China cuts import tariffs

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Posted on: 31 Dec 2011

China will substantially lower its import tariffs on more than 730 types of goods, including skin care products and baby formulas, in 2012. The Ministry of Finance announced that upon review by the Customs Tariff Commission of the State Council and after reporting to the State Council for approval, China would adjust some of its import tariffs with effect from 1 January 2012.

In order to actively expand imports and satisfy domestic demand for economic and social development and consumption, China will lower its provisional tax rates on over 730 types of import goods in 2012. The average tariff rate will be 4.4%, more than 50% lower than most-favoured-nation rates under WTO rules.

The affected goods mainly fall under the following five categories: First, energy resources products, including coal, coke, oil products, marble, granite, natural rubber, rare earth, copper, aluminum and nickel. Second, crucial equipment and parts essential for the development of high-end equipment manufacturing, new-generation information technology, new energy cars and other strategic emerging industries, including jet looms, turbo shaft aeroengines, high-voltage transmission lines, image pickup devices of mobile phones, high-definition cameras, and crucial moulds for stamping auto body parts. Third, agricultural means of production, including large-horse-power tractors, large harvesters, dairy processors, raw materials for producing pesticides, chemical fertilisers, and animal feeds. Fourth, goods for promoting consumption and improving people’s livelihood, including frozen sea fish, special baby formulas, baby food, skin care products, hair perm, cutlery and kitchenware. Fifth, public health-related goods, including vaccines, serum, artificial cochleae and x-ray films.

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Posted: 31 December 2011

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