China is set to make significant changes to its import tariffs starting January 1, 2025, as part of a strategic move to boost domestic demand and promote high-standard opening up. The Customs Tariff Commission of the State Council announced on Saturday that provisional import tariffs, which are lower than the most-favored-nation rates, will be applied to 935 commodities next year.
This annual tariff adjustment plan aims to increase the import of quality products, aligning with Beijing's broader goals of fostering new quality productive forces through scientific and technological innovation, enhancing people's well-being, and promoting green and low-carbon development.
Under 24 free trade and preferential trade agreements, conventional tariff rates will continue to apply to certain products from 34 countries and regions. This is part of China's efforts to expand its globally-oriented network of high-standard free trade areas.
For instance, the China-Maldives free trade agreement, effective January 1, 2025, will gradually reduce tariffs, eventually leading to zero tariffs on nearly 96 percent of tariff lines between the two sides.
Additionally, China will maintain zero-tariff treatment on 100 percent of tariff lines for the 43 least developed countries it has diplomatic relations with, supporting their development and fostering mutual benefits.
The commission also highlighted that specified tariff items will be introduced for products such as pure electric passenger vehicles, supporting industrial development and technological advancements in the eco-friendly sector.
Reference(s):
China to adjust import tariff rates, items on some goods from Jan. 1
cgtn.com
