TIL Desk/World/Beijing/ 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.
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.
