February 28, 2014 / 11:23 AM / 6 years ago

China to abolish import duties on "important" hi-tech equipment -Xinhua

BEIJING, Feb 28 (Reuters) - China will abolish import duties on some “important” hi-tech equipment while reinstating others from March 1, to help accelerate the development of “strategic industries”, state news agency Xinhua said on Friday.

Goods for which import duties have been abolished include oil and gas drilling equipment, off-shore drilling platforms, tankers for liquefied natural gas (LNG) and deep sea prospecting.

Import duties will be reimposed for engineering machinery, equipment for light rail transit and nuclear equipment as China has the capacity to build these domestically, Xinhua said.

The duty-free equipment will help fight pollution and promote energy development and safe train transport, the report said.

The rules have been issued by six government agencies, including the Ministry of Finance, the National Development and Reform Commission, the Ministry of Industry and Information Technology, the General Administration of Customs, the State Administration of Taxation and the National Energy Administration.

The original list of equipment that could be imported duty-free was published in August 2009. (Reporting by Paul Carsten and Kevin Yao; Editing by Ron Popeski)

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