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Starting from January 1, 2024, China will adjust import and export tariffs on some goods

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Starting from January 1, 2024, China will adjust import and export tariffs on some goods
Latest company news about Starting from January 1, 2024, China will adjust import and export tariffs on some goods

This adjustment mainly includes: to enhance the linkage effect of domestic and international markets and resources, maintain the stability and smoothness of the industrial and supply chains, China will implement temporary import tax rates lower than the most favored nation tax rate on 1010 goods next year.



This includes accelerating the innovative development of advanced manufacturing industry, reducing import tariffs on scarce domestic resources, key equipment, and components such as lithium chloride, low arsenic fluorite, and fuel cell gas diffusion layers; To ensure the lives and health of the people, meet the consumption needs of residents with high-quality supply, implement zero tariffs on some anti-cancer drugs, rare disease drugs, drugs and raw materials, and reduce import tariffs on formula foods for special medical purposes; Reduce import tariffs on sweet corn, coriander, and burdock seeds. In addition, to promote the development of the new materials industry, the export tariffs on high-purity aluminum will be reduced.


Huang Yonghe, Senior Chief Expert of China Automotive Technology Research Center, introduced that this adjustment involves content related to the automotive industry, including fuel cell raw materials, key components, etc. Implementing more favorable import provisional tax rates on them can promote the development of fuel cells in China and better ensure the smooth supply chain of the new energy vehicle industry.



Regarding drugs, Chen Wei, Deputy Director of the Clinical Nutrition Department at Peking Union Medical College Hospital, introduced that since 2018, China has successively cancelled import tariffs on the first and second batches of anti-cancer drugs, rare disease drugs, and related raw materials. In 2024, zero tariffs will continue to be implemented on some anti-cancer drugs, rare disease drugs, and raw materials. There are life-saving medicines among them. Yttrium [90] microsphere injection is an anti-cancer drug for the treatment of malignant liver tumors. Quqianlier is a raw material for rare diseases in the treatment of idiopathic pulmonary hypertension. Although the incidence rate of rare diseases is low, China's population base is large, and the beneficiaries after the tariff adjustment will be more than a few. Inhalation of ipratropium bromide solution can be used to treat childhood asthma related diseases.



Starting from January 1, 2024, based on the development of domestic industries and changes in supply and demand, within the scope of China's commitment to join the World Trade Organization, import tariffs on certain commodities such as ethylene, propylene, and LCD glass substrates below the 6th generation will be raised.



In order to expand the global network of high standard free trade zones, continue to promote high-level opening up to the outside world, and promote the construction of an open world economy, in accordance with the free trade agreements and preferential trade arrangements signed between China and relevant countries or regions, agreement tax rates will be applied to some goods originating from 30 countries or regions under 20 agreements in 2024. The China Nicaragua Free Trade Agreement will come into effect on January 1, 2024 and implement tax reductions.



In order to support and assist the least developed countries in accelerating their development, preferential tax rates will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with China and completed the exchange of documents procedures. The preferential tax rates will be adjusted according to the United Nations list of least developed countries and China's transitional arrangements, and the applicable countries will be adjusted.



In order to promote the better participation of Chinese advantageous products in international market competition, the domestic sub items will be adjusted appropriately in 2024, and tax items such as decorative base paper and high-end steel products will be added. After this adjustment, the total number of tax items in the tariff is 8957.



This adjustment reflects the overall tone of seeking progress while maintaining stability. Gao Lingyun, a researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, believes that this adjustment is conducive to supporting the stability of the basic situation of foreign trade and foreign investment, and better serving the overall economic and social development; Beneficial for promoting the continuous enhancement of endogenous power, better coordinating development and security; Beneficial for promoting high-level opening-up to the outside world and building a new open economic system; It is conducive to promoting industry transformation and upgrading, and actively participating in international market competition.

Pub Time : 2023-12-22 11:33:35 >> News list
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