China-Singapore Jingwei, December 21 According to the Ministry of Finance**21, China will adjust the import and export tariffs of some commodities from January 1, 2024.
In order to continue to play the supporting role of import and export in the economy, and better perform the important function of tariffs in the overall planning of domestic and international markets and resources, the first plenary meeting of the 8th Customs Tariff Commission was deliberated and approved, and submitted for approval, the Customs Tariff Commission issued an announcement that the import and export tariffs of some commodities will be adjusted in 2024.
In order to enhance the linkage effect of domestic and international markets and resources, and maintain the stability and smoothness of China's industrial chain, from January 1, 2024, China will implement a provisional import tax rate lower than the most-favored-nation tax rate for 1,010 commodities. The first is to accelerate the innovation and development of advanced manufacturing industry, and reduce import tariffs on resources, key equipment and parts that are in short supply in China, such as lithium chloride, low-arsenic fluorite, and gas diffusion layers for fuel cells. The second is to protect people's lives and health, meet residents' consumption needs with high-quality supply, implement zero tariffs on drugs and raw materials for some anti-cancer drugs and rare disease drugs, and reduce import tariffs on formula foods for special medical purposes. The third is to reduce import tariffs on sweet corn, coriander and burdock seeds. In addition, in order to promote the development of the new material industry, the export tariffs on high-purity aluminum will be reduced.
From January 1, 2024, according to the development of domestic industries and changes in supply and demand, within the scope of China's commitment to join the world's leading organizations, import tariffs on ethylene, propylene, and liquid crystal glass substrates below 6 generations will be increased.
In order to expand the network of high-standard free zones facing the world, continue to promote high-level opening up, and promote the construction of an open world economy, according to the free and preferential arrangements signed between China and relevant countries or regions, in 2024, some goods originating in 30 countries or regions under 20 agreements will be subject to agreed tax rates. The China-Nicaragua Liberty ** Agreement will enter into force on January 1, 2024 and will implement tax reductions.
In order to support and help the least developed countries to accelerate their development, in 2024, we will continue to implement preferential tax rates for the least developed countries that have established diplomatic relations with China and completed the procedures for exchanging letters, and adjust the countries to which the preferential tax rates apply in accordance with the United Nations list of least developed countries and China's transitional arrangements.
In order to promote China's advantageous products to better participate in the international market competition, in 2024, the domestic sub-items will be appropriately adjusted, and tax items such as decorative base paper and high-end steel products will be added. After the adjustment, the total number of tariff items is 8,957. (Zhongxin Jingwei app).
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