China to lower import tariffs on over 850 products

China
Published:  06 January, 2021

On December 23, 2020, China's Ministry of Finance announced it would temporarily lower import tariffs on 883 products in high domestic demand. 

Products subject to lower import tariffs in 2021 include medical equipment, raw materials for baby powders, hi-tech equipment and some commodities, the finance ministry said on Wednesday. According to the Leather and Hide Council of America (LHCA), ten products related to hides, leather and leather processing chemicals are subject to the tariff change, which took effect January 1, 2021.

According to the Chinese Ministry of Finance, the tariff changes seek to satisfy domestic demand and boost the technology development of domestic industries so that a “great circulation” of the domestic economy will be created. China is to exempt import tariffs on some anticancer drugs and raw materials of rare disease drugs, and to lower import duties on parts, raw materials, and industrial equipment used in its new infrastructure and high-technology push. Emission-filtering devices for diesel engine vehicles will also see their import rates cut as a result of the government’s environmental drive.

Lower than ‘Most Favoured Nation’ rates, the new interim tariff rates on imports for 883 products applie from January 1, 2021.

Source: South China Morning Post