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China will reduce import duties for more than 800 goods

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China will reduce import duties for more than 800 goods
December 23
09:00 2019

Chinese authorities have announced that from the new year, import tariffs for 859 items will be reduced. Pork, drugs, as well as high-tech products are among these products. Such information was provided by the Bloomberg agency, which referred to the insiders in the Ministry of Finance of the People’s Republic of China.

It is assumed that the reduction of duties is carried out in order to meet the needs of the domestic market. The import of pork will make it possible to reduce its deficit, one of which reasons was the African swine. Tariff rates on diabetes and asthma medication will go down. Components to create integrated circuits will be imported under new duties.

In its report, Bloomberg notes that the decision of the PRC is not aimed directly at resolving the conflict with the United States. However, it corresponds to the openness vector of the Chinese economy, which is one of the requirements of the American side in the framework of negotiations on a trade deal.

In December, the American president announced that the first phase of the deal with China had been completed. The signing will take place in the near future. He said that negotiations on the second phase would begin soon.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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