China Economy: China adjusts import tariffs, VAT for some tech equipment
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The Chinese government distributed a printed circular to related entities, informing them of updated catalogues of imported equipments.
The update adjusted tariffs and taxes applied to a wide spectrum of imported high-tech equipments. The update is a catch-up with China's domestic industrial development. The catalogue concerning state-supported equipments and components scrapped those foreign products for which domestic substitutes can be found. As a result, these products will no longer enjoy preferential tariff and tax policies and some will be listed explicitly in a no-tariff free catalogue. Meanwhile, the update also included new equipments and components in the catalogue.