By?LI?Linxu

Starting from July 1, China has implemented the eighth step of the most-favored-nation tariff rates reduction on 62 IT products.

This marks that China has delivered all of its tariff-cut promises in line with the Expansion of Trade in Information Technology Products (ITA Expansion).

The General Administration of Customs of the People's Republic of China. (PHOTO: VCG)

In April 2003, China became a member of the WTO's ITA, which aims to remove tariff barriers to information technology products.

The ITA Expansion was announced in December 2015. It covers tariff elimination on 201 additional IT products, such as new-generation semiconductors, GPS navigation systems, and some advanced medical equipment.

China kicked off the first round of tariff cuts on IT products covered under the ITA Expansion in September 2016.

The items on the eighth round of tariff cuts include some important medical equipment, such as ultrasound diagnostic instruments, magnetic resonance imaging systems, and X-ray computed tomography scanners.

The tariff cut will help reduce the import costs of such equipment, so as to better meet the demands of domestic medical care and reduce the economic burden on patients.

As an industry with characteristics of a global industrial chain and value chain, both domestic IT and global IT industries are expected to benefit from such tariff cuts, which will inject new momentum into global economic growth.