China to adjust tariffs on imports, exports in 2024

BEIJING, Dec. 21 -- China will adjust its tariff rates on imports and exports from Jan. 1, 2024, the Customs Tariff Commission of the State Council announced Thursday.

According to a circular issued by the commission, the country will implement provisional import tariffs that are lower than the most-favored-nation rates on 1,010 commodities.

For instance, China will reduce or exempt tariffs on resources that the country is experiencing a shortage of, critical equipment and components, medications and raw materials for the treatment of some cancers and rare diseases, food for special medical purposes, and some agricultural products.

In addition, the country will reduce the export tariff on high-purity aluminum.

Meanwhile, China will raise import tariffs on ethylene, propylene, and certain types of liquid crystal glass substrates, among others, within its accession commitment to the World Trade Organization.

Under the free trade and preferential trade arrangements with other countries or regions, China will impose conventional tariff rates on some products from 30 countries and regions next year amid efforts to open up at a higher level.

China will continue to grant preferential tariff treatments next year to the least developed countries that have established diplomatic relations and completed the exchange of letters with China.

Source: Xinhua