China to adjust import tariffs for some goods from Jan 1

Beijing, Dec 23 (SocialNews.XYZ) China will adjust import tariffs for a range of products starting January 1, 2020 to promote high-quality development of trade, the Customs Tariff Commission of the State Council said Monday.

The adjustments will be made to expand imports, promote the coordinated development of trade and environment, advance the high-quality development of the jointly building of the Belt and Road, Xinhua news agency quoted the Commission as saying.

To stimulate import potential and optimize the structure of imports, China will implement provisional import tax rates that are lower than the most-favoured-nation (MFN) tariff rates for over 850 commodities.

The country will introduce or reduce the provisional import tax rates on products including frozen pork, frozen avocados and non-frozen orange juice amid efforts to moderately increase the import of daily consumer goods that are relatively scarce in the country or have foreign characteristics to better meet people's needs.

China will impose zero import tax on pharmaceutical products containing alkaloids for asthma treatment as well as raw materials for the production of new diabetes medicines to reduce medication costs and promote the production of new medicines, the Commission said.

The country will introduce or cut provisional import tax rates for commodities including ferroniobium and multi-component integrated circuit memories to expand the imports of advanced technologies, equipment and spare parts, and support the development of high-tech industries.

China will also introduce or lower the provisional import tax rates for some wood and paper products.

In 2020, the economic giant will continue to apply conventional tariff rates on some products originated from 23 countries and regions under the relevant free trade agreements or preferential trade arrangements.

Further tariff reduction will be made according to the free trade agreements China has separately signed with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific Trade Agreement.

In 2020, China will continue to apply preferential tariff rates to the goods from the least developed countries that have established diplomatic ties and completed the exchange of notes on the establishment of diplomatic relations with China.

China will also make adjustments to the applicable countries in line with the UN's list of the least developed countries and China's transition period arrangements, the commission said.

Starting from July 1, 2020, China will implement the fifth MFN tariff concession on 176 information technology products and accordingly adjust the provisional import tariff rates of some information technology products.

The tariff adjustments will help reduce import costs, advance opening up to a higher level and allow other countries and regions to share in China's development.

Source: IANS