China to lower import tariffs on 883 products including medical and hi-tech equipment

China will lower import tariffs on more products in high domestic demand for next year, including medical equipment, raw materials for baby powders, hi-tech equipment and some commodities, the finance ministry said on Wednesday.

For 2021, China will implement temporary import tariffs, which are lower than the most-favoured-nation tariffs, on 883 products, up from 859 products taxed at temporary rates in 2020.

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 will be formed, said the ministry.

Facing hostilities from the United States, Beijing has unveiled a “dual circulation” strategy for the next phase of its economic development, in which it would rely mainly on “domestic circulation” – the internal cycle of production, distribution, and consumption, supported by innovation and upgrades in the economy.

To improve people’s livelihood, China will exempt import tariffs on some anticancer drugs and raw materials of rare disease drugs, while import duties on artificial heart valves, hearing aids, as well as some raw materials for baby powders, are to be lowered.