China’s Import Tariffs Discussed by China's Economy & Policy-Gateway
10 Feb 2012 • by Natalie Aster
China’s foreign trade strategy is currently transforming away from its emphasis on exports and the attraction of foreign investment to a policy which attaches equal importance to imports and exports as well as attracting foreign investment and making investments abroad. From a strategic perspective, corresponding tariff policies are required to encourage imports and in 2011, China will implement a low annual provisional import tariff rate on more than 600 products related to resources, basic raw materials and key components. The country will also introduce incentive tariffs on imported high-tech products, advanced equipment for key industries, the environmental protection industry, and so on. This is not only an important method for promoting the development of foreign trade imports, but also one of the measures needed to bring about change in the foreign trade strategy model.
According to the report “Adjustments in China’s Import Tariffs” by China's Economy & Policy-Gateway International Group, import tariffs refer to the tariffs collected by the national Customs on imported goods and services, one of the most important customs duties. Since transit duties have been basically eliminated and export duties are rarely used, the term “customs duties” mainly refers to import tariffs. Preferential tariffs, most- favored-nation tariffs, tariffs related to the generalized system of preferences, protective tariffs, anti-dumping duties, countervailing duties, retaliatory tariffs, and others, are all part of import tariffs. Collecting import tariffs increases the cost, market prices, and affects the quantity of imported foreign goods. China’s current measures to adjust import tariffs and reduce the tariff rate on some imported commodities have practical significance.
Adjustments in China’s Import Tariffs
Published: January, 2012
Price: US$ 200,00
Since the reform and opening up to the outside world, China’s foreign trade has grown considerably, changing it from a country with a trade deficit to one with a trade surplus. From the beginning of the 21st century, along with China’s strong economic growth, the problem of a “double surplus” in both the current account and the capital and financial accounts of the international balance of payments has gradually emerged. Other problems such as an excessive trade surplus, soaring foreign exchange reserves, and other external imbalances have become an obstacle to economic development. The nation’s degree of foreign trade dependence was once close to 70% and foreign exchange reserves have now reached nearly 2.85 trillion U.S. dollars.
More information can be found in the report “Adjustments in China’s Import Tariffs” by China's Economy & Policy-Gateway International Group.
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