China to cut tariffs on goods including pork, tech items

[BEIJING] The Chinese government said it will cut import tariffs for goods including frozen pork, pharmaceuticals, paper products and some high-tech components starting from Jan 1, according to a statement from the Ministry of Finance.

In addition to frozen pork, the import of which may relieve meat shortages due to the outbreak of swine fever, China will reduce levies on frozen avocado, non-frozen orange juice, new asthma and diabetes drugs, key components and machines for manufacturing integrated circuits, and some logs and paper products, it said.

The reduction will mean China has a total of 859 types of products enjoying provisional import tariffs lower than the existing Most-Favored-Nation rates charged in 2020. The Asian nation has been cutting import tariffs since 2017, and the leadership has reiterated its intention to further lower duties in order to meet domestic consumption needs and open the economy further.

Goods from New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, South Korea, Georgia, Chile and Pakistan will enjoy even lower levies under the re-negotiated free trade agreements with China, according to the statement.

The reductions extend China's policy of reducing overall tariff levels to meet domestic consumption needs and to fulfill its pledges to further opening-up. The move is not directly related to the ongoing negotiations toward a deal to end the trade war with the US.

BLOOMBERG