China will reduce import tariffs on some energy raw materials

On the 28th, Premier Wen Jiabao of the State Council presided over the executive meeting of the State Council to study policies and measures to strengthen imports and promote the balanced development of foreign trade. The meeting pointed out that China's foreign trade needs to pay more attention to imports while maintaining steady growth in exports while appropriately expanding the scale of imports. We must adhere to the principle of coordinated development of imports and exports, optimize the import structure, stabilize and guide the import of bulk commodities, actively expand the imports of advanced technology and equipment, key spare parts and energy raw materials, and appropriately expand imports of consumer goods.

The meeting identified policy measures to strengthen imports: First, adjust the import tariffs on some commodities. To reduce the import tariffs on some energy raw materials and reduce the import tariffs on some household products that are closely related to people’s livelihood, and to reduce the key zeros in primary energy raw materials and strategic emerging industries that cannot be produced domestically or whose performance cannot meet the needs of the provisional tax rate. Import tariffs on components. We will continue to implement zero-tariff treatment on certain goods imported from the least developed countries, speed up the tax reduction process, and further expand the scope of zero-tariff goods. In combination with the tax reduction arrangements in the free trade zone, we will guide enterprises to expand imports from members of the free trade zone. The second is to provide diversified financing facilities. Encourage commercial banks to carry out import credit business and support the import of advanced technology equipment, key spare parts and energy raw materials. Policy banks are encouraged to provide policy-based financial support for the import of high-tech products and resources. Broaden the financing channels for importing companies. Encourage commercial insurance companies to introduce insurance products and services that are conducive to expanding imports. Strengthen and improve cross-border trade settlement of RMB. The third is to increase the level of trade facilitation. Customs and entry-exit inspection and quarantine agencies at the ports of Customs and Customs special surveillance areas shall make appointments for customs clearance and inspections 24 hours a day. Clear up unreasonable charges in the import process and regulate the charging behavior. We will continue to promote the construction of “granular customs clearance” and accelerate the construction of electronic ports. Fourth, improve management measures. Clean up the unreasonable restrictions and measures in the import link and reduce the transaction costs in the import link. Support enterprises to expand related commodity imports through special customs supervision areas and bonded supervision sites. Strengthen the early warning system for industrial damage and improve the early warning and rapid response supervision system for the quality and safety risks of imported goods.

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