To promote the high-quality development of trade, China will adjust import tariffs on some commodities from January 1, 2020
Xinhua News Agency, Beijing, December 23rd. In order to implement the spirit of the 19th National Congress of the Communist Party of China and the 2nd, 3rd, 4th Plenary Sessions of the 19th CPC Central Committee and the Central Economic Work Conference, and promote the high-quality development of trade, the State Council ’s Tariff Commission has recently approved the Issue a notice to adjust import tariffs on some commodities from January 1, 2020.
In order to actively expand imports, stimulate import potential, and optimize the import structure, starting from January 1, 2020, China will implement a tentative import tax rate for more than 850 commodities below the MFN tariff rate. Among them, in order to better meet the needs of people's lives, a moderate increase in imports of domestic consumer goods that are relatively scarce or have foreign characteristics, and new or reduced provisional tax rates on imports of frozen pork, frozen avocados, and non-frozen orange juice; to reduce the cost of medication Promote the production of new drugs, implement zero tariffs on alkaloids used to treat asthma, and raw materials for the production of new types of diabetes drugs; in order to expand the import of advanced technologies, equipment and parts, support the development of high-tech industries, add or reduce semiconductor testing Sorting tape machine, high-pressure turbine gap control valve, torque converter and aluminum valve core for automatic transmission, ferroniobium, multi-element integrated circuit memory, raw materials for large-scale film, dispersion for photoresist, culture medium and other products Tentative import tax rate; to encourage domestic demand for resource-based product imports, new or reduced import tax rates for some timber and paper products have been added or reduced.
In order to promote the coordinated development of trade and the environment, in accordance with the State Council ’s comprehensive prohibition on the import of solid wastes that are harmful to the environment and the masses strongly reflect the solidarity, it is in line with the adjustment of the import waste management catalogue. From January 1, 2020, tungsten waste is eliminated. Scrap materials and niobium waste and scrap materials are tentatively taxed on imports, and the most-favoured-nation tax rate will be resumed.
In order to promote the high-quality development of the “Belt and Road”, build a global network of high-standard free trade zones, and implement a mutually beneficial and win-win open strategy, according to the free trade agreements or preferential trade arrangements signed by China and relevant countries or regions, 2020 China will continue to implement the agreed tax rates on some commodities originating in 23 countries or regions. Among them, China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile, Pakistan and the Asia-Pacific Trade Agreement have further reduced taxes. In 2020, continue to implement preferential tax rates for the least developed countries that have established diplomatic relations with China and completed exchange procedures, and adjust the applicable countries for preferential tax rates in accordance with the United Nations list of least developed countries and China's transitional arrangements.
From July 1, 2020, China will also implement the fifth step of tax reduction on the 176 information technology products' most-favored nation tax rates. At the same time, it will adjust the provisional tax rates on some of the information technology products accordingly.
The Office of the Customs Tariff Commission of the State Council stated that the above-mentioned adjustment measures are conducive to reducing import costs, promoting the orderly and free flow of international and domestic factors, and promoting the establishment of a new system of a higher level of open economy; Accelerate the construction of high-standard free trade zones; it is conducive to sharing development results with other countries and regions, and creating a new situation in international trade that is open to cooperation, inclusive and inclusive, and sharing a win-win situation.
