China to adjust tariffs on imports, exports in 2024 |
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China to adjust tariffs on imports, exports in 2024

By Wang Keju Updated: 2023-12-22
A US cargo ship docks at the Qingdao Port, Shandong province. [Photo by Yu Shaoyue/For China Daily]

China will implement provisional import tariff rates lower than the most favored nation rates on 1,010 goods starting from Jan 1, the Customs Tariff Commission of the State Council said on Thursday.

Import tariffs on key resources, equipment and components that are domestically scarce, such as gas diffusion layers - key components in various types of fuel cells, will be lowered to facilitate the development of the country's advanced manufacturing industries, the commission said in a statement.

Some anti-cancer medications and drugs for rare diseases, as well as relevant raw materials, will be subject to zero tariffs. Additionally, import tariffs on special medical formula foods and other related products will be reduced, the commission said.

Import tariffs on sweet corn, coriander and burdock seeds will also be trimmed, the commission said, adding that export tariffs on high-purity aluminum will be reduced, fostering the growth of China's new materials industry.

This move is aimed to better leverage the domestic and international markets and resources as well as maintain stability and efficiency in industrial and supply chains, the commission said.