China Will Adjust Import Tariffs On Cotton And Other Commodities.

The Ministry of Finance issued a circular 28 days ago that the Customs Tariff Commission of the State Council has decided to adjust the import tariff rate of 6 categories of 26 taxable commodities, and import tariffs on some foods, medicines, cotton and other commodities will be reduced.

According to the notice, the adjustment of import tariff involves the import tax rate adjustment of commodities such as food, vegetable oil, feed, blood albumin and human vaccine, cotton and some other provisional tariff rates for the import of taxable commodities.

In terms of food, from June 1, 2008 to December 31st, the import tax rate of frozen pork was reduced from 12% to 6%. The import tax rate of 9 items of tax goods, including cod, pistachio, infant food, whey and yeast, was reduced from 6%-25% to 2%-10%.

From June 1, 2008 to September 30th, the import tax rate of coconut oil and olive oil decreased from 10% and 9% to 5%, respectively.

From June 1, 2008 to December 31st, the import tax rate of soybean meal and peanut meal decreased from 5% to 2%.

In terms of drugs, from June 1, 2008 to December 31st, the import tax rate of 4 items of blood products of some blood albumin and human vaccines decreased from 3% to 0%.

For cotton, from June 5, 2008 to October 5th, a temporary sliding tax policy was implemented for a certain quantity of cotton imported from the quota, which reduced the amount of high quality cotton imported from 570 yuan / ton to 357 yuan per ton, equivalent to reducing the cotton sliding tax from 5%-40% to 3%-40%, and resuming the current sliding tax from October 6th.

In addition, the notice also carries out a provisional import duty rate of 0% for "sawing or cutting other methods into rectangular marble and travertine". Appropriate adjustment is made to the product range of the electrode paste applied under the 38249099 tariff items, and the provisional tariff rate for the import of the broadcast grade videotape recorder is appropriately adjusted.

Reporters learned from the Ministry of finance that the adjustment is mainly a continuation of the previous macroeconomic regulation and control policy. By lowering the import duties of relatively few domestic products, such as infant food, olive oil and other foods, meeting the domestic market demand, stimulating domestic consumption increase; lowering the import duties of some blood albumin and human vaccines can better meet the current demand for medical materials in the earthquake relief work; in addition, before the new cotton market comes into being this year, a temporary slip tax policy on a certain quantity of cotton imported outside the quota is also designed to meet the domestic market's cotton demand in the cotton supply season.