China releases tariff schedule for 2020

The Customs Tariff Commission of the State Council on Monday released the 2020 tariff schedule, which will be implemented from Wednesday.

The import and export taxable items remain unchanged from the 2019 version, while the most-favored-nation tariff rates, provisional import tax rates, conventional tariff rates and preferential tariff rates have been adjusted in accordance with a circular issued earlier by the commission.

The circular introduced tariff adjustments to reduce import costs, advance opening up to a higher level and allow other countries and regions to share in China's development.

For example, China will implement provisional import tax rates that are lower than the most-favored-nation tariff rates for over 850 commodities, and will introduce or reduce the provisional import tax rates on products amid efforts to moderately increase the import of daily consumer goods that are relatively scarce in the country or have foreign characteristics to better meet people's needs.

The 2020 tariff schedule is conducive to continuously optimizing the business environment and promoting high-quality trade development, the commission said.