China reduces import duties on more than 700 products next year

In order to boost the domestic consumption and to subserve economic restructuring Beijing reduces import duties on more than 700 products from the 1st of January – announced the Ministry of Commerce in Beijing.

The provision involves energy products, such as coal and rare earth metals, high-tech equipment components, in addition to certain agricultural products, cosmetics, baby food, health care products – vaccines, serums. The duties of the 730 selected products will be reduced by 4.4 percent, which is less than half of the World Trade Organization's (WTO) duty tariff – reports MTI.