This Saturday, China announced an adjustment to customs duties on more than 900 materials, goods and products from January 1st, including the reduction of tariffs for some imports.
The measure provides for the introduction of “provisional import tariffs that will be lower than the rates applied to most favored countries on 935 products,” said China’s government Customs Tariff Commission, the State Council.
According to , since 2020, foreign consumer goods pay an average customs tariff of 6.9%, in addition to a Tax on the Circulation of Goods and Services (ICMS) of 13%.
In a statement cited by the official Chinese newspaper Global Times, the commission said the objective is to “expand domestic demand and promote high-level opening up” and “improve synergy between national and international markets”.
The list of goods that benefit from a tariff reduction includes: 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 used in surgical implants; other components to “safeguard and improve public welfare”; and recycled aluminum and copper materials to “promote green and low-carbon development”.
On the contrary, the Asian country will increase tariffs on some 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” , said the commission.
The change will have effects on products from the 34 regions and countries with which China is linked through one of the 24 free trade agreements to which it is a signatory.
The change does not affect the 43 least developed countries with which China maintains diplomatic relations, which will continue to benefit from zero tariffs, including Angola, Guinea-Bissau, Mozambique and Timor-Leste.
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