China to Lower Import Duties on Over 730 Goods in 2012

On Dec. 15, 2011, China's Ministry of Finance released a notice on lowering import duties on more than 730 kinds of goods in 2012 so as to expand imports and meet its local consumer demands.

The Ministry states that China will implement relatively low provisional duties on the imports of more than 730 goods at an average rate of 4.4%, coming into force from January 1, 2012.

The goods include coal, refined oil products, rare earth, copper, aluminum, nickel, natural rubbers, animal feeds and so on, but specific adjusted rates not given yet.

It also states that China will continue export duties at interim rates on coal, crude oil, fertilizers, ferroalloy, etc. in 2012.