BEIJING: China has reduced, canceled import tariffs for 2021 and it would be win-win for China and related countries including its iron-clad brother Pakistan.
This was stated by Liu Baocheng, Dean of Center for International Business Ethics (CIBE), University of International Business and Economics(UIBE), China.
China adjusted import tariffs on a range of products starting from January 1, 2021 to support fostering the new development paradigm and promoting high-quality development, and lowered parts of conventional tariff rates and most-favored-nation rates in 2021, as stated by the Customs Tariff Commission of the State Council.
As per Liu Baocheng, since its accession to World Trade Organization, China has comprehensively fulfilled its commitments to WTO, substantially reducing import tariffs. By reducing import costs to boost trade,
China has delivered mutually beneficial and win-win outcomes on a wider scale and has shared its development dividend and growing markets with the rest of the world.
Provisional import tariffs that are lower than the most-favored-nation (MFN) rates will be levied on 883 commodities, including some anti-cancer drugs and raw materials for infant formulas. As Liu put it, this shows that “Put the people first” is the bedrock of all policies and governmental undertakings in China.
On top of that, “China is to focus on quality growth in the new development pattern for the 14th Five-Year-Plan (FYP) period,” hence, it needs to import aviation equipment such as fuel pumps for aircraft engines and parts of integrated circuits equipment, parts and raw materials needed for production and so on, which represents a lucrative opportunity for countries rich in quality raw materials.
Also, as China plays a significant role in global trade, an increased import of raw materials would definitely benefit distributors and importers all over the world. “A lower cost makes room for the efficiency in R&D, and that eventually will benefit global end-customers,” Liu noted. –Agencies
