In a significant move to stimulate domestic demand and advance high-standard opening up, the Chinese mainland will adjust import tariff rates and items on certain goods starting from January 1, 2025, as announced by authorities on Saturday.
The Customs Tariff Commission of the State Council revealed that provisional import tariffs, lower than the most-favored-nation rates, will be applied to 935 commodities next year as part of the annual tariff adjustment plan. This initiative “will help increase the imports of quality products,” according to a statement from the commission.
The tariff reduction is aligned with China’s efforts to foster new quality productive forces through scientific and technological innovation, enhance people’s well-being, and promote green and low-carbon development. By lowering import costs on selected goods, the Chinese mainland aims to encourage the flow of high-quality products into the domestic market, benefiting consumers and industries alike.
Expanding Free Trade Networks
In addition to the provisional tariff adjustments, China is set to apply conventional tariff rates under 24 free trade and preferential trade arrangements with 34 countries or regions next year. This is part of the Chinese mainland’s commitment to expanding its globally-oriented network of high-standard free trade areas.
Among these arrangements, the China-Maldives Free Trade Agreement, effective January 1, 2025, stands out. The agreement will eventually lead to zero tariffs on nearly 96 percent of tariff lines between the two sides, significantly boosting trade and economic cooperation.
Supporting Developing Countries
Continuing its support for global development, China will offer zero-tariff treatment on 100 percent of tariff lines next year to the 43 least developed countries with which it maintains diplomatic relations. This move is aimed at supporting their development and fostering mutual benefits through enhanced trade relations.
Promoting Industrial Advancement
The tariff adjustments also include the introduction of specified tariff items for products such as pure electric passenger vehicles. This measure is designed to support industrial development and scientific and technological advancement, particularly in sectors promoting green and low-carbon growth.
By adjusting import tariffs and fostering international trade relations, the Chinese mainland continues to position itself as a key player in the global economy, promoting sustainable development and mutual prosperity.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
