(Yicai Global) Dec. 24 -- China will reduce import and export tariffs on some commodities from the first day of next January, while echoing President Xi Jinping's calls for further financial opening-up.

China will lower or cancel import tariffs on 700 items including pharmaceutical ingredients, monomer lithium-ion batteries for new energy vehicles, advanced machinery, forage for livestock feed, and natural uranium, according to the websites of the State Council, Ministry of Finance and General Administration of Customs.

The list of export tariff exemptions includes 94 commodities, such as fertilizers, apatite, iron ore, slag, coal tar and wood pulp.

Some 23 countries or regions, including New Zealand, Peru, Costa Rica, Switzerland, Iceland, Australia, South Korea, and Georgia have made bilateral deals with China for preferential tax policies that will kick in next year. All imported products from Hong Kong and Macao will have a zero tariff. Levies for goods coming from Bangladesh and Laos, which are part of the Asia-Pacific trade agreement, will also be lowered. 

Editor: Emmi Laine