China is set to lower import tariffs on 935 goods starting January 1, 2025, in a move to expand domestic demand and promote high-standard opening up. The announcement, made on Saturday by the Customs Tariff Commission of the State Council, underscores China’s commitment to fostering global trade and supporting economic growth.
The provisional import tariffs, which are lower than the most-favored-nation rates, are part of an annual tariff adjustment plan aimed at increasing the import of quality products. “This plan will help increase the imports of quality products,” the commission stated, highlighting the nation’s drive to enhance technological innovation, improve people’s well-being, and advance green and low-carbon development.
Under 24 free trade and preferential trade agreements, China will apply conventional tariff rates to certain products from 34 countries and regions. This effort seeks to expand China’s globally-oriented network of high-standard free trade areas and deepen international economic ties.
Among these agreements, the China-Maldives free trade agreement, effective January 1, 2025, will introduce lower tariffs that will eventually lead to zero tariffs on nearly 96% of tariff lines between the two nations. This development is expected to boost bilateral trade and support mutual economic growth.
China will also continue to offer zero-tariff treatment on all tariff lines for the 43 least developed countries with which it has diplomatic relations. This initiative aims to support their development and foster mutual benefits.
Furthermore, the commission noted that specific tariff items will be introduced for products such as pure electric passenger vehicles to support industrial development and scientific and technological advancement.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
