On December 16^th morning, the Customs Tariff Commission of the State Council (CTCSC) announced that China will lower or remove import duties on a number of items, commencing in 2020, in a bid to expand imports. The new tariff rates will apply to over 850 items as of January 1, including consumer goods, raw materials, medicines and information technology products. These rates will be lower than "Most Favoured Nation rates." In accordance with this, conventional rates will be applied on products from 23 countries and regions in accordance with China's free trade commitments.

In 2020, China will further reduce tariffs on imports according to the free trade agreements it has separately signed with New Zealand, Peru, Costa Rica, Switzerland, Iceland, Singapore, Australia, the Republic of Korea, Georgia, Chile and Pakistan, as well as the Asia-Pacific Trade Agreement.

China will carry out the fifth reduction in MFN tariff rates for 176 information technology products from July 1, 2020, according to the Customs Tariff Commission.

China's move to cut import tariffs is in line with its continuous efforts to promote opening-up over these years. Early in 2010, the country has fulfilled its commitment to reduce import duties, which it pledged to the WTO when joining the organization. By March 2018, China had implemented zero percent tariffs on 97 percent of the products from 36 developing countries which had established diplomatic ties and with China.

Since 2002, China's average annual contribution to global economic growth has stood at nearly 30 percent, serving as an important driver of the recovery and growth of world economy.

In the face of mounting uncertainties in the global economic environment, China has once again rolled out practical measures to help open its door wider to the world and inject positive energy into the development of the global economy.

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