China will gradually reduce the 201 information technology products and eventually abolish tariffs

The twelve session of the Standing Committee of the National People's Congress (NPC), the twenty-second meeting of the Standing Committee of the National People's Congress (NPC), examined and approved the amendment of the tariff reduction schedule of the People's Republic of China accession to the World Trade Organization on. Accordingly, China will soon begin to gradually reduce tariffs on 201 information technology products imported from the world trade organization, and eventually cancel the tariff.

These products include information and communication products, semiconductor production equipment, audio-visual products, medical devices and instruments, including import tariffs on most products through 3 or 5 years to zero, a small amount of product import tariffs will drop to zero by 7 years. In the course of the review, the director of the Customs Tariff Commission of the State Council, the Minister of finance Lou Jiwei on the basic situation of the amendment, the main contents are described.

According to the decision of the seventeenth session of the Standing Committee of the National People's Congress (NPC), in 2001, China signed the protocol of accession of the People's Republic of China. The protocol is one of the important legal documents of China's accession to the world trade organization. The motion is China's accession to the World Trade Organization for the first time to amend the tariff concession table, but also the NPC Standing Committee for the first time to consider the tariff reduction amendment. The meeting adopted the motion to demonstrate our consistent position to support the world's multilateral trading system.

The consideration and approval of the amendment is conducive to promoting the parties to implement the world trade organization framework to expand the scope of the information technology agreement product negotiations. China joined the negotiations in 2012. After the parties of hard negotiations in December 16, 2015, including China, the 24 parties jointly issued the "Declaration on the minister on the expansion of trade in information technology products, the parties will be completed in the country after the approval, in accordance with the MFN principle, the world trade organization members to gradually cancel the import tariffs on 201 items of information technology products the. This is the first major tariff of the World Trade Organization has made in the past twenty years reduction results, products covered by the annual global trade amounted to $1 trillion and 300 billion, the implementation will effectively promote the development of Global trade, investment and information technology is the result of smooth, make an important contribution to global economic growth.

China's trade in these products accounted for about 1/4 of the world's trade volume of similar products, ranking first in the world. The parties to implement the tax reduction, will help promote the export of China's information technology products, and is conducive to the use of information technology products enterprises to reduce costs, improve production efficiency, towards the high-end industry. Our objective will be to reduce tariffs for domestic related industries to bring pressure and challenges, enterprises need to actively respond to, to accelerate the transformation and upgrading of quality and efficiency, in order to meet the challenges of innovation and development, and constantly improve the core competitiveness and sustainable development ability.

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