From January 1, 2021, China will implement a provisional import tax rate lower than the MFN rate on 883 commodities.

Yin Zhengping, a researcher at the Foreign Trade Research Institute of the Ministry of Commerce, believes that China will adjust import tariffs on some commodities in 2021, which will involve some consumer goods such as medicines, medical equipment, food and its raw materials, as well as aviation equipment such as fuel pumps for aircraft engines and parts of integrated circuits equipment, parts and raw materials needed for production. It reflects the policy orientation of benefiting people’s livelihood and promoting industrial upgrading, and also provides important support for China to form a strong domestic market and build a new development pattern.

 

Yin Zhengping pointed out that the state proposed the most-favored-nation tax rate applicable to 484 information technology products including multi-component integrated circuit memory with a total of 8 tax items, which will further reduce the cost of imported equipment, parts, and raw materials in related industries, which will promote the stability of the industrial supply chain and promote the high-quality development of the industry.