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China will adjust import and export tariffs on selected goods in 2024 in a bid to support high-quality development and opening up and accelerate the building of innovation patterns, the Customs Tariff Commission of the State Council (the ‘Commission’) said on Wednesday, December 20, 2023.
In 2024, China will impose tariffs on 8,957 tax items.
Starting from January 1, 2024, 1,010 items, including certain medical products, key equipment and parts, resources in short supply, and some agriculture products, will be subject to provisional import tariff rates, which are lower than the most favored nation (MFN) tariffs.
Starting from January 1, 2024, import tariffs on some commodities will be raised to assist with the development of domestic industry and cope with changes in supply and demand. Examples include ethylene, propylene, and liquid crystal glass substrates below 6 generations.
The conventional tariff rates will be applied to imported goods originating from 30 countries or regions, under the 20 free trade agreements and preferential trade arrangements that have been signed and entered into force between China and relevant countries or regions.
The preferential tariff rates will continue to be applied to 43 least-developed countries that have established diplomatic relations with China and completed the exchange of documents, to support and help the least-developed countries accelerate their development. The zero tariff treatment for Vanuatu will be ceased.
The tariff quota management will continue to be implemented on eight categories of commodities including wheat, and the tax rates will remain unchanged.
Export tariffs will be imposed on 107 commodities, including ferrochrome, 68 of which are subjected to provisional export tariff rates.