A cargo ship unloads containers at Tianjin Port in north China's Tianjin municipality, September 19, 2022. /CFP
A cargo ship unloads containers at Tianjin Port in north China's Tianjin municipality, September 19, 2022. /CFP
China will adjust import and export tariffs for some commodities in 2023 to better support the country's "dual circulation" strategy, tariff authorities said on Thursday.
After the latest adjustments, the country's overall tariff level will drop from 7.4 percent to 7.3 percent for the year, the Customs Tariff Commission of the State Council said in a notice.
To better utilize domestic and international resources, China will impose a provisional import tax rate lower than the "most-favored nation" tariff rate on 1,020 items starting January 1 next year. The country will also reduce the "most-favored nation" tax rate on 62 information technology products from July 1.
China will implement zero tariffs on the raw materials for some drugs for the treatment of COVID-19, cancer and cancer pain relief drugs to ease the financial burden of patients. In addition, the import tariffs on certain medical supplies will be reduced.
Meanwhile, to cater to the people's appetite for consumption upgrade, China will also reduce import tariffs on baby food, cashew nuts, coffee machines, and hair dryers, among other items.
The country will also lower import tariffs on some industrial products to support the manufacturing industry while adding export tariffs on aluminum and aluminum alloys to push for industry upgrading and facilitate high-quality development.
The Customs Tariff Commission said the changes in tariff rate are conducive to promoting high-level opening-up and improving the quality of China's economic links with the world.
China first introduced the "dual circulation" strategy in 2020, a development pattern referring to the domestic circulation of products and services being treated as the mainstay and international circulation complementing it.