China has announced plans to adjust import tariffs on a range of goods beginning January 1, 2025. The move aims to expand domestic demand and promote high-standard opening up, according to a statement released on Saturday by the Customs Tariff Commission of the State Council.
Provisional import tariffs, lower than the most-favored-nation rates, will be applied to 935 commodities as part of the annual tariff adjustment plan. This initiative is expected to increase imports of high-quality products and foster new growth drivers in the economy.
The commission highlighted that the tariff adjustments align with China’s goals to stimulate scientific and technological innovation, improve people’s well-being, and advance green and low-carbon development. By reducing tariffs, China seeks to support industrial development and technological advancement across various sectors.
Under 24 free trade and preferential trade agreements, conventional tariff rates will be applied to certain products from 34 countries or regions next year. This is part of China’s effort to expand its globally oriented network of high-standard free trade areas.
Notably, the China-Maldives Free Trade Agreement, effective January 1, 2025, will reduce tariffs, eventually leading to zero tariffs on nearly 96 percent of tariff lines between the two sides. This development underscores China’s commitment to deepening economic ties with countries along the Belt and Road Initiative.
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. This policy aims to support their development and foster mutual benefits.
The commission noted that specified tariff items will be introduced for products such as pure electric passenger vehicles. This move is designed to support the development of the electric vehicle industry and promote technological advancement in environmentally friendly transportation.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
