Ningbo Customs' tariff revenue increased by 5.4 times

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Category: Ningbo Business

Published: Tuesday, 13 December 2011 20:31

News came from Ningbo Customs on December 11 that in the past ten years of China's entry into the WTO, with the development of economy and enlargement of the trade scale, the tariff revenue for Ningbo Customs has been increasing year by year. In the first ten months of this year, the tariff revenue reached 66.69 billion yuan, up by 5.4 times compared with the 10.37 billion yuan in 2001.

It is reported that in the past ten years, China has reduced the import tariffs for over 6,000 products, with the overall level of tariff declining from 15.3% before China's entry into the WTO to 9.8%. All the promises of reducing tariffs have been fulfilled by now. The increase of tariff revenue for Ningbo Customs mainly attributes to the rapid rise of the volume of import and export trade in Ningbo port. Since 2001, the volume of import and export trade in Ningbo port has maintained a 28% annual increase, with the average annual growth rate of international container throughput reaching as high as 31%. In 2010, the overall volume of import and export added up to $161.3 billion, and Ningbo ranked No. 9 in terms of foreign trade scale, for the first time being among the top ten cities.

According to Feng Dong, Chief of Ningbo Customs tariff collection and management section, Ningbo port will witness further development of import and export trade. To enlarge bilateral and multilateral economic and trade cooperation, besides its free trade agreements or regional preferential trade arrangements with ASEAN, Pakistan, Chile, New Zealand and Peru, China will accelerate its pace of negotiating with Australia free trade area and China-Japan-South Korea free trade area. The tariff rate for some products is expected to continue to reduce