subject: Impact Of Chinas Import Tariff On The Global Economy [print this page] A few years back there was a steep increase in Chinas imported goods, largely due to the import tariff policy of China. However, charging high tariffs was not seen as a welcome move and the Chinese administration was recommended a significant reduction in the same for the betterment of the economy. Today, a remarkable global progress has been made in easing the import tariff of China. China is said to have reduced import tariffs on a few raw materials which has helped the revival of Chinas steel, fertilizer and textile industries during the economic slump.
A significant reduction in China custom tariff was witnessed after the countrys entry into the World Trade Organization (WTO). China has taken several steps to abide by the WTO trade commitments. Some of these commitments include reducing tariff as well as non-tariff barriers and expanding market access for its international counterparts while increasing transparency. Having executed several progressive reforms, exporters still face difficulty in accessing the Chinese market because some of the non-tariff barriers still exist. China's custom tariffs are by and large revised every year. Duty prices and tariff items are altered in discharging the policy and statistical needs of the government and China's WTO commitments.
The rates of import tariff of China are different for different products, components and their evident usage. Many a times, foreign exporters face difficulties with unpredictable custom classification application, tariffs and import controls by resident custom officials. One can calculate Chinas import tariff rates with the help of a Harmonized System (HS) tariff code. The creation and administration of these HS codes are done by the World Customs Organization (WCO). The HS tariff classification method is applicable to every product entering or crossing a foreign border and has to be declared to customs with a specific HS code.
Today China has become more open to foreign products, if looked at from an import perspective. Tariffs no longer restrict the number of imported items into the Country. The new improved Import Tariff revisions will go a long way in helping China make the best use of its exports and economic growth mode. A remarkable progress is thus seen in Chinas import tariff and China custom tariffs which would go a long way in establishing a more closer and effective trade relations with the other international countries.
by: Jayden William
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