Beijing lowers import tariffs on more than 850 products , Latest Business News - The New Paper

Beijing lowers import tariffs on more than 850 products

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BEIJING: Beijing will lower import tariffs on more than 850 products including frozen pork from next month, the finance ministry said yesterday, as the authorities battle a shortage of the meat staple.

China's pig industry has been hammered by African swine fever, which has led to the culling of more than a million animals and caused the price of pork to double. Tariffs on frozen pork will drop from 12 per cent to 8 per cent.

Tariff Commission of the State Council said in a statement that the changes will optimise "the trade structure and promote the high-quality development of the economy".

Levies will also be lowered on other foods such as fish, cheese and nuts, pharmaceuticals and chemical products.

From July 1 next year, China will also further reduce tariffs on some technology products, the finance ministry said in a statement on its website. The products set to have lower tariffs include printers and pacemakers.

Tariffs on certain types of satellite TV receivers will fall from 10 per cent to 5 per cent, according to the statement.

Goods from countries including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, and Pakistan will also be subject to even lower levies under renegotiated trade agreements. - AFP