From January 1, 2024, China Will Adjust Import And Export Tariffs On Some Commodities

Xinhua News Agency, Beijing, December 21 (Reporter Shen Cheng) With the approval of the State Council, the Tariff Commission of the State Council announced on the 21st that import and export tariffs on some commodities will be adjusted in 2024.

According to the announcement, from January 1, 2024, China will implement a temporary import tariff rate lower than the MFN tariff rate for 1010 commodities. Among them, in order to accelerate the innovative development of advanced manufacturing industry, reduce import tariffs on resources, key equipment and parts in short supply in China, such as lithium chloride, low arsenic fluorite, gas diffusion layer for fuel cells, etc. In order to protect people's lives and health, we will implement zero tariffs on some anti-cancer drugs, rare disease drugs, medicines and raw materials, and reduce import tariffs on formula foods for special medical purposes. In addition, reduce import tariffs on sweet corn, coriander and burdock seeds. Reduce export tariffs on high-purity aluminum.

According to the development of domestic industry and the changes in supply and demand, from January 1, 2024, within the commitment scope of China's accession to the World Trade Organization, import tariffs on ethylene, propylene, LCD glass substrates under the 6th generation and other commodities 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 between China and relevant countries or regions, in 2024, some commodities originating in 30 countries or regions under 20 agreements will be subject to the agreed tax rate. The China Nicaragua Free Trade Agreement will come into force on January 1, 2024 and implement tax reduction.

In order to support and help the least developed countries to accelerate their development, preferential tax rates will continue to be applied to the least developed countries that have established diplomatic relations with China and completed the exchange of documents in 2024. In order to promote China's competitive products to better participate in the international market competition, in 2024, China will appropriately adjust its sub items and add decorative paper, high-end steel products and other tax items. After adjustment, the total number of tax items is 8957.