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China Commits to Expanding Imports, Cutting Tariffs and Promoting Trade in Services

China is looking to increase its import of everyday consumer items, as well as medical, rehabilitation and senior care devices. This commitment was announced by the State Council following the conclusion of its 13 June executive meeting, with moves to lower import tariffs on certain commodities in line with changed consumer preferences and supply-side improvements also confirmed.

At the same meeting, it was agreed to revise the existing policy on duty-free shopping, with a view to importing a higher level of duty-free goods. With regard to the b2b-sector, the go-ahead was given to prioritise the import of any technical equipment deemed necessary for the country to complete its industrial transformation programme. Turning to professional services, the Council made clear its commitment to developing this sector, particularly with regard to externally sourcing expertise in the fields of research and development, design, logistics, management consultancy, energy conservation and environmental protection.

In terms of refining and streamlining the overall import process, the meeting called for customs clearance procedures to be optimised and for international recognition of the Authorised Economic Operator (AEO) scheme. Furthermore, it outlined the need for the further development of the cross-border e-commerce sector, the establishment of an overseas trade-focused fiduciary system and the provision of greater protection for intellectual property rights.

For further details (in Chinese), please visit the following link:

State Council Executive Meeting Reaffirms Measures for Further Expanding Imports

Content provided by Picture: HKTDC Research
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