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China to lower tariffs on more foreign products
Published on: 2018-12-28
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A China Shipping container at the port in QingdaoA China Shipping container at the port in Qingdao

China would adopt favorable tariff rates on hundreds of foreign goods next year, significantly lowering or cancelling tariffs on certain imported materials and high-tech products, as part of the country's push to expand imports.

032Starting on January 1, China would impose provisional rates on more than 700 foreign products, including zero tariffs on ingredients for livestock feeds and certain medicines, according to a statement from the Ministry of Finance (MOF).

033It would also cancel tariffs on four types of solid waste such as manganese slag and lithium ion cells for new-energy vehicles, the statement said. Lower provisional tariff rates would also be adapted to aircraft engines, robots and other advanced equipment.

031Provisional tariff rates are set by the Customs Tariff Commission of the State Council, China's cabinet, to adjust tariff rates on certain products based on the need of the domestic market. It has been often used to lower tariffs on key material and advanced products.

A robot welds parts at the Jinan Truck Company of the China National Heavy Duty Truck Group in JinanA robot welds parts at the Jinan Truck Company of the China National Heavy Duty Truck Group in Jinan

Also, starting on July 1, China will impose most-favored-nation rates for 298 information technology products, according to the MOF.

Under new bilateral or multilateral free trade agreements (FTAs) or upgraded FTAs, China will also adopt agreement rates on imports from countries including New Zealand, Switzerland, Australia and South Korea.

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