Beginning next year, the Government of China will marginally reduce sliding tariffs on cotton cargoes imported under additional quotas, the finance ministry said. Further, the number of products that can be imported under temporary import tariffs, which are lower than the most-favoured nation tariffs, would be increased from 859 to 883, beginning January 1.

The reduction of sliding tariffs would lower cost of importing cotton fibre into China.

In addition, the most-favoured nation rate, conventional tariff and provisional tariff on some commodities would be adjusted from January 1, the Customs Tariff Commission of the State Council said.

For the next phase of economic development, the government would adopt a ‘dual circulation’ approach, relying mainly on ‘domestic circulation’, supporting innovation and upgradation in local manufacturing, distribution and consumption cycle, the ministry said.

China’s ‘dual circulation’ strategy, unveiled earlier this year, refers to the parallel emphasis on domestic and global circulation.