China Cut Tariffs On January 1
China introduced import and export duty changes from January 1 to boost innovation-driven development and put the country’s tariff structure “more in line with the needs of international trade development.”
The changes are said to be to encourage imports of advanced equipment, key spare parts, and essential energy and raw materials. For example, duty relief is now offered on integrated circuit test equipment, aircraft hydraulic actuators, parts for high-resolution digital cinema projectors, and thermal cracking furnaces.
China has also adjusted the tariffs on certain goods, such as tuna and arctic shrimp, to improve consumer choice, while import duties have been cut on materials used in pharmaceutical development, such as for anti-cancer and anti-diabetes medicines.
In addition, export tariffs have been eliminated on nitrogen, phosphate fertilizers, and commodities such as natural graphite.
Finally, import duties have been further lowered in 2017 in accordance with the terms of China’s free trade agreements. In particular, tariffs have been lowered for further products from Hong Kong and Macau following the upgrading of their Closer Economic Partnership Arrangements. Annual tariff adjustments under the agreements with South Korea, Australia, New Zealand, Peru, Costa Rica, Switzerland, Iceland, and Pakistan have also taken effect.
Source: Tax-New
