China has unveiled plans to adjust import tariff rates on a wide 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 by the Customs Tariff Commission of the State Council on Saturday.
Tariff Reductions on 935 Commodities
Starting next year, provisional import tariffs, which are lower than the most-favored-nation rates, will be applied to 935 commodities. This comprehensive adjustment is part of the annual tariff plan designed to “help increase the imports of quality products,” the commission stated.
The reduced tariffs target a variety of goods, aligning with China’s strategic goals to foster new productive forces through scientific and technological innovation, enhance the well-being of its people, and promote green and low-carbon development.
Expanding Free Trade Agreements
Under 24 free trade and preferential trade arrangements, conventional tariff rates will be applied to certain products from 34 countries or regions. This initiative is part of China’s efforts to expand its globally-oriented network of high-standard free trade areas.
Notably, the China-Maldives free trade agreement, effective from January 1, 2025, will lead to lower tariffs, eventually achieving zero tariffs on nearly 96 percent of tariff lines between the two sides. This marks a significant step in strengthening economic ties and mutual benefits.
Supporting Least Developed Countries
China will continue to offer zero-tariff treatment on 100 percent of tariff lines to the 43 least developed countries with which it has diplomatic relations. This policy aims to support their development and foster mutual benefits, reinforcing China’s commitment to global economic inclusivity.
Promoting Industrial and Technological Advancement
The commission also noted that new tariff items will be introduced for products such as pure electric passenger vehicles. This measure is intended to support industrial development and scientific and technological advancement, reflecting China’s dedication to sustainable and innovative growth.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
