China to cut import tariffs, open markets

The Chinese Ministry of Finance declared on Monday tariff cuts successful Jan. 1 on frozen pork, asthma, and diabetes prescriptions, integrated circuit boards and somewhere in the range of 850 different products.

The step is planned to promote the organized improvement of trade and environment, the authority Xinhua News Agency said.

China’s government repeated a guarantee on Monday to open its oil, telecom and power markets more extensive to private competitors.

It is a move by the ruling Communist Party to support development in the slowing, state-dominated economy.

The cabinet additionally vowed to give private companies equal treatment with state-owned enterprises in more industries. The announcement did not indicate whether the changes apply similarly to foreign organizations.

The guarantee adds to a string of market-opening measures and tariff cuts intended to help restore economic development that slowed to a three-decade low of 6 percent in the most recent quarter.

It comes amid a tariff war with Washington over Beijing’s technology aspirations and trade surplus.

The announcement vowed to “introduce market competition” in key industries including power, telecoms, railways, oil, and natural gas. It said private enterprises would be allowed for the first time to do essential telecoms services and invest in power generation and distribution.

Beijing has finished limitations on full foreign ownership in electric car manufacturing and says that will reach out to the entire automobile industry by 2021. Regulators have vowed to permit full foreign ownership in banking, insurance, and other financial businesses.