Chinese lawmakers on Friday voted to adopt a law on customs duties to promote high-level opening up.
The law, which was passed at a session of the Standing Committee of the National People's Congress, the national legislature, will take effect on Dec. 1, 2024.
It maintains the basic stability of the existing tariff system, with the overall tax burden level remaining unchanged.
The law is of significant importance for advancing high-level opening up and fostering a market-oriented, law-based, and internationalized business environment, said Li Xuhong, a professor at the Beijing National Accounting Institute.
The move marked another step in China's tax legislation. Out of the country's existing 18 tax categories, China has enacted laws on 13 of them.
Patrick Reed withdraws from US Open qualifying and ends streak of playing the majors
College baseball notebook: Sooners' regular
3 men charged in the UK with assisting the Hong Kong intelligence service
Third person pleads guilty in probe related to bribery charges against US Rep. Cuellar of Texas
Target starts price war with Walmart by slashing the cost of 5,000 popular items
South Carolina governor happy with tax cuts, teacher raises but wants health and energy bills done
Wedding guest slammed for wearing a 'garbage bag' dress to the ceremony
Questions and grief linger at the apartment door where a deputy killed a US airman
Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
City once labeled 'scam capital of America' is now the BEST place to retire
Hilarious moment mother asks her Cocker Spaniel to help choose her lottery numbers
Notorious people smuggler wanted in Europe arrested in northern Iraq