With the approval of The State Council, the Customs Tariff Commission of The State Council announced on the 21st that import and export tariffs of some commodities will be adjusted in 2024.

Photo: Official website of Ministry of Finance of the People's Republic of China

According to the announcement, from January 1, 2024, China will implement a provisional import tax rate lower than the most-favored-nation rate on 1010 goods. Among them, in order to accelerate the innovation and development of advanced manufacturing, reduce the import tariffs on domestic shortages of resources such as lithium chloride, low-arsenic fluorite, gas diffusion layers for fuel cells, and key equipment and parts. To protect people's lives and health, zero tariffs will be imposed on some drugs and raw materials for anti-cancer drugs and rare disease drugs, and import tariffs on formula food for special medical purposes will be reduced. In addition, import duties on sweet corn, coriander and burdock seeds will be reduced. Lower export tariffs on high-purity aluminum.

According to the development of domestic industry and changes in supply and demand, from January 1, 2024, within the scope of China's accession to the World Trade Organization, the import tariffs on some commodities such as ethylene, propylene, and liquid crystal glass substrates below 6 generations will be increased.

In order to continue to promote a high level of opening-up, in accordance with the free trade agreements and preferential trade arrangements signed by China and relevant countries or regions, some commodities under 20 agreements and originating in 30 countries or regions will be implemented in 2024. The China-Nicaragua Free Trade Agreement will come into force on January 1, 2024 and implement tax reductions.

In order to support and help the least developed countries accelerate their development, preferential tax rates will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with China and completed the formalities of exchange of documents. In order to promote China's advantageous products to better participate in the international market competition, in 2024, the national subitems will be appropriately adjusted, and the tax items such as decorative base paper and high-end steel products will be added. After adjustment, the total number of tariff items is 8957.

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