CHINA will suspend administrative customs fees for the rest of this year, in a move to help exporters and importers weather the global economic slowdown.

    From Oct. 1 till the end of 2012, all goods coming in and out of China, as well as vehicles carrying them, will be free of inspection and quarantine fees, the Ministry of Finance and the National Development and Reform Commission said in a joint statement released Thursday.

    Meanwhile, China will also abolish customs supervision charges from Oct. 1 onwards, according to the statement.

    The move could save Chinese firms about 3.5 billion yuan (US$555 million), domestic media reported, citing estimates from the Ministry of Finance.

    Rates for customs supervision charges vary from 0.1 percent to 0.3 percent of the value of the goods.

    Quarantine fees range from 0.05 percent to 0.5 percent of the value of goods and some are charged based on volume rather than value.

    The total value of goods inspected and quarantined in China in the first half of 2012 was US$793.4 billion.

    China has already rolled out a slew of measures to help its exporters and importers facing the stronger-than-expected external headwinds, including cutting red tape, easier access to loans and faster refunds on tax rebates.

    Chinese imports fell 2.6 percent in August from a year earlier and exports rose only 2.7 percent, both missing investor expectations. China’s economic growth has been on a downward spiral for six consecutive quarters. (SD-Agencies)