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China will lower or remove import duties on a number of items starting in 2020 as part of a tariff adjustment package announced Monday, as the country further promotes high-quality trade growth. To expand imports, some 850 items of commodities will be subjected to temporary import duty rates below most-favored-nation (MFN) tariffs starting January 1, the Customs Tariff Commission of the State Council (CTCSC) said in an online statement. Tariffs on some pharmaceutical raw materials for the treatment of asthma and diabetes will be scrapped, while relatively low temporary import tariff rates will continue to be imposed on advanced equipment and resource products from the likes of ferroniobium and culture medium as well as paper products, the statement said. In a bid to shore up the Belt and Road Initiative and develop a network of high-standard free trade areas, China will also apply conventional tariffs on products from 23 countries and regions, including further reduction in tariffs under free trade pacts between China and relevant countries. This move will result in lower tariffs with numerous trade partners including New Zealand, Peru, Costa Rica and Switzerland. China will cut down the MFN rates for 176 items of information technology products from July 1, 2020, and correspondingly adjust the temporary import duty rates for some of these products. The Customs Tariff Commission noted the above measures will reduce import costs, press ahead with high-level opening-up, speed up the building of high-standard free trade areas, ensure free and inclusive trade worldwide by sharing the benefits with other countries. |
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