In the News: Lower Import Tariffs; Blockchain Pilot Zone; and Export Tax Rebate

October 09, 2018 | BY

Jacelyn Johnson

China lowers import tariffs on MFN taxable items; Hainan province launches a blockchain research center in collaboration with the University College Oxford; and the State Council raises export tax rebate rate to stimulate trade.

Lower Import Tariffs

The Customs Tariff Commission of the State Council has recently issued an 'Announcement of the Customs Tariff Commission on Reducing Import Tariffs on Certain Commodities,' and a 'Notice on Adjusting the Import Tax on Imported Goods,' both of which will take effect from November 1.

The reduced tariffs will be applicable to most-favored-nation (MFN) tariffs on 1585 taxableitems mainly involving textiles, stone materials, ceramics and glassworks, steel and base metal products, electromechanical devices and components, and resource goods and primarily processed products.

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