China is set to lower import tariffs on a wide array of goods starting January 1, 2025, a move poised to stimulate domestic demand and foster high-standard opening up.
The Customs Tariff Commission of the State Council announced on Saturday that provisional import tariffs, lower than the most-favored-nation rates, will be applied to 935 commodities next year. This significant adjustment is part of China’s annual tariff adjustment plan and aims to increase the imports of quality products.
“This tariff reduction aligns with the need to foster new quality productive forces through scientific and technological innovation, enhance people’s well-being, and promote green and low-carbon development,” the commission said in a statement.
Under 24 free trade and preferential trade arrangements, conventional tariff rates will be applied to products from 34 countries or regions next year, as part of China’s efforts to expand its globally-oriented network of high-standard free trade areas. Among these, lower tariffs under the China-Maldives Free Trade Agreement, effective January 1, 2025, will eventually lead to zero tariffs on nearly 96 percent of tariff lines between the two sides.
China will also continue to offer zero-tariff treatment on 100 percent of tariff lines next year to the 43 least developed countries with which it has diplomatic relations, supporting their development and fostering mutual benefits, according to the commission.
Additionally, specified tariff items will be introduced for products such as pure electric passenger vehicles to support industrial development and technological advancement.
These tariff adjustments reflect China’s commitment to openness and cooperation, promoting global trade and economic growth.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
