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China aims to cut import tariffs to 15 pct

PARIS: China aims to cut import duties to an average 15 percent from the current 23 percent, visiting Premier Li Peng said in a speech to French businessmen on Friday.

"From this year, China has cut its import tariffs to 23 percent, that is a cut of 50 percent. China will continue to take vigorous measures to lower its import tariffs to reach the average level for developing countries, that is 15 percent," Li said. He gave no target date for that reduction.

Li forecast that China's import-export market would grow to $400 billion in the year 2000, half of it in imports, from $280 billion last year.

He said Beijing expect average economic growth of 8.0 pct per year over the next five years.-Reuter