China will lower the import tax on 760 products to levels lower than the tariffs for those with most-favored nation status, with the average discount at 60 percent, the official Xinhua news agency reported on Wednesday, citing a statement from the Ministry of Finance. The ministry is also lowering the export tax on chemical fertilizer exports. The new tax rates will take effect on Jan. 1, 2014. The number of import and export tax items will increase to 8,277 from 8,238 this year, the report said.
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