BEIJING: Chinese authorities have released tariff policy adjustments for imports of major technological equipment in response to changing industrial development in the country.
A notice issued by six government agencies including the Ministry of Finance and the top economic planner revised product catalogues that specify the industries encouraged by the government and those that no longer enjoy tax breaks.
Imports of major technological equipment on the revised list for government support will continue to be exempted from tariffs and value-added tax.
Tax exemption policies on imports of mixed flow hydro turbines will be abolished, according to the notice.
The adjustments take effect on Jan. 1.
Imports of core parts and material for major technological equipment have enjoyed favorable policy for years. With the changing industrial landscape, the government has constantly adjusted tax policies for imports.