According to the Ministry of Finance (MOF) of the country, China will adjust tariffs on a number of exports and imports from January 1. The adjustment was approved by the State Council after the same was scrutinised by its Customs Tariff Commission.
MOF said that tariff adjustment will be based on innovation-driven development, encouraging imports of the country’s much-needed advanced equipment, key components and energy raw materials. The import tariffs of items including integrated circuit testing and sorting equipment, aircraft hydraulic actuator and pyrolysis furnace will be reduced through the provisional tax rates.
Tariffs on specialty food such as tuna, arctic shrimp and cranberry as well as cultural products such as original sculpture will be reduced in order to give a wider choice to domestic consumers. The import tax on yew skin and foliage required for the production of anti-cancer drugs and acarbose hydrate for diabetes drugs will also be reduced as a response to the public’s concerns about medical and health care.
Import tariffs of sodium acrylate polymers and semi conductor products with the flow function which are subject to the provisional tax rates will also be adjusted in order to protect domestic industries. Export tariffs of nitrogen fertiliser, phosphorus fertiliser and natural graphite will be scrapped and that of nitrogen-phosphorus-potassium compound fertiliser and steel billet will be reduced.
In order to expand bilateral and multilateral economic and trade co-operation and accelerate the implementation of the free trade area initiative, the country will continue to levy conventional tariffs on selected imported goods originating from 25 countries and territories in 2017. Tariffs will be further reduced under free trade agreements between China and South Korea, Australia, New Zealand, Peru, Costa Rica, Switzerland, Iceland and Pakistan.
The scope of commodities and tariffs will stay unchanged under free trade agreements between China and Singapore, ASEAN and Chile as well as the Asia-Pacific Trade Agreement. Meanwhile, the range of goods subject to zero tariffs under the Closer Economic Partnership Arrangement (CEPA) with Hong Kong and Macau will be further widened.