China will implement provisional import tax rates that are lower than the most-favored-nation tariff rates for over 850 commodities starting Wednesday.
The move aims to expand, optimize the structure of imports and stimulate import potential, according to a circular on the adjustments of import tariffs previously issued by the Customs Tariff Commission of the State Council.
Under the circular, China will introduce or reduce the provisional import tax rates on products including frozen pork, frozen avocados and non-frozen orange juice, as well as impose zero import tax on pharmaceutical products containing alkaloids for asthma treatment and raw materials for the production of new diabetes medicines.
Meanwhile, China will lower tariff rates in accordance with the free trade agreements it has separately signed with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, the Republic of Korea, Chile, Georgia and Pakistan, as well as the Asia-Pacific Trade Agreement, starting Wednesday.
