OREANDA-NEWS. Chinese authorities from January 1, 2020 will reduce duties on more than 850 types of imported products. This was announced on Monday by the Committee on Tariff and Tax Policy of the State Council of China.

"In order to expand imports and increase the potential to expand the import of products from abroad into the country, from January 2020, duties on more than 850 types of goods will be changed and lower than tariffs for countries that have received the most favored nation treatment", common statement. It emphasizes that such measures have been taken in order to meet the growing demand of Chinese consumers for foreign products.

According to data published on the website of the Ministry of Finance of China, duties will be reduced for a wide range of food products, products of extractive industries and the chemical industry, as well as petroleum products, in particular aviation kerosene (from 9% to 0%) and diesel fuel (from 6% to 1%), clothes and carpets (from 6% to 5%), industrial, television and specialized equipment, optical instruments and some types of tractors, electric generators. According to the Ministry of Finance, from July 1, 2020, tariffs for telecommunication equipment and office equipment will also be reduced.