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China to Cut Import Tariffs on IT Products

China to Cut Import Tariffs on IT ProductsChina to Cut Import Tariffs on IT Products

China will gradually eliminate customs duties for 201 information technology products covered by a $1.3 trillion World Trade Organization deal under a bill passed on Saturday by its legislature. The bill, approved by the Standing Committee of the National People’s Congress, ratifies an amendment to the tariff concession schedule of China’s WTO accession protocol, Xinhua reported. The ratification is part of the first global tariff-cutting deal in 18 years. The WTO finalized the list of 201 IT products exempted from import tariffs in July 2015. The new deal is likely to radically reduce prices for Chinese consumers who have suffered from high tariffs on imported electronic items.

Financialtribune.com