The Customs Tariff Commission of the State Council of China (Cabinet) released the tariff schedule for 2020, the implementation of which started on Wednesday (01.01.2020).
Compared with the 2019 version, the import and export tax items remain unchanged, while the most-favored-nation tariff rates, provisional import tariffs, conventional tariffs and preferential tariffs were adjusted in accordance with a circular issued by the commission earlier.
The circular introduced tariff adjustments to reduce import costs, advance opening to a higher level and allow other countries and regions to share in China's development.
For instance, China to apply provisional import tax rates below most-favored-nation tariff rates on more than 850 products, and will introduce or reduce the same rates on daily consumption products that are relatively scarce in the country or that have foreign characteristics so as to moderately stimulate their importation, thus satisfying people's demand.
The 2020 tariff schedule is conducive to continuously optimizing the business environment and promoting high-quality trade development, the agency said.
Source: Xinhua
Aduana News is the first Argentine customs newspaper to launch its digital version. With 20 years of experience, its publications and initiatives aim to provide the most relevant knowledge on customs issues in order to contribute to safe trade in the region.
