China will reduce tariffs on more than 859 kinds of products
This measure will be applied from January 1st, 2020, on products such as frozen meat, diabetes and cancer medications, among others
China will reduce import tariffs for 859 kinds of products from January 1st, 2020, ranging from frozen pork to semiconductors and compounds for diabetes or cancer drugs, whose added value exceeded $ 350 billion. in 2018, as announced by the Ministry of Finance of China.
The Ministry of Finance of China has explained that the new list of commodities subject to tariff reduction responds to the need to “optimize the commercial structure and promote high-quality economic development”.
The list of products that will benefit from next January 1st of this provisional tariff reduction is significantly more extensive than that of 2019, when 706 inputs were included, including consumer products like wine or seafood, to which they will join others such as semiconductors, frozen pork or avocados.
In addition, China will apply a zero tariff to imports of rare earths, as well as to those of various components of anti-cancer drugs, diabetes or imports of vaccines and blood products.
On the other hand, the Chinese Ministry has announced that as of January 1st, 2020, the rates applied to imports from countries and regions with which China has bilateral agreements and “preferential tariff commitments”, including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Chile, Georgia and Pakistan will be reduced.
In addition, with the exception of Equatorial Guinea, China will continue to apply a preferential tariff regime to less developed countries with which it has established diplomatic relations.
As indicated by the Tariff Commission of the State Council of China, “the adjustments respond to the need to expand imports of certain commodities, promote the coordinated development of trade and advance the construction of the Strip and the Road.”
Also, as of July 1st, 2020, China will implement a reduced tariff under the regime of concessions to “most favored nations” to 176 technological products, which will thus adjust their levies, which will help reduce import costs and allow these economies to “share the development of China“.
K. Tovar
Source: dpa
