China to Reduce Import Tariffs on Certain Raw Materials
China will reduce import tariffs on ethane and certain recycled copper and aluminium raw materials from next year, the government said on Saturday (Dec 28).
Reasons Behind the Move
The Ministry of Finance announced adjustments to various import tariff categories, effective Jan 1, aimed at increasing imports of high-quality products, expanding domestic demand and promoting high-level opening-up, it said.
Import Tariffs Adjustments
Provisional import tariffs below the most favoured nation rates will be applied to 935 items, the ministry said. Import tariffs will be reduced on ethane and certain recycled copper and aluminium raw materials to advance green and low-carbon development.
Other Adjustments
Tariffs will rise on commodities including molasses and sugar-containing pre-mixed powders, but be reduced on items such as cyclic olefin polymers, ethylene-vinyl alcohol copolymers, and automatic transmissions for special-purpose vehicles such as fire trucks and repair vehicles.
Import tariffs will also be reduced on items such as sodium zirconium cyclosilicate, viral vectors for CAR-T tumour therapy, and nickel-titanium alloy wires for surgical implants.
China-Maldives Free Trade Agreement
The China-Maldives Free Trade Agreement will come into effect on Jan 1, with tariff reduction implementations, the ministry said.
Conclusion
China’s move to reduce import tariffs on certain raw materials is expected to increase imports of high-quality products, expand domestic demand, and promote high-level opening-up. The adjustments are aimed at advancing green and low-carbon development, and will have a positive impact on the country’s economy.
FAQs
Q: What raw materials will have reduced import tariffs?
A: Ethane and certain recycled copper and aluminium raw materials will have reduced import tariffs.
Q: What is the purpose of the tariff adjustments?
A: The adjustments are aimed at increasing imports of high-quality products, expanding domestic demand, and promoting high-level opening-up.
Q: What is the China-Maldives Free Trade Agreement?
A: The China-Maldives Free Trade Agreement will come into effect on Jan 1, with tariff reduction implementations.
Q: What commodities will have increased tariffs?
A: Molasses and sugar-containing pre-mixed powders will have increased tariffs.
Q: What is the impact of the tariff adjustments on the economy?
A: The adjustments are expected to have a positive impact on the economy, increasing imports of high-quality products and expanding domestic demand.
