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China to lower tariffs for imports in 2021
BEIJING, China, December 24, 2020 China will reduce or cancel tariffs on certain imported goods and materials starting in 2021 in a bid to expand imports, boost the domestic market and support the formation of high-standard free trade areas, said the Ministry of Finance. The new interim tariff rates on imports, which will be lower than Most Favoured Nation (MFN) tariff rates, will apply to 883 kinds of goods as of Jan 1, including foods, medicines and IT products, added the Office of the Customs Tariff Commission of the State Council, which is based in the ministry. Import duties will be eliminated on some raw materials for medicines for cancer, and on some special formula foods for sick children. The changes are meant to lower prices and ease the burden on patients families, according to a statement posted on the website of the Ministry of Finance.