China will adjust import tariffs for a range of products from January 1, 2020 to promote high-quality trade development, the Customs Tariff Commission of the State Council, the country's cabinet, announced on Monday (23.12.2019).
The commission, with the approval of the State Council, recently issued a circular on import tariff adjustments to implement the spirit of the 19th National Congress of the Communist Party of China (CPC), the second, third and fourth plenary sessions of the 19th CPC Central Committee, as well as the Central Economic Work Conference.
The adjustments will be made to expand imports, promote the coordinated development of trade and environment, and boost high-quality development in the joint construction of the Belt and Road Initiative, the commission said.
To stimulate the potential of the sector and optimize the import structure, China to apply provisional tax rates lower than most-favored-nation tariff rates to more than 850 products (MFN).
The country will introduce or reduce provisional import tariffs on products such as beef, frozen pork, frozen avocados and non-frozen orange juice, among others.
The move comes amid efforts to moderately increase imports of daily consumption items that are relatively scarce in the Asian country or have foreign characteristics, in order to better meet the needs of the people.
China to impose zero import tax on pharmaceutical products containing alkaloids for the treatment of asthma, as well as raw materials involved in the production of new diabetes medications, seeking to reduce the costs of medicines and promote the production of new drugs, the commission said.
The Asian country will also introduce or cut import taxes on items such as ferroniobium and multi-component integrated circuit memories to expand imports of advanced technologies, equipment and spare parts, as well as to support the development of high-tech industries.
Provisional import tax rates will also be introduced and lowered for some products. wood and paper.
To promote the coordinated development of trade and environment, China will replace provisional import tariffs on tungsten and niobium scrap and waste with MFN values from January 1, 2020, as the country tightens solid waste management, according to the commission.
In 2020, China will continue to apply conventional tariffs on some products originating from 23 countries and regions under relevant free trade agreements or preferential trade arrangements.
Other tariff reductions will be implemented under free trade agreements China has signed separately with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, the Republic of Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific Partnership.
In 2020, the country will continue to apply preferential tariffs to products from less developed countries with diplomatic ties and which have completed the exchange of notes on establishing diplomatic relations with China.
China will make adjustments to the applicable countries in accordance with the United Nations list of least developed countries and China's transitional period arrangements, the commission said.
Starting from July 1, 2020, China will implement the fifth MFN tariff concession on 176 information technology products and readjust the provisional import tariff rates of some information technology products.
The adjustments will help reduce import costs, take opening-up to a higher level and allow other countries and regions to share in China's development.
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.
