China unveils tariff adjustments for 2024

China has announced several adjustments to its tariff policies as the country continues to leverage trade in supporting the economy, the State Council's Customs Tariff Commission announced in a statement on Thursday.

The changes, effective on January 1, 2024, involve adjustments in the import and export tariffs of certain products.

China will implement provisional import tax rates that are lower than the "most-favored-nation" tariff rates for a total of 1,010 commodities, according to the statement.

For example, to accelerate the innovation and development of advanced manufacturing, China will reduce the import tariffs on essential resources, key equipment and components, such as lithium chloride and gas diffusion layers for fuel cells.

At the same time, the country will implement zero tariffs on certain drugs and their raw materials to better meet people's wellness and health needs.

China will also lower import duties on sweet corn, coriander and burdock seeds. In addition, in order to promote the development of the new materials industry, the export tariff on high-purity aluminum will be reduced.

Based on the development of local industries and changes in supply and demand, China will raise the import tariffs on commodities including ethylene and propylene. The move will be within the scope of China's commitment to the World Trade Organization.

The statement also noted that in 2024, agreed tax rates will be applied to some commodities originating from 30 countries or regions under 20 agreements, according to the free trade agreements and preferential trade arrangements signed between China and relevant countries or regions.

(Cover via CFP)