China to lower import tariff on more products in high demand for 2021
BEIJING (Reuters) - China will cut import tariffs on more products with high domestic demand for next year, including medical equipment, baby powder raw materials, high-tech equipment and some raw materials, the Treasury Department said on Wednesday.
For 2021, China will introduce temporary import duties on 883 products that are lower than most favored nation tariffs, compared to 859 products that will be temporarily taxed in 2020.
The tariff changes are being made to meet domestic demand and to advance the technological development of Chinese industry, so that a "large circulation" of the domestic economy would arise, the ministry said.
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In the face of hostilities from the US, Beijing has envisaged a "double circulation" strategy for the next phase of its economic development, in which it would rely primarily on "domestic circulation" - the internal cycle of production, distribution and consumption that runs from it supports innovation and improvements in the economy.
To improve people's livelihoods, China will exempt import tariffs on some cancer drugs and raw materials for rare disease drugs, while lowering import tariffs on artificial heart valves, hearing aids and some raw materials for baby powder.
Beijing will also cut import tariffs on parts, raw materials and industrial equipment used for its new infrastructure and high-tech push to meet domestic demand. Emission filter devices for vehicles with diesel engines would also lower their import rates due to the government's environmental protection.
Tariffs on some unalloyed nickel and the minor metal niobium will be lowered slightly in 2021 to encourage more imports, the ministry said, while floating tariffs on cotton cargoes introduced under additional quotas will be lowered slightly. Moving the dealers would reduce the cost of importing the fiber.
(Reporting by Lusha Zhang, Stella Qiu, Hallie Gu, Tom Daly, Yilei Sun and Ryan Woo; editing by Himani Sarkar and Bernadette Baum)
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