international express service company tells you China will reduce or cancel tariffs on certain imported goods and
materials starting in 2022 in a bid to support the new development
pattern and promote high-quality opening, according to the Ministry of
Finance.
The new interim tariff rates on imports, which will be
lower than Most Favored Nation (MFN) tariff rates, will apply to 954
kinds of goods as of Jan 1, including medicine, food products, winter
sports equipment and automobile components, the Office of the Customs
Tariff Commission of the State Council, announced on Wednesday.
Import
duties will be eliminated on some anticancer drugs as well as oil
paintings and other works of art that are more than 100 years old.
Starting
on July 1, China will make the seventh reduction on MFN tariff rates
for 62 kinds of information technology products. After the adjustment,
China's total tariff level will continue to be maintained at the level
of 7.4 percent, according to the Office of the Customs Tariff
Commission.
The changes are meant to maintain the security and
stability of the domestic industrial chain, support scientific and
technological innovation and upgrading, build a global network of
high-standard free trade zones, and continue to promote high-level
opening, the office said.
In order to promote high-level opening,
China will implement tariff rates on commodities originating from 29
countries or regions starting in 2022 in accordance with China's free
trade agreements.
Tariff rates applied on goods originating in
several countries and regions including New Zealand, Peru, Costa Rica,
Switzerland and Iceland will be further reduced, in accordance with
China's free trade agreements.
On January 1, the Regional
Comprehensive Economic Partnership (RCEP) and the China-Cambodia FTA
will take effect, according to the Ministry of Finance.
These
tariff cuts are in line with China’s efforts to further lower import
tariffs and increase imports of high-quality goods and services in a bid
to promote the integration of the regional economy.
According to
the Ministry of Commerce, China and Singapore have made positive
progress on follow-up negations on bilateral FTA upgrade.
China
and Singapore held the third follow-up negotiations on the upgrading of
the free trade agreement via video link on Tuesday in which the two
sides agreed to maintain negotiations and promote the consultation on
service trade and investment market access in a bid to improve the level
of bilateral trade and investment liberalization.