Tar­iff Ad­just­ment

Beijing Review - - THIS WEEK ECONOMY -

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-

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