CHINA WILL LOWER IMPORT TARIFFS ON OVER 850 PRODUCTS STARTING JANUARY 1




İrem UZUN -TDO- China on Monday morning announced it would cut import taxes on a range of products starting January 1.According to the state news agency Xinhua, China's Customs Tariff Commission of the State Council said the move was aimed at promoting a high-quality development of trade."The adjustments will be made to expand imports, promote the coordinated development of trade and environment, advance the high-quality development of the joint building of the Belt and Road," Xinhua said, citing the commission.

Tariff changes will be applied on 859 items ranging from frozen pork, avocados, some types of semiconductors, asthma and diabetes medications.The ministry of finance said the tariff changes would be made to "increase imports of products facing a relative domestic shortage, or foreign specialty goods for everyday consumption".Tariff changes include frozen pork - due to be lowered to 8% from 12% for some countries - as China struggles to cope with an outbreak of African swine fever.The deadly disease has wiped out about half of the country's pigs and dealt a heavy blow to the pork industry.

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


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