China to lower import tariffs from next year

BEIJING: China will reduce or cancel tariffs on certain imported goods and materials starting in 2021 in a bid to expand imports, boost the domestic market and support the formation of high-standard free trade areas under the country’s new “dual-circulation” development paradigm, according to the Finance Ministry.

The new interim tariff rates on imports, which will be lower than Most Favoured Nation (MFN) tariff rates, will apply to 883 kinds of goods as of Jan 1, including foods, medicines and information technology products, the office of the customs tariff commission of the state council, which is based in the ministry, announced on Wednesday.