China will adjust import tariffs for a range of products starting January 1 to promote high-quality development of trade, the Customs Tariff Commission of the State Council said recently. The adjustments will expand imports, promote the coordinated development of trade and environment, and advance the Belt and Road initiative, the commission said.
To stimulate import potential and optimize the structure of imports, China will implement provisional import tax rates that are lower than the most-favoured-nation (MFN) tariff rates for over 850 commodities.
Approved by the State Council, the commission recently released a circular on the adjustments of import tariffs to implement the spirit of the 19th Communist Party of China (CPC) National Congress, the second, third and fourth plenary sessions of the 19th CPC Central Committee, as well as the Central Economic Work Conference, according to an official news agency report.
China will introduce or lower the provisional import tax rates for some wood and paper products.
In 2020, China will continue to apply conventional tariff rates on some products originated from 23 countries and regions under the relevant free trade agreements or preferential trade arrangements.
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.
In 2020, China will continue to apply 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.
China will also make adjustments to the applicable countries in line with the United Nation's list of the least developed countries and China's transition period arrangements, the commission added.
Fibre2Fashion News Desk (DS)