China will adjust import tariffs on a range of products starting Jan. 1, 2021 to support fostering the new development paradigm and promoting high-quality development, according to the Customs Tariff Commission of the State Council.
Provisional import tariffs that are lower than the most-favored-nation (MFN) rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas, the commission said in a circular released Wednesday.
It will also adjust provisional import tariff rates implemented in 2020 considering changes in domestic industrial development and supply-demand situations.
In accordance with the free trade agreements and preferential trade arrangements with other countries or regions, China will impose conventional tariff rates on some imported products from such countries and regions.
Tariff rates will be lowered after the free trade agreement between China and Mauritius takes effect on Jan. 1, 2021.
Further tariff reduction will be made under the free trade agreements China has separately signed with countries including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Pakistan, Chile, Australia, the Republic of Korea, Georgia, as well as the Asia-Pacific Trade Agreement.
In 2021, China will continue to apply preferential tariff rates to goods from the 43 least developed countries that have established diplomatic ties and completed the exchange of notes on the establishment of diplomatic relations with China.
China will also make adjustments to the relevant countries in line with the United Nations’ list of the least developed countries and China’s transition period arrangements, the commission said.
From July 1, 2021, China will implement the sixth MFN tariff concession on 176 information technology products. Enditem
Container throughput at China’s major ports continued to enjoy upward momentum in the middle of December, data from an industrial association showed.
From Dec. 11 to 20, container throughput at China’s eight key ports increased 9.8 percent year on year, with the growth rate at Shanghai, Ningbo and Shenzhen ports exceeding 10 percent, according to the China Ports and Harbours Association.
Specifically, the container throughput for foreign trade rose 11.9 percent from a year earlier during the same period, up 7 percentage points from that posted in the previous 10 days.
The boom in container throughput for foreign trade came amid the rapid expansion in China’s exports, which jumped 21.1 percent year on year in November in U.S. dollar terms, the fastest growth since February 2018.
Industrial production also revived with China’s industrial profits increasing by 15.5 percent year on year in November, data from the National Bureau of Statistics showed Sunday.
Meanwhile, ports along the Yangtze River maintained rapid production growth. The cargo throughput in Nanjing, Wuhan and Chongqing ports surged by 15.4 percent from a year earlier, the association said. Enditem
Post time: Jan-23-2021
