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China's customs duties hit record high in 2017

January 26, 2018


Abstract : China levied some 1.89 trillion yuan (about 300 billion U.S. dollars) in customs duties last year, hitting a record high, the country's top customs official said Thursday.

BEIJING, Jan. 25 (Xinhua) -- China levied some 1.89 trillion yuan (about 300 billion U.S. dollars) in customs duties last year, hitting a record high, the country's top customs official said Thursday.

The figure represented a 23.26-percent year-on-year increase from 2016, according to Yu Guangzhou, head of the General Administration of Customs.

The country's customs taxation policies and cooperation with overseas markets under free trade agreements helped enterprises save about 53.08 billion yuan in taxes last year.

The record-high customs duties echoed China's robust foreign trade in 2017, which ended the drops of the previous two years by gaining 14.2 percent year on year.

The GAC will improve taxation efficiency and enhance risk control this year while continuing to streamline taxation procedures, Yu said. Enditem

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Keyword: China customs duties

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