China to Cut Import Tariffs Jan. 1 to Speed 'Economic and Trade Cooperation'
China will scale back import tariffs on 706 items Jan. 1, including on raw materials for production, said the Finance Ministry. It's also reducing import tariff rates sharply on many more advanced items, including on cameras, duties on which will fall to 4 percent from 9 percent, it said. It's doing so "to accelerate the economic and trade cooperation between China and relevant countries," it said. On July 1, China no longer intends to increase the provisional tax rate on 14 information technology product categories, and will implement a fourth round of tariff reductions on 298 IT categories, it said.