The General Administration of Customs (GAC) of the PRC adjusted import duty rates on 26 tariff codes, which fall under six categories. The adjustments cut the import duty rates for some types of food, medicine and cotton. Most of the adjustments are applicable from June 1 to December 31, 2008. The GAC explains these adjustments in Announcement No. 42.
According to the Announcement, the import duty on frozen pork will be halved to six percent from June 1 until December 31. Nine other types of goods received additional cuts ranging from between 6 and 25 percent to between 2 and 10 percent, depending on the type of goods.
These nine types include codfish, pistachio nuts, food for infants, milk serum, and yeast. Import duties on feedstuffs, such as groundnut meal and soybean meal, have been reduced from five percent to two percent, and the duties on four types of medicines, including blood albumin and human vaccine, have been canceled altogether for the same period. From June 5 to October 5, the sliding duties on cotton imports will be reduced from between 5 and 40 percent to between 3 and 40 percent.
The adjustments also include a temporary zero-percent import duty on rectangular-cut marble and travertine, and change the temporary duties on cassette video recorders.
These adjustments are aimed at reducing the trade surplus and increasing the domestic supply of some less-produced goods in the midst of the accelerating appreciation of the Renminbi in the past two years.