ReturnChina will adjust import tariffs for a range of products starting Jan 1, 2021 to support the acceleration of the construction of a new development pattern and promote high-quality development of economics, the Customs Tariff Commission of the State Council said Thursday.
Temporary tariff rates may apply to 883 items of imported goods, which will be lower than the most-favored-nation tax rates, to increase imports and optimize the import structure, up from 859 products taxed at temporary rates in 2020, according to the Customs Tariff Commission of the State Council. For Silk headscarves and scarves, the tariff rate will be temporarily 5%, lower than 6% for most-favored-nation tax rate, same as those of last year,a measure to increase high quality silk supply and tame prices in the domestic market.
The tariff changes are made to satisfy domestic demand and boost the technology development of Chinese industries so that a "great circulation" of the domestic economy would be formed.
