The Chinese authorities have announced this Saturday that they will “adjust” import tariffs on more than 900 materials, goods and products starting next January 1 in order to “expand domestic demand and advance high-level opening.”
The measure aims to “improve the synergy between national and international markets” and to do so it foresees the introduction of “provisional import tariffs that will be lower than the rates applied to most favored countries on 935 products”according to a statement issued by the Customs Tariff Commission of the State Council of China collected by the newspaper ‘Global Times’.
Among the items that will benefit from this tariff reduction are, among others, vinyl alcohol and some polymers and copolymers, “to promote technological innovation”; automatic transmissions used in the manufacture of specialized vehicles such as fire trucks; nickel-titanium alloy wires useful for surgical implants and other components to “safeguard and improve the public welfare”; or other recycled aluminum and copper materials “in order to promote green and low-carbon development.”
Instead, The Asian country will increase tariffs on other imported goods and products such as certain syrups and mixtures that contain sugar in their base, always “in accordance with the development of national industries and changes in the dynamics of supply and demand,” according to the same medium.
This tax variation will take effect on products from 34 regions and countrieswith which China is linked through one of the 24 free trade agreements of which it is a signatory, “with the objective of expanding its high-level free trade area network.”
However, some exceptions are contemplated. Such is the case, highlights the ‘Global Times’, of the 43 least developed countries with which China maintains diplomatic relations in 2025, which will benefit from ‘zero tariffs’.
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