CNA – China will adjust import and export tariffs on some goods from January 1, in order to speed and promote development and expand domestic demand, the Finance Ministry said yesterday.
Export tariffs on aluminium and aluminium alloys are to be raised, the ministry said in aM statement, citing the tariff commission of China’s state council, or Cabinet.
The current import tariff will stay on seven types of coal until March 31 next year, with tariffs adopted for most favoured nations from April 1, the finance ministry said in a separate statement.
As the world’s second biggest economy battles a surge in COVID-19 infections after Beijing’s abrupt U-turn on stringent curbs, it will set tariffs to zero on ingredients of some anti-COVID drugs, so as to ease the financial burden on patients.
Domestic hospitals and funeral homes faced intense pressure as the surge drained resources.
Policymakers have pledged steps to expand domestic demand and prioritise a recovery in consumption in the face of pressure from shrinking demand, supply shocks and weakening expectations, according to the annual Central Economic Work Conference.
