Tariff reductions boosts trade on Belt and Road

China has enacted 14 free trade agreements and three favorable trade policies, the General Administration of Customs has announced.

In the first half of this year, imports worth 370.5 billion yuan (US$55.13 billion) enjoyed favorable trade arrangements and policies, up 39 percent year-on-year, saving the foreign exporters 31.4 billion yuan in tax and fees, among which 27 billion was saved from tariffs.

The tariff rate of steam coal imported from Australia dropped from 6 percent in 2015 to zero currently, thanks to the bilateral free trade agreement.

An increasing number of Chinese export enterprises have applied to use the export goods certificate of origin, so as to enjoy the benefits of favorable trade arrangements. Customs also encourages the enterprises to use the declaration of origin to enjoy fee and tax reductions.

China has signed free trade agreements with 22 countries and regions around the world. The free trade agreements with Pakistan, ASEAN and Singapore are of vital importance to the implementation of the Belt and Road projects.