Mainland China to eliminate tariffs on some HK, Macao products
Source: CTEI Date: 2009-06-29
Jun. 26, 2009 (China Knowledge) - Mainland China will waive import tariffs on 28 types of items made in Hong Kong and 475 types of items made in Macao beginning on July 1, 2009, said the Ministry of Finance (MOF) on Jun. 24.
Among the specified items of Hong Kong origin, textile products account for 57%, while the remaining are daily necessities and medical appliances. The import duty on Hong Kong textiles currently stands at 10%, and the toothbrush import duty can be as high as 25%.
The specified items of Macao origin include food and textile products, which account for 50% and 25%, respectively. Macao's medicines are currently subject to import tariffs between 4% and 6%, according to the statement.
The exemptions were arranged under the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA) and the Mainland-Macao Closer Economic Partnership Arrangement, said the MOF.
The mainland signed the CEPA with Hong Kong and Macao in 2003. It signed a sixth supplementary agreement with Hong Kong on May 9 this year and with Macao on May 11.
The CEPA has brought positive effects to Hong Kong as an important policy favorable to the city, said Tang Wei, director of the Taiwan, Hong Kong, and Macao Affairs Department of the Ministry of Commerce.
As of the end of May, Guangdong port had imported goods worth US$1.48 billion under the CEPA, and had enjoyed tax rebates totaling RMB 1.02 billion.
Among the specified items of Hong Kong origin, textile products account for 57%, while the remaining are daily necessities and medical appliances. The import duty on Hong Kong textiles currently stands at 10%, and the toothbrush import duty can be as high as 25%.
The specified items of Macao origin include food and textile products, which account for 50% and 25%, respectively. Macao's medicines are currently subject to import tariffs between 4% and 6%, according to the statement.
The exemptions were arranged under the Mainland-Hong Kong Closer Economic Partnership Arrangement (CEPA) and the Mainland-Macao Closer Economic Partnership Arrangement, said the MOF.
The mainland signed the CEPA with Hong Kong and Macao in 2003. It signed a sixth supplementary agreement with Hong Kong on May 9 this year and with Macao on May 11.
The CEPA has brought positive effects to Hong Kong as an important policy favorable to the city, said Tang Wei, director of the Taiwan, Hong Kong, and Macao Affairs Department of the Ministry of Commerce.
As of the end of May, Guangdong port had imported goods worth US$1.48 billion under the CEPA, and had enjoyed tax rebates totaling RMB 1.02 billion.
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