Tariff Adjustment

China will lower or remove import and export duties on a number of items starting in 2019 as part of a tariff adjustment package announced on December 24, 2018, as the country further opens up its economy.

To expand imports, more than 700 products will be subjected to temporary import tariff rates starting January 1, 2019, with the duties on the raw materials for some medicines removed, the Ministry of Finance said in an online statement.

Export tariffs on products including chemical fertilizers and iron ore will be scrapped, it said.

China will also apply conventional tariffs on products from 23 countries and regions, including a further reduction in tariffs under free trade pacts between China and relevant countries, the ministry said.

The move aims to support the Belt and Road Initiative and the de-