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China is set to trim down import tariffs on some goods including frozen pork, avocado, and semiconductors beginning January 1, 2020, according to the finance ministry as China bids to beef up imports amid slow economic growth and a trade dispute with the United States.
The temporary import tariffs are relatively lower than the most-favored-nation tariffs on more than 850 products, the finance ministry said.
The economy of China continues to struggle as it expands at its slowest pace in almost 30 years and might be facing a tougher and more pressure-packed situation in 2020. However, the government said it would keep growth within a reasonable range next year. It will also be backed by good policy measures by the central bank.
Frozen pork’s tariff rate will be 8% less from a 12% level while avocado tariffs will be reduced to 7% from a huge 30% level, the ministry said through its website.
Asthma and diabetes medications and semiconductors will be at zero while tariffs on wood and paper products are set to be trimmed as well.
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KYC Policy