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China slashes import tariffs on more than 730 types

It is reported that China will cut import tariffs on more than 730 types of products from January 1 2012 in order to increase imports and to boost domestic consumption.

The average import duty on these products will fall to 4.4%, 50% less than the most favored nation tariff rate. The products can be classified into five broad categories including energy and natural resources, high-tech equipment and parts, materials for agricultural production, goods for daily consumption and health care products.

The products under the energy and natural resources category include coal, coking coal, granite, natural rubber, rare earth metals, copper, aluminum and nickel.

Under the high-tech equipment and components category, equipment and parts used in the production of next-generation information technology products and new energy vehicles are included. Products such as jet looms, high-tension transmission lines are included under this category.

High-powered tractors, processing machines for dairy products, chemical raw materials and fertilizers for farm use are among the products included in the agricultural category. In addition, import duties will be reduced for products such as frozen seafood, infant milk powder, skin care products, vaccines, artificial cochleas and X-ray film.

China will continue to impose import quotas on seven agricultural goods, including wheat, and three types of chemical fertilizers such as urea.

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