State Council: Strengthening Import Policies to Reduce Import Tariffs of Key Components

On March 28, the State Council held an executive meeting to study policies and measures to strengthen the import of foreign trade and promote the balanced development of foreign trade. The meeting pointed out that China's foreign trade needs to pay more attention to imports while maintaining steady growth in exports while appropriately expanding the scale of imports. We must adhere to the principle of coordinated development of imports and exports, optimize the import structure, stabilize and guide the import of bulk commodities, and actively expand imports of advanced technology equipment, key components, and energy raw materials, and appropriately expand imports of consumer goods.

To adjust some of the import tariffs on certain commodities, we will lower the import duties on some energy raw materials by the provisional tax rate, reduce the import duties on some daily necessities that are closely related to people’s livelihood, reduce the raw energy raw materials and strategic emerging industries and require domestic production or non-production. Performance does not meet the required import tariffs on key components. We will continue to implement zero-tariff treatment for certain goods imported from the least developed countries, speed up the tax reduction process, and further expand the scope of zero-tariff goods. In combination with the tax reduction arrangements in the free trade zone, we will guide enterprises to expand imports from members of the free trade zone.