China to cut duty rates on 26 types of goods from June 1
China plans to cut import duty rates on 26 types of goods such as frozen pork, blood albumin, human vaccine and cotton, announced the Ministry of Finance on Wednesday.
The adjustment is a move to meeting the strong demand for medicine in quake-hit areas, making up for the cotton supply gap before new cotton came out this season, according to the ministry.
In details, from Jun.1 to Dec. 31, China will halve the import duty on frozen pork to 6% from12%. Those on nine types of goods, including codfish, pistachio nuts, food for infants, milk serum and yeast, will be cut to between 2% to 10% from between 6% to 25%.
In the same period, import duties on feedstuffs such as groundnut meal and soybean meal will be reduced from 5% to 2 %.
Import duties on coconut oil and olive oil will be cut to 5% from 10% and 9% respectively from Jun.1 to Sep. 30.
In addition, sliding duties on cotton import would be reduced from between 5% to 40 % to between 3% to 40% from Jun.5 to Oct. 5, and restored to original rates on Oct. 6.
Tags: import