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China to adjust trade tariffs on some goods from Jan 1

China to adjust trade tariffs on some goods from Jan 1
© Reuters. FILE PHOTO: A truck is seen next to containers at the Yangshan Deep Water Port in Shanghai, China January 13, 2022. REUTERS/Aly Song

BEIJING (Reuters) – China will adjust import and export tariffs on some goods from January 1, in order to speed and promote development and expand domestic demand, the finance ministry said on Thursday.

Export tariffs on aluminium and aluminium alloys are to be raised, the ministry said in a statement, citing the tariff commission of China’s state council, or cabinet.

The current import tariff will stay on seven types of coal until March 31 next year, with tariffs adopted for most favoured nations from April 1, the finance ministry said in a separate statement.

As the world’s second biggest economy battles a surge in COVID-19 infections after Beijing’s abrupt U-turn on stringent curbs, it will set tariffs to zero on ingredients of some anti-COVID drugs, so as to ease the financial burden on patients.

Domestic hospitals and funeral homes faced intense pressure as the surge drained resources.

Policymakers have pledged steps to expand domestic demand and prioritise a recovery in consumption in the face of pressure from shrinking demand, supply shocks and weakening expectations, according to the annual Central Economic Work Conference.

To meet shoppers’ demands, import tariffs will be further lowered on coffee makers and juice extractors, the tariff commission said.

As competition grows with the United States on technology issues, China has decided to further reduce the tariffs for most favoured nations on 62 types of information technology products from July 1 next year.

That step will cut China’s overall tariffs to 7.3% from 7.4%.

Source: Investing.com

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