China to Lower Import Tariffs for Commodities
(Beijing) – In an effort to boost domestic consumption, the Chinese government said it will keep tariffs low next year for commodities in wide-ranging fields.
According to a recent notification by the Ministry of Finance, the State Council's tariff committee has finalized next year's tariff scheme, lowering the duties for 730-odd imported commodities to an average of 4.4 percent, which more than halves the rate enjoyed by Most Favored Nation status under World Trade Organization rules.
The reduction came after the recently concluded annual central economic work conference vowed to stimulate domestic consumption as a means to offset the impact of falling external demand.
Imports listed for low tariffs next year include crucial components and parts used in key industries such as the high-end equipment manufacturing, advanced information technology products and alternative energy vehicles. Production materials for agriculture and those related to public hygiene are also included.
In addition, lower tariffs will also be issued for imports that are considered by the government to improve the quality of consumption. Special infant formulas and skin care products, for example, will receive a tariff cut of 10 and 1.5 percent, respectively, to 10 and 5 percent.
Tariffs on luxury goods, on the other hand, are going to remain the same. Currently, the tariff rates on most medium-high-end goods range from 10 to 25 percent; those for certain fine wines are as high as 65 percent of retail prices.
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