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September 5, 2009

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Levy brakes for high-tech imports

CHINA is adjusting its policies on imported technological equipment with the aim of boosting domestic innovation and greater industrial restructuring and upgrading.

Key components and raw materials imported by domestic enterprises for manufacturing major technological equipment and products are exempted from import tariffs and value-added tax as of July 1 this year, according to a joint communique issued by the Ministry of Finance and five other ministries yesterday.

Tariff exemption for imported complete sets of machinery and equipment will be revoked, according to the communique.

To ensure smooth transition, preferential policies for items which cannot now be wholly supplied domestically will be phased out.


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