China to keep low import tariffs in 2012

BEIJING, Dec. 15 (Xinhua) -- China will keep import tariffs at a low level next year as part of its course to promote balanced trade by boosting imports, according to a government statement released on Thursday.

The average tariffs on more than 730 categories of imported goods will stand at 4.4 percent in 2012, less than half the rate for the most favored nation under WTO rules, the Ministry of Finance (MOF) said in a statement on its website.

Imports covered in the low tariff catalogue for 2012 include energy products such as coal, refined oil and rare earths, sophisticated equipment-making products, and parts and facilities used in emerging industries ranging from high-definition cameras to high-voltage transmission lines.

Farm produce, consumer goods like baby formulas, and public health products such as vaccines and serums are also included.

In 2012, China will maintain import quotas on seven types of farm produce and three kinds of chemical fertilizers. Temporary tariffs on chemical fertilizers which exceed the quota will be set at 1 percent.

The tariff adjustment, which has been approved by the State Council, or China's Cabinet, aims to strengthen the government's macro-regulation and helps to promote economic restructuring, the statement said.