(ECNS) -- China will make changes to tariffs on part of imports and exports next year, according to a circular issued by the Customs Tariff Commission of the State Council on Thursday.
Starting from January 1, 2024, China will implement provisional import tax rates lower than the most-favored-nation rates for 1,010 commodities.
Starting from January 1, 2024, China will implement provisional import tax rates lower than the most-favored-nation rates for 1,010 commodities.
This includes lowering import tariffs on resources that are domestically scarce, critical equipment, and components such as lithium chloride, low-arsenic fluorite, gas diffusion layers for fuel cells, as well as formulations for special medical purposes. China will impose zero tariffs on certain anti-cancer drugs, drugs for rare diseases, and raw materials. Additionally, import tariffs on imported seeds of sweet corn, coriander, and burdock will be lowered, along with a reduction in export tariffs on high-purity aluminum.
China will also increase import tariffs on certain commodities within the scope of commitments made upon joining the World Trade Organization, including ethylene, propylene, and liquid crystal glass substrates of the sixth generation and below.
The adjustment will take effect on Jan. 1, 2024.
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