China will lower tariffs on products ranging from frozen pork and avocado to some types of semiconductors next year as Beijing looks to boost imports amid a slowing economy and a trade war with the United States.
Next year, China will implement temporary import tariffs, which are lower than the most-favored-nation tariffs, on more than 850 products, the finance ministry said on Monday. That compared with 706 products that were taxed at temporary rates in 2019.
China and the United States cooled their drawn-out trade war earlier this month, announcing a Phase-One agreement that would reduce some U.S. tariffs in exchange for more Chinese purchases of American farm products and other goods.
The finance ministry said the tariff rate for frozen pork will be cut to 8% from the most-favored-nation duty of 12%, as China copes to plug a huge supply gap after a severe pig disease decimated its hog herd.
An outbreak of African swine fever that started in August last year has nearly halved China’s pig herd, official data showed, sending pork prices soaring to record levels.
Beijing has issued a series of measures to boost pig production, while increasing imports of various meats to meet domestic demand.
China brought in 229,707 tonnes of pork in November, up more than 150% from the previous year. Pork imports for the first 11 months of the year stood at 1.733 million tonnes, up 58% from a year earlier.
China will also lower temporary import tariffs for ferroniobium — used as an additive to high strength low alloy steel and stainless steel for oil and gas pipelines, cars and trucks — from 1% to zero in 2020 to support its high-tech development.
