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China will adjust import and export tariffs from January 1, 2016

Date: 2016-06-20
Views: 124

After deliberation by the Customs Tariff Commission of the State Council and report to the State Council for approval, from January 1, 2016, China will partially adjust import and export tariffs.

In order to promote the stable growth of imports and exports, strengthen the import of advanced technologies, products and services, increase effective supply, and promote domestic independent innovation and optimization and upgrading of the industrial structure, the tariff adjustment in 2016 will continue to encourage the advanced equipment, key parts and energy raw materials that are urgently needed in China Import, reduce the import tariffs of high-speed electric locomotive traction converters, TV camera acquisition modules, motor controller assemblies for pure electric or hybrid vehicles, chrome-free tanning agents, cattle and sheep fats, etc. at a provisional tax rate. In order to enrich domestic consumers' shopping choices and meet the needs of domestic consumption upgrades, 2016 will moderately expand the scope of daily consumer goods tax cuts, reduce the import tariff rate by way of tentative tax rates, and import luggage, clothing, and scarves with greater elasticity of import demand , Blankets, vacuum insulation cups, sunglasses and other goods import duties. In order to give full play to the protection of tariffs on domestic industries, according to the domestic production to meet the demand, in 2016, the tariffs for some products such as automatic winders will be adjusted accordingly. At the same time, in 2016, export tariffs on commodities such as phosphoric acid, ammonia and ammonia water will be eliminated, and export tariffs on commodities such as pig iron and steel billets will be appropriately reduced.

In order to expand bilateral and multilateral economic and trade cooperation, accelerate the implementation of the free trade zone strategy on the basis of the surrounding areas, and form a global high-standard free trade zone network. According to China ’s trade or tariff preference agreements with other relevant countries or regions, 2016 will be China and Iceland, Switzerland, Costa Rica, Peru, New Zealand Free Trade Agreement and the Mainland ’s closer economic and trade arrangements with Hong Kong and Macao and other seven agreements have implemented further tax reductions. At the same time, according to China's 2012 commitment to tax reduction of some environmental products under the framework of the Asia-Pacific Economic Cooperation (APEC), in 2016, the tax rate of 27 environmental products with a tax rate higher than 5% was reduced to 5%, mainly including sludge dryers, Garbage incinerators, solar water heaters, wind turbines, etc.

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