China announced that it would adjust import tariffs on a range of products starting Jan 1, 2021. Provisional import tariffs that are lower than the most-favored-nation rates will be levied on 883 commodities.
According to the Customs Tariff Commission of the State Council, the country will apply provisional import tariff rates that are lower than Most Favored Nation tariff rates to 883 commodities, starting Jan 1, 2021.
The above-mentioned goods include:
Most Favored Nation (MFN) rates are what nations promise to use with other members of the World Trade Organization, unless there is a preferential trade agreement.
Import duties will be eliminated on some raw materials for medicines for cancer, and on some special formula foods for sick children.
The changes are meant to lower prices and ease the burden on patients' families, according to a statement posted on the website of the Ministry of Finance.
Starting on July 1, China will make the sixth reduction on MFN tariff rates on 176 kinds of information technology products, and interim tariffs on nine imported products will be canceled, according to the Office of the Customs Tariff Commission.
These measures are in line with Chinese policymakers' expectations of further lowering import tariffs and increasing imports of high-quality goods and services, experts said, which can also promote the integration of the regional economy.
China will further reduce agreement tariff rates applied on some import goods originating in several countries and regions, including New Zealand, Peru and South Korea, in accordance with China's free trade agreements.
The agreement rates under the Asia Pacific Trade Agreement will be applied to some import goods originating in Mongolia starting Jan 1. On the same date, the bilateral free trade agreement between China and Mauritius will also take effect, according to the Ministry of Finance.
What's more, according to published schedules, the import tariff rates of some aircraft equipment will be reduced in 2021.
We will keep following the updates on trade-related policies. Stay tuned!
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SOURCE | China Daily / China Gov
