China will adjust import and export tariffs on some commodities starting from January 1st!
China will adjust import and export tariffs on some commodities starting from January 1st!
Involving 1,010 commodities
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 coordinating the two resources of domestic and international markets, on December 21, the Tariff Commission of the State Council issued an announcement that it will adjust the import tariffs of some commodities in 2024. Export duties.agent shipping china
According to the announcement, starting from January 1, 2024, my country will implement a tentative import tax rate lower than the most-favored nation tax rate for 1,010 commodities.agent shipping china
Specifically, in order to accelerate the innovative development of advanced manufacturing, the import tariffs on resources, key equipment and parts that are in short supply in the country, such as chloride hammers, low-precision fluorspar, and gas diffusion layers for fuel cells, are reduced.agent shipping china
In order to protect people's lives and health and meet residents' consumption needs with high-quality supply, zero tariffs will be implemented on some drugs and raw materials for anti-cancer drugs and rare disease drugs, and import tariffs on formula foods for special medical purposes will be reduced.agent shipping china
Reduce import tariffs on sweet corn, vine, and calyx seeds. The current domestic production capacity of these three seeds is insufficient and they still need to be imported. Reducing tariffs will help ensure the supply of my country's seed industry and promote the healthy and stable development of my country's agriculture.agent shipping china
In addition to the temporary import tax rate, my country will also implement agreement tax rates on some commodities in 2024. According to the free trade agreements and preferential trade arrangements signed by my country and relevant countries or regions, agreement tax rates will be implemented on some commodities under 20 agreements and originating in 30 countries or regions in 2024.agent shipping china
The China-Nicaragua Free Trade Agreement will take effect on January 1, 2024 and implement tax reductions.
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