China to lower import tariffs on 954 products in 2022

[BEIJING] China will lower import tariffs on nearly 1,000 products for 2022, including medical equipment, Winter Olympics products and auto parts that help to reduce carbon emissions, the finance ministry said on Wednesday.

For 2022, China will implement temporary import tariffs, which are lower than most-favoured-nation tariffs, on 954 products, up from 883 products taxed at temporary rates in 2021.

Import tariffs on some cancer treatment drugs will be kept at zero, the ministry said in a statement on its website, while those on products related to the Beijing Winter Olympics Games such as skiing gear and frozen fish would be lowered.

China would also cut tariffs on some auto parts that would help to lower carbon emissions, it added.

Separately, it said it was removing favourable rates on imports of pork and lead-acid battery parts and raising export tariffs for blister copper.

"The above changes ... are made to safeguard the stability and security of domestic industrial and supply chains and support the economy's cross-cyclical stable operations and long-term good momentum," the ministry said.

It also published the tariff rates for different products under the Regional Comprehensive Economic Partnership, a regional trade pact that will take effect from Jan 1 next year.

In addition, China would exempt import tariffs for more goods from the least developed countries with which China has diplomatic ties, the finance ministry said in another statement.

REUTERS