China is set to adjust import tariffs on a range of goods starting from January 1, 2025, in a strategic move to boost domestic demand and further open its economy to the world. 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 as part of the annual tariff adjustment plan.
Boosting Quality Imports
“This plan will help increase the imports of quality products,” the commission stated. The tariff reductions are designed to foster new productive forces through scientific and technological innovation, enhance people’s well-being, and promote green and low-carbon development.
Expanding Free Trade Networks
China is also expanding its globally-oriented network of high-standard free trade areas. Under 24 free trade and preferential trade arrangements, conventional tariff rates will be applied to certain products from 34 countries or regions next year. Among these, 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.
Supporting Least Developed Countries
In a bid to support development and foster mutual benefits, China will 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, according to the commission.
Encouraging Innovation in Key Industries
The tariff adjustments are not limited to traditional goods. Specified tariff items will be introduced for products such as pure electric passenger vehicles to support industrial development and scientific and technological advancement. This move underscores China’s commitment to promoting sustainable development and embracing cutting-edge technologies.
The adjustments reflect China’s ongoing efforts to promote trade liberalization and economic globalization, offering new opportunities for global businesses and investors looking to engage with the Chinese market.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
