China to remove tariffs on some pharmaceutical raw materials
China will scrap import tariffs on 50 raw materials for anti-cancer drugs and rare diseases starting January 1, 2019, as part of a tariff adjustment package in an effort to expand imports, said the Ministry of Finance in a statement.
“The measures cover a wide array of medicine products and will increase the accessibility of imported medicines and reduce the burden of patients,” said Bai Ming, deputy director of the international market research institute of the Ministry of Commerce.
Bai also said that many countries are expecting China to expand imports. Tariff exemption is a concrete step toward achieving that.
On April 10, 2018, Chinese President Xi Jinping said at the opening ceremony of Boao Forum for Asia that China would take major steps to further expand imports.
In November, President Xi also said at the China International Import Export that the country will import over 30 U.S. trillion dollars of products in the next 15 years.
The statement is considered as the fifth tariff exemption move in 2018. Immunological products, human vaccines and genetic material will also enjoy zero tariffs.