China says to cut some import taxes from 2013

PHOTO: China says to cut some import taxes from 2013

BEIJING - China will cut import duties on a raft of consumer products, manufacturing equipment and environment-friendly products in 2013, the Ministry of Finance said on Monday.

A statement on the ministry's website gave few details about the size of the duty cuts, but said more than 780 products would enjoy lower import duties than previous most-favoured nation tariff rates, with effect from Jan. 1, 2013.

Condiments, some infant milk powder, cardiac pacemakers, robots for automobile production lines and lithium batteries are among items on the list published on the website, which also said there would be cuts for some rubber products.

The move follows a weekend policy-setting conference during which Chinese leaders promised to make greater efforts to improve the quality of urbanisation to help bolster domestic demand in 2013.

The government has vowed to boost domestic spending to shift its economy from relying too heavily on external demand, as there are no clear signs of recovery in major developed economies.

China's exports grew 7.3 per cent in the first 11 months of 2012 from a year earlier, while imports grew 4.1 per cent, official data showed. The government aims for 10 per cent growth for combined exports and imports this year.