China to cut milk powder tariffs
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China will reduce the tariffs on 730 imported goods starting Jan. 1 next year. The average tax rate will be reduced to 4.4 percent, 50 percent lower than the rate granted to most favored nations under World Trade Organization rules, the Ministry of Finance said. Foreign milk powder is one of the 730 products that will enjoy lower tariffs. Mrs. Sun, an accountant in Qingdao who buys milk powder manufactured in Britain for her allergic child, welcomed the news. "It will save us a lot of money," she said. During the first 7 months of 2011, Shandong imported 22,000 tons of milk powder, accounting for 69.7 percent of imported dairy products, Qingdao Customs said. Tariffs on infant formula and yogurt will also be cut.
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