China is poised to usher in the new year with a significant adjustment to its import tariffs, aiming to boost domestic demand and foster high-standard opening up. Starting January 1, 2025, the nation will apply provisional import tariffs—lower than the most-favored-nation rates—to 935 commodities, the Customs Tariff Commission of the State Council announced on Saturday.
This annual tariff adjustment plan is designed to increase the imports of quality products, thereby enhancing the well-being of its people and promoting green and low-carbon development. The move aligns with China’s efforts to foster new quality productive forces through scientific and technological innovation, the commission stated.
As part of its strategy to expand a globally-oriented network of high-standard free trade areas, China will apply conventional tariff rates under 24 free trade and preferential trade arrangements to certain products from 34 countries or regions next year.
One notable example is the China-Maldives free trade agreement, which becomes effective on January 1, 2025. The agreement will lead to zero tariffs on nearly 96 percent of tariff lines between the two sides, significantly enhancing trade relations.
Moreover, 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. This initiative aims to support their development and foster mutual benefits, reflecting China’s commitment to shared prosperity.
The tariff adjustments also include the introduction of specified tariff items for products such as pure electric passenger vehicles. This measure is intended to support industrial development and accelerate scientific and technological advancement in the automotive sector.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
