China on Monday morning announced it would cut import taxes on a range of products starting January 1.
According to the state news agency Xinhua, China’s Customs Tariff Commission of the State Council said the move was aimed at promoting a “high-quality development of trade.”
“The adjustments will be made to expand imports, promote the coordinated development of trade and environment, advance the high-quality development of the jointly building of the Belt and Road,” Xinhua said, citing the commission.
China will implement temporary import tariffs on more than 850 products, including frozen pork, pharmaceuticals, paper products, and some tech components, Reuters said, citing a statement from the Ministry of Finance.
Products from Australia, New Zealand, South Korea, Singapore, Switzerland, and others will receive lower levies under new agreements, Bloomberg said.