fiscal stance of the government, which is seeking to boost domestic demand, contributing to China’s economic restructuring over the medium term," it added.

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