Articles related to the fashion industry are yet outside this package, with which the Asian leviathan wants to favour the development of the new Silk Road.
China opens up its market in full trade war against the United States. The Asian giant will reduce, and even erase, the tariff rates previously enforced to more than 700 products in order to promote imports. For now, products related to the fashion industry are not yet included in this measure.
Amongst the articles that will profit from it are several sorts of food for animals, lithium-ion batteries, medicine and some raw materials. According to the Beijing Government, this tariff reduction aims at the promotion of a new Silk Road and at reaching an improved economic and commercial collaboration with other countries.
This measure will be valid after the 1st of January, and it will be introduced in different phases according to the sort of article. Parallelly, the Chinese Executive is considering the implementation or renegotiation of free-trade bilateral agreements with New Zealand, Perú, Costa Rica, Switzerland, Australia, South Korea and Georgia.
With these moves, China is also looking for partnerships in case the trade war with the United States becomes worse and it puts in check all supplies of strategic raw materials for the Chinese industry.
The economic growth in China continues to slow down. During the third quarter of the year, the advancement stood at 6.5%, the weakest one ever since the world’s recession. And it is predicted to maintain this downward trend for the next quarters due to this commercial tension with Washington.