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China starts a host of new tax cuts on imported goods on Wednesday, as the country further promotes high-quality trade growth. To expand imports and optimize imports structure, over 850 commodities will be subjected to temporary import duty rates, which are lower than most-favored-nation tariffs, according to a circular on the adjustments of import tariffs previously issued by the Customs Tariff Commission of the State Council. Under the circular, tariffs on frozen pork will be cut from 12 to 8 percent, while tariff on avocados is slashed from 25 to just seven percent. Some medical products, such as asthma and diabetes medications, will enjoy zero tariffs. China says it will also reduce tariff rates on items to encourage more innovation in high-tech industries. Chemical products benefited the most from this round of tariff cuts, accounting for close to 60 percent of the items that enjoy zero import tariffs. In 2019, 706 products were taxed at temporary rates. More than a fifth of reduced tariffs imports are from South Korea, totaling more than 94 billion U.S. dollars. The U.S. and Germany ranked only third and fourth on the list respectively. Meanwhile, China will also lower tariff rates in accordance with the free trade agreements it has separately signed with trade partners including New Zealand, Peru, Costa Rica and Switzerland, starting Wednesday. |
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