China to Lower Import Tariffs on Ethane and Recycled Materials in 2022
In a move aimed at boosting imports of high-quality products and promoting sustainable development, China has announced plans to reduce import tariffs on ethane and certain recycled copper and aluminum raw materials starting January 1st.
The Ministry of Finance revealed that provisional import tariffs below the most-favored-nation rates will be implemented on 935 items. Tariffs on ethane and specific recycled materials will be lowered to support green and low-carbon initiatives.
On the other hand, tariffs on commodities like molasses and sugar-containing pre-mixed powders will see an increase. However, tariffs will be reduced on items such as cyclic olefin polymers, ethylene-vinyl alcohol copolymers, and automatic transmissions for special-purpose vehicles.
Moreover, import tariffs will also be decreased on products like sodium zirconium cyclosilicate, viral vectors for CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants. Additionally, the China-Maldives Free Trade Agreement will go into effect on January 1st, with tariff reduction measures in place.
Analysis:
This announcement by China to lower import tariffs on certain materials can have a significant impact on global trade and investment opportunities. By reducing tariffs on environmentally friendly and essential raw materials, China is signaling its commitment to sustainable development and opening up new avenues for international trade. Investors and businesses should closely monitor these changes to capitalize on potential opportunities for growth and expansion in the market.