China will adjust part of import and export duties from January 1, 2016 to support industrial transformation and upgrading, push forward a change in development mode of foreign trade and promote healthy development of economy, the Ministry of Finance (MOF) announced on Wednesday.
To strengthen advanced technology, products and service imports and increase effective supply, tariffs will be adjusted to continue encouraging imports of advanced equipment, crucial parts, energy products and raw materials, the ministry noted.
Meanwhile, the MOF will moderately expand scope of the daily consumer goods enjoying tax reduction and will cut import duties on those with relatively high tax rate and elasticity of demand including bags and suitcases, garments, scarf, blankets, vacuum cups and sunglasses.
Next year, China will also arrange tax cuts targeting free trade agreements with Iceland, Switzerland, Costa Rica, Peru and New Zealand, and closer economic and trade relationships with Hong Kong and Macau, according to the ministry.
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