China will cut import tariffs for over 200 information technology products for the World Trade Organization's (WTO) most favoured nations from tomorrow. <br/><br/>The Ministry of Finance said today that this is the first time China has cut tariffs for these products, adding that Beijing aims to reduce most import duties for the products on the list to zero within three to five years.<br/><br/>The move may be an effort by Beijing to demonstrate greater openness. China has frequently been at odds with the WTO, especially with the United States, and the trade relations between the world's two largest economies have become strained, with accusations of protectionism not uncommon.<br/><br/>Some of the products on the list are of great importance to Beijing, including semiconductors. In some years, China has spent more on importing semiconductors, often for use in smartphone manufacturing and similar industries, than it has on crude oil.<br/><br/>Other items to have duties cut include touch screens, audio-visual equipment and medical devices, as well as various specialised product parts.
News On AIR | September 14, 2016 5:17 PM
China to cut import tariffs for over 200 information technology products for WTOs