On December 24, the Customs Tariff Commission of the State Council issued the 2019 Tariff Adjustment Plan (the "Plan") to make adjustments to import and export tariffs on certain commodities as from January 1, 2019.
According to the Plan, China has decided to adjust the import tariff rate of MFN and the contracting countries from January 1, 2019. At the same time, China will implement the fourth MFN tax reduction in the second halfof 2019.
China will implement new MFN tariff rate on more than 700 imported goods, with zero import tariffs on certain products, and moderately reduce import tariff rate on PP resin, PC, polyimide film, etc. from 6.5% to3%.
In 2019, China will implement new import tariff rate on products originating in 23 countries and regions. Among them, China will reduce the tariff rate on imported products originating in New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, Georgia, FTA and APTA member countries.
According to the CEPA Agreement on Trade in Goods signed by the Mainland, Hong Kong and Macao in H1 December, zero tariffs will be fully implemented on imported goods originating in Hong Kong and Macao in 2019.
According to the Further Reduction of Import Tariff, nearly 100 kinds of plastic materials and products, including PE, PP and PVC, originating in New Zealand, Peru, Iceland, Australia, Hong Kong and Macao, will enjoy zero tariffs. The tariffs of imported products originating in Switzerland, South Korea and APTA member countries shall not exceed 10%.
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