From January 1 next year, China will adjust import and export tariffs on some commodities.
Date:
2023-12-29
With the approval of the State Council, the Tariff Commission of the State Council issued an announcement on the 21st that the import and export tariffs of some commodities will be adjusted in 2024.
According to the announcement, starting from January 1, 2024, China will implement a provisional import tax rate lower than the most-favored-nation tax rate on 1010 commodities.
Among them, in order to accelerate the innovation and development of advanced manufacturing, reduce the import tariffs on domestic shortage of resources, key equipment and parts such as lithium chloride, low arsenic fluorite, and gas diffusion layers for fuel cells.
In order to protect people's lives and health, zero tariffs will be implemented on some anti-cancer drugs and rare disease drugs and raw materials, and import tariffs on formula foods for special medical purposes will be reduced.
In addition, reduce the import tariff of sweet corn, coriander and burdock seeds. Reduce the export tariff of high purity aluminum.
According to the domestic industrial development and changes in supply and demand, starting from January 1, 2024, within the scope of my country's commitment to join the World Trade Organization, import tariffs on some commodities such as ethylene, propylene, and liquid crystal glass substrates below the 6th generation will be increased.
In order to continue to promote a high level of opening up to the outside world, in accordance with the free trade agreements and preferential trade arrangements signed between my country and relevant countries or regions, in 2024, agreement tax rates will be implemented on some commodities under 20 agreements and originating in 30 countries or regions. The China-Nicaragua Free Trade Agreement will come into force on January 1, 2024 and will reduce taxes.
In order to support and help the least developed countries to accelerate their development, the preferential tax rate will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with China and completed the exchange of documents. In order to promote China's superior products to better participate in the international market competition, 2024 will be appropriate to adjust the national sub-items, adding decorative base paper, high-end steel products and other tax items. After adjustment, the total number of tariff items is 8957.
RELATED INFORMATION
From January 1 next year, China will adjust import and export tariffs on some commodities.
In order to support and help the least developed countries to accelerate their development, the preferential tax rate will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with China and completed the exchange of documents. In order to promote China's superior products to better participate in the international market competition, 2024 will be appropriate to adjust the national sub-items, adding decorative base paper, high-end steel products and other tax items. After adjustment, the total number of tariff items is 8957.
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SHANGHAI EAST YUEFA TEXTILE TECHNOLOGY CO., LTD
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Floor 5, Building 11, 6055 Jinhai Highway, Fengxian District, Shanghai
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