China to cut import tariffs, open markets

The Chinese Ministry of Finance declared on Monday tariff cuts successful Jan1 on frozen pork, asthma,diabetes prescriptions, integrated circuit boardssomewhere in the range of 850 different products

The step is planned to promote the organized improvement of tradeenvironment, the authority Xinhua News Agency said

China’s government repeated a guarantee on Monday to open its oil, telecompower 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 industriesThe announcement did not indicate whether the changes apply similarly to foreign organizations

The guarantee adds to a string of market-opening measurestariff 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 aspirationstrade surplus.

The announcement vowed to “introduce market competition” in key industries including power, telecoms, railways, oil,natural gasIt said private enterprises would be allowed for the first time to do essential telecoms servicesinvest in power generationdistribution.

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