China to lower import tariffs on 954 products in 2022

BEIJING, Dec.15 (Reuters) – China to lower import tariffs on 954 products for 2022, including a range of medical equipment, Olympic Winter Games products and auto parts that help reduce emissions from carbon, the finance ministry announced on Wednesday.

For 2022, China will apply temporary import tariffs, lower than most-favored-nation tariffs, on 954 products, compared to 883 products taxed at temporary rates in 2021.

Import tariffs on some cancer drugs will be kept at zero, the ministry said in a statement on its website, while those on products related to the Beijing Winter Olympics such as ski equipment and frozen fish would be lowered.

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China would also cut tariffs on some auto parts, which would help reduce carbon emissions, he added.

In another move, he said he was removing favorable rates on imports of pork battery and lead-acid battery parts and increasing export tariffs for blister copper.

“The above changes (…) are made to preserve the stability and security of national industrial and supply chains and to support the stable cross-cyclical operations of the economy and its good long-term dynamics,” said the ministry.

In addition, China would exempt import duties on more goods from least developed countries with which China maintains diplomatic relations, the finance ministry said in another statement.

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Reporting by Stella Qiu and Ryan Woo, editing by Louise Heavens

Our Standards: Thomson Reuters Trust Principles.

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