BUSINESS China adjusts tariffs on imported commodities

BUSINESS

China adjusts tariffs on imported commodities

CGTN

16:42, December 23, 2020

File photo

BEIJING, Dec. 23 (Xinhua) -- China will adjust import tariffs on a range of products starting Jan. 1, 2021 to support fostering the new development paradigm and promoting high-quality development, according to the Customs Tariff Commission of the State Council.

Provisional import tariffs that are lower than the most-favored-nation (MFN) rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas, the commission said in a circular released Wednesday.

It will also adjust provisional import tariff rates implemented in 2020 considering changes in domestic industrial development and supply-demand situations.

In accordance with the free trade agreements and preferential trade arrangements with other countries or regions, China will impose conventional tariff rates on some imported products from such countries and regions.

Tariff rates will be lowered after the free trade agreement between China and Mauritius takes effect on Jan. 1, 2021.

Further tariff reduction will be made under the free trade agreements China has separately signed with countries including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Pakistan, Chile, Australia, the Republic of Korea, Georgia, as well as the Asia-Pacific Trade Agreement.

In 2021, China will continue to apply preferential tariff rates to goods from the 43 least developed countries that have established diplomatic ties and completed the exchange of notes on the establishment of diplomatic relations with China.

China will also make adjustments to the relevant countries in line with the United Nations' list of the least developed countries and China's transition period arrangements, the commission said.

From July 1, 2021, China will implement the sixth MFN tariff concession on 176 information technology products.

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