China reducing import tariffs on 954 merchandises in 2022
In 2022, China will reduce import tariffs on 954 products, including medical equipment, Winter Olympics products and auto parts that will aid to cut carbon emissions, its finance ministry said recently.
Also, China will implement temporary import tariffs in 2022, which are lesser than most-favored-nation tariffs, on 954 products, increased from 883 products taxed at temporary rates in 2021.
The ministry said in a statement on its website that the import tariffs on some cancer treatment drugs will be kept at zero. While products related to the Beijing Winter Olympics Games such as skiing gear and frozen fish would be dropped.
The ministry also added the country would also cut tariffs on some auto parts that would aid to lower carbon emissions. While adding that it was eliminating favorable rates on imports of pork and lead-acid battery parts and raising export tariffs for blister copper.
"The above changes are made to safeguard the stability and security of domestic industrial and supply chains and support the economy’s cross-cyclical stable operations and long-term good momentum", the ministry said to media.
It also published the tariff rates for different products under the Regional Comprehensive Economic Partnership, a regional trade pact that will take effect from Jan. 1 next year.
In addition, China would exempt import tariffs for more goods from the least developed countries with which China has diplomatic ties, the finance ministry said in another statement.
