Daily Management Review

China to reduce duties on almost 1,5 thousand goods


06/01/2018


From July 1, China will reduce import duties on almost 1.5 thousand consumer products from cosmetics to home appliances, to increase imports as part of efforts to open the economy, writes Reuters.



Zhanyanguange
Zhanyanguange
The Ministry of Finance of the PRC has published a detailed list of goods that will affect reduction of duties, after last week Beijing announced its intention to cut tariffs.

From next month, the average level of tariffs for 1,449 goods from MFN (most favoured nation) countries will be reduced from 15.7% to 6.9% under the WTO rules.

This time, the decrease in duties will affect significantly more categories of goods than a similar reduction in tariffs for almost 200 varieties of goods, which was announced last year.

The average tariff rate for clothing, footwear, hats, kitchen utensils, sports goods will be reduced from 15.9% to 7.1%, and for household appliances, in particular washing machines and refrigerators, from 20.5% to 8% .

The average tariff rate for aquaculture products and processed food products, such as mineral water, will be reduced from 15.2% to 6.9%.

Duties for cosmetics, in particular for skin and hair, as well as certain medical products, will be reduced from 8.4% to 2.9%.

Tariffs on drugs - from penicillin and cephalosporin to insulin - will be reduced to zero from the previous 6%.

Temporary MFN tariff rates for 210 products will be canceled, as they are no longer favorable compared to the new tariffs.

Last week, the Ministry of Finance of China reported that the country from July 1 will reduce the duty on imports of cars from 25% to 15%. The duty on import of auto parts will be reduced to 6%.

Meanwhile, the US authorities on Tuesday announced their intention to introduce duties of 25% on imported goods from China in the amount of $ 50 billion. As noted, the duties will be subject to goods "containing industrially important technologies, including those included in the program" Made in China 2025 ".

China said that the US actions are contrary to the agreements on trade, reached by both sides in recent times.

source: reuters.com






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