China will adjust import and export tariffs on some goods from January 1, said the Ministry of Finance on Monday.

China will implement provisional import tariff rates on 700-plus goods as part of the efforts to cut institutional cost in the import process and echo the country's ongoing supply-side structural reform.

The country will also implement zero tariffs on raw materials for some drugs, as well as thionyl chloride and lithium-ion battery cells for new energy vehicles.

Low import tariffs will be maintained for aircraft engines, welding robots for automobile production lines, natural forages, and natural uranium.

To further boost restructuring of energy and resource industries, China will exempt export tariffs on 94 commodities such as fertilizer, apatite, iron ore, slag, coal tar, and wood pulp.

China will also cut most favored nations' (MNF) tariffs on 298 information technology products from July 2019.

In 2019, China will impose new agreed tariff rates on some goods from 23 countries or regions, including New Zealand, Peru, Costa Rica, Switzerland, and Iceland. 

The country will also implement zero tariffs on imported goods from Hong Kong and Macao (China's Special Administrative Regions) based on the goods and trade agreement signed between the Chinese mainland, Hong Kong and Macao.