China to Impose Low Tariffs on More Than 600 Commodities

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Dec. 16 – The Ministry of Finance has announced that it would temporarily charge low import tariffs for more than 600 commodities beginning next year.

The scope will include natural resource products, key components for optic communications, public health products, consumer products and advanced machines. High export tariffs will still apply to energy-intensive and resource products like crude oil, rare earths, pulp and billet.

The government will also lower import tariffs on six commodities, including fresh strawberries, starting next year as part of its from commitments to the World Trade Organization. The MOF did not specify on the five commodities and corresponding tariff rates.

The general tariff level would be left unchanged at 9.8 percent next year, the same as the previous three years, according to the MOF statement.

The deputy principal of the University of International Business and Economics, Lin Guijun, told The Global Times that the adjustment will help the country’s industry restructure by using more foreign resources, encouraging the importing of advanced technologies, and reducing burden on the environment.