BUSINESS Tariffs to fall on 883 products to boost supplies of drugs, high-tech components

BUSINESS

Tariffs to fall on 883 products to boost supplies of drugs, high-tech components

Global Times

22:54, December 23, 2020

Aerial photo taken on Sept. 6, 2019 shows a cargo ship of COSCO SHIPPING Lines transporting Italian products for the 2019 China International Import Expo (CIIE) to Shanghai berths at the Port of Piraeus, Greece. (Photo: Xinhua)

China will lower tariffs on 883 imported products, including cancer drugs and other medical goods, high-tech equipment and components, and environmentally friendly products as of January 1, as a move to boost supply of much-needed high-quality products, the Customs Tariff Commission of the State Council said on Wednesday.

The move is part of a series of adjustments to tariffs scheduled for 2021, which includes resuming most-favored nation rates on metals and other solid waste, as well as lowering levies on imports from several countries, including New Zealand and Australia, based on existing free trade agreements, according to the commission.

Starting on January 1, tariffs on 883 products will be lowered below the most-favored nation rate, the commission said in a statement on the website of the Ministry of Finance (MOF).

Tariffs on a second group of oncology drugs, ingredients for medications for rare diseases and food for special needs children will be eliminated.

Levies on hearing aids and other medical equipment and ingredients for infant formula, will also be lowered.

To meet the needs of domestic producers, tariffs will be cut on components and materials for new infrastructure projects, high-tech equipment and components, and airplane components.

China will also replace provisional import duties on tungsten and niobium scrap and waste with the most-favored nation rate, a move that will strengthen solid waste management.

China will also make various adjustments to tariffs on imports from more than 10 countries in 2021, including New Zealand, Peru, Switzerland, Iceland, Pakistan, Chile, Australia and South Korea, in accordance with free trade agreements.

A China-Mauritius free trade agreement will take effect on January 1.

Also in 2021, starting on July 1, China will further lower tariffs on more than 170 information technology products, according to the commission.

"The adjustment measures above are conducive to better attracting global resource elements. It is not only meeting domestic demand, but also improving the level of our country's industrial technology development," it said in the statement.

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