China to adjust some import, export tariffs next year .

China's Ministry of Finance announced on Dec. 14 it will adjust import tariffs on some products to impose new tariffs on chemicals and cameras as well as raise or abolish tariffs on others.

It will also raise export tariffs on rare earths, according to the ministry. The adjustments to more than 600 products take effect on Jan. 1, 2011.

According to the ministry, the government will start imposing "relatively low" temporary import tariffs on chemicals, including propane and butane; raw materials, including fatty acids; and titanium products as well as key parts, such as cameras and electrical parking brakes.

Next year, China will offer tariff rates lower than the most-favored nation rate of duty to some of the imported products originating from ASEAN countries, Chile, Pakistan, New Zealand, Peru, South Korea, India, Sri Lanka, Bangladesh and other countries based on free trade agreements or tariff preference agreements signed with those countries or regions.

Meanwhile, under the Mainland and Hong Kong and Macao Closer Economic Partnership Arrangement framework, China will offer zero tariffs to those products that originate from Hong Kong and Macao and meet relevant criteria.

In addition, China will continue the implementation of preferential tax rates on some products originating from Laos, Sudan, Yemen and 38 least-developed countries.


Source : peopledaily.com.cn