China updates tariff rates

    Shanghai Newspaper_ China updates tariff rates

    The Customs Tariff Commission of the State Council will adjust import tariffs of certain product range beginning January 1, 2020 to enhance high-quality trade development.

    Generally, the adjustments will expand imports and promote the coordinated development of trade and development. Furthermore, it is geared to improve the quality of Belt and Road construction.

    China is looking into implementing provisional import tax rates that are generally lower than the majority of the nation’s tariff rates for more than 850 commodities.

    The circular released by the Customs Tariff Commission is approved by the State Council. It was released to implement the disposition of the 19th Communist Party of China National Congress. Moreover, the second, third and fourth plenary sessions of the 19th CPC Central Committee alongside the Central Economic Work Conference are also supporting this course of action.

    China is leaning towards introducing or reducing provisional import tax rates on certain products that despite efforts to moderately increase the import of daily consumer goods remain relatively scarce in the country or products that have foreign counterparts to meet consumer needs better. This includes but not limited to frozen pork, frozen avocados and non-frozen orange juice.

    Meanwhile, zero import tax will be imposed on pharmaceutical products containing alkaloids for asthma treatment. The commission is imposing the same on raw materials for new diabetes medicines in order to reduce medication costs to promote new medicine production.

    Import tax rates for commodities including ferroniobium and multi-component integrated circuit memories are also bound for the introduce or reduce program to support the development of high tech industries. The same goes for some wood and paper products.

    To further augment its solid waste management, China will replace the provisional import duties on tungsten and niobium scraps with MFN tariffs.

    Conventional tariff rates will still be applied on some products originating from 23 countries and regions under the free and preferential trade arrangements. Preferential tariff rates to the goods from the least developed countries that have established diplomatic ties and completed the exchange of notes on the establishment of diplomatic relations with China.

    Meanwhile, further tariff reduction will be made according to the free trade agreements China has separately signed with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, the Republic of Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific Trade Agreement.

    China will continue to apply China will make adjustments for countries to align with the United Nations’ list of the least developed countries in 2020.