ING (APP) To boost regional and bilateral trade, China will continue to lower tariffs on imports from ASEAN countries, Chile, Pakistan, New Zealand, Peru, Costa Rica, South Korea, India, Sri Lanka and Bangla-desh, based on relevant free trade agreements.
According to a govt statement, the import tariffs at a low level to continue next year is part of its course to promote balanced trade by boosting imports. The average tariffs on more than 730 categories of imported goods will stand at 4.4 percent in 2012, less than half the rate for the most favoured nation under WTO rules, the Ministry of Finance (MOF) said in a statement on its website.
Imports covered in the low tariff catalogue for 2012 include energy products such as coal, refined oil and rare earths, sophisticated equipment-making products, and parts and facilities used in emerging industries ranging from high-definition cameras to high-voltage transmission lines.
Farm produce, consumer goods like baby formulas, and public health products such as vaccines and serums are also included. In 2012, China will maintain import quotas on seven types of farm produce and three kinds of chemical fertilizers. Temporary tariffs on chemical fertilizers which exceed the quota will be set at 1 percent.
The tariff adjustment, which has been approved by the State. Council, or Chinas Cabinet, aims to strengthen the governments macro-regulation and helps to promote economic restructuring, the statement said. China will also maintain special favorable tariffs for the 40 least developed countries, including Laos, Sudan and Yemen.
China has expanded the import catalogue from this years 7,977 to 8,194 next year, including additions of items like wireless earpieces and other medical instruments. To save energy and promote sustainable development, China will continue to impose tariffs on exports of energy-intensive products such as coal and crude oil. The adjustments will be effective from Jan 1, 2012.