Photo: Xinhua

China announced on Monday that it would lower or remove import tariffs on some items from January 1, 2020, in a bid to promote high quality trade growth, the Customs Tariff Commission of the State Council said in a statement.

To expand imports and optimize import structure, over 850 items will be subject to temporary import tariff rates, which are lower than the most favored nation rates, starting January 1, according to the statement.

From January 1, frozen pork, frozen avocado and non-frozen orange juice, among around 850 other imports that are in everyday consumption or have foreign characteristics will be subject to lower import tariff rates, lower than the most favored nation rates.

To reduce the costs of medicines and boost the production of new medicines, duties on the raw materials for some medicines will be removed, for example medicines treating asthma and diabetes, it said. 

Starting July 1, 2020, China will also reduce the MFN rates for 176 information technology products, while adjusting the temporary import tariff rates of some of these products, the statement said.

To implement mutually beneficial opening-up and build a high-standard free trade zone network, China will continue to apply conventional tariffs on products from 23 countries and regions, including further tariff reduction targeting countries such as New Zealand, Australia and South Korea, under free trade agreements with China, the commission said.

The above adjustment measures will help lower import costs, promote the free flow of international and domestic elements and boost the development of a new economic system characterized by higher-level opening-up, the commission said.

It said that these measures will help accelerate the building of high-standard free trade zones and share China's development achievements with other countries and regions.

Global Times