Starting January 1, 2025, provisional import tariffs, which are lower than the most-favored-nation rates, will be implemented on 935 products under an annual tariff adjustment plan. The Customs Tariff Commission of the State Council stated that this initiative "will help increase the imports of quality products."
This reduction in tariffs is intended to support the development of new quality productive forces through scientific and technological advancements, improve the well-being of citizens, and encourage green and low-carbon growth, according to the commission.
For example, reduced provisional tariffs will apply to certain raw materials, such as ethane, cycloolefin polymers, and ethylene-vinyl alcohol copolymers, which are essential for the petrochemical sector.
Fan Min, deputy head of the information and market department at the China Petroleum and Chemical Industry Federation, noted that "these tariff reductions will significantly lower production costs for enterprises, stimulate technological innovation, and support the green development of the petrochemical industry."
Additionally, import tariffs on some recycled copper and aluminum raw materials will also be decreased, as indicated by the commission.
Moreover, automatic transmissions for specialized vehicles, including fire trucks and repair vehicles, will benefit from lower import tariffs, which analysts believe will enhance the production capabilities of these vehicles and boost their market competitiveness.
The country will maintain zero tariffs on certain medications and raw materials used for treating cancer and rare diseases while also reducing tariffs on sodium zirconium cyclosilicate, viral vectors for CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants.
China is committed to enhancing access to medical services by progressively lowering import tariffs on high-demand pharmaceutical raw materials and medical equipment, stated Gao Yuning, vice dean of the School of Public Policy and Management at Tsinghua University.
Since 2018, China has been systematically reducing import tariffs on medications and active pharmaceutical ingredients.
Next year, conventional tariff rates will be implemented for certain products from 34 countries or regions under 24 free trade and preferential trade agreements, as part of China's strategy to broaden its network of high-standard free trade areas, according to the commission.
Notably, the China-Maldives free trade agreement, which takes effect on January 1, 2025, will ultimately result in zero tariffs on nearly 96 percent of tariff lines between the two nations.
Additionally, China plans to maintain zero-tariff treatment on all tariff lines next year for the 43 least developed countries with which it has diplomatic relations, aiming to support their development and promote mutual benefits, as reported by the commission.
These initiatives reflect China's commitment to high-standard openness and its responsibility as a major global player, according to Gao Lingyun, a researcher at the Chinese Academy of Social Sciences.
In the face of global challenges to globalization and increasing geopolitical tensions, China is taking steps to further open its economy. The recent Central Economic Work Conference emphasized the importance of expanding voluntary and unilateral opening in a systematic manner.
Specific tariff adjustments will be made for products such as pure electric passenger vehicles to bolster industrial growth and technological advancement, while import tariffs on items like battery diaphragms will be raised, aligning with domestic industrial development and market dynamics, as well as commitments to the World Trade Organization, according to the commission.