BEIJING: A series of legal and policy measures came into effect in China on Wednesday as part of the country’s efforts to promote high-quality development and high-level opening-up.
These measures include, among others, the country’s first energy law, new data security regulations, reductions in import duties on a large number of goods and a free trade agreement between China and the Maldives.
The Energy Law aims to promote high-quality energy development, ensure national energy security, accelerate the green transition, and support the country’s efforts to achieve carbon peaking and carbon neutrality targets.
To strengthen data security, the new Network Data Security Management Regulation aims to regulate data processing on networks, protect the legitimate rights and interests of individuals and organizations, and safeguard security national and public interests.
Wednesday also saw a reduction in import duties on a large number of goods, aimed at boosting imports of quality products and increasing domestic demand.
Provisional import duties, lower than most favored nation rates, will be applied to 935 products as part of an annual tariff adjustment plan.
According to the China-Maldives Free Trade Agreement, the vast majority of Chinese industrial exports to the Maldives, including ships, electrical equipment and furniture, as well as agricultural products such as vegetables and fruits, will benefit. The vast majority of Maldives aquatic exports to China will also benefit from zero customs duties.
