China will adjust import and export tariffs for some types of products, starting from January. 1, to increase domestic demand.
Export tariffs of aluminium and aluminium alloy will be raised, according to the tariff commission of China’s state council.
In addition to seven types of coal, the current import tariff will remain the same until March 31, 2023, with tariffs adopted for most favoured nations from April 1 onward.
China, as the world’s second-largest economy, struggled with COVID-19 infection. They will cut the tariffs for ingredients of some ati-COVID drugs to zero to reduce financial burden for patients.
Policymakers said that they were committed to the process of increasing domestic demand and prioritize recovery in consumption amid high pressure from fewer demand, supply shocks and weak expectations.
China decided to reduce tariffs on 62 types of information technology products for most favoured nations from July 1 next year as Beijing tries to compete with the United States of America on technology.
This process will cut overall tariffs to 7.3% from 7.4%.