China Stops Imposing Punitive Tariff on Japan-made Products

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Last updated at: (Beijing Time) Thursday, December 27, 2001

China Stops Imposing Punitive Tariff on Japan-made Products

Tariff Policy Committee of the State Council Wednesday announced that China would stop imposing 100 percent punitive tariff on the imports of Japanese-made automobiles, mobile phones and air conditioners as from December 27, 2001 on.

News from Ministry of Finance said that the two sides had reached consensus on resolving the lingering trade disputes over three farm products for the past months.

The Japanese side has decided not to launch formal protection measures on three agricultural imports from China, including green Chinese onions, fresh mushrooms and tatami rushes.

In accordance with Articles Six under Regulations of The People's Republic of China on Imports and Exports Duties, the Customs Tariff Committee of he State Council has decided to withdraw imposing the aforesaid three products.

According to reports, China began to impose the tariff as from last June 22 with the involved products of cars, cross-country car and coaches.

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Japanese PM Welcomes China-Japan Trade Settlement

Japanese Prime Minister Junichiro Koizumi on Friday welcomed an agreement between China and Japan to settle their trade dispute over import curbs on three farm products mostly imported form China, saying it will help improve bilateral ties and economic development.

"I welcome the fact that...the issue has been resolved through talks, in line with an agreement between President Jiang Zemin and myself," Koizumi said in a statement in Tokyo.

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China, Japan Reach Consensus on Trade Dispute

China and Japan reached consensus on their trade dispute over agricultural products at ministerial talks December 21morning. Chinese Minister of Foreign Trade and Economic Cooperation (MOFTEC) Shi Guangsheng said that Japan promises to stop excising restrictions on agricultural imports from China, while China pledges to cancel its retaliatory measures against imports from Japan.

China and Japan reached three-point consensus at ministerial talks on resolving the lingering trade disputes over three farm products for the past months.

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"China's comparatively cheap commodities will help optimize Japan's high-cost consumption structure and China's open and enlarged market will help digest Japan's surplus capital," said Zhang Shuying, an expert from Japanese Research Institute of the Chinese Academy of Social Sciences. full story

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