China eliminates import duty on large machinery spare parts
China has cut the import tax on spare parts for large machinery in a bid to support the domestic manufacturing, Xinhua reported Friday.
The Ministry of Finance announced late last week that levies on items including ultra- and extra-high voltage transmission equipment and transformers, large petrochemical equipment and large coal-chemical equipment would be refunded and injected into the enterprises as an investment from the nation.
The policy applies retroactively to Jan. 1.
China eliminates import duty on large machinery spare parts
