Tariff Adjustments

Chinese authorities have released tariff policy adjustments for imports of major technological equipment in response to the nation’s changing industrial development situation.

A notice issued by six government agencies, including the Ministry of Finance, revised product catalogues that specify industries encouraged by the government and those that no longer enjoy tax breaks.

Imports of major technological equipment on the revised list for government support will continue to be exempt from tariffs and valueadded tax.

Tax exemption policies on imports of equipment such as mixed-flow hydro turbines will be abolished, according to the notice. The adjustments took effect on January 1.

Imports of core parts and materials for major technological equipment have enjoyed favorable policy treatment for years. With the changing industrial landscape, the government has constantly adjusted tax policies for imports.

National spending on R&D is estimated to reach about 1.76 trillion yuan ($269.6 billion) in 2017, up 70.9 percent from 2012, Wan said at a conference on January 9.

The R&D expenditure in 2017 accounted for 2.15 percent of the national GDP, catching up with the average 2.1 percent of 15 of the nations in the EU, according to the minister.

Citing the breakthroughs made in quantum communication and superconducting materials, Wan noted that China’s comprehensive strength in scientific research has improved significantly in recent years.

Chinese scientists have published the world’s second highest number of research articles in lead-