CHINA is to reduce import tariffs on a large number of goods next year in its latest move to expand domestic demand, authorities announced last Saturday.
Provisional import tariffs, lower than the most-favoured-nation rates, apply to 935 commodities as part of an annual tariff adjustment plan effective on January 1, 2025.
This plan 'will help increase the imports of quality products,' according to a statement from the Customs Tariff Commission of the State Council, according to Xinhua.
This tariff reduction aligns with the need to foster new quality productive forces through scientific and technological innovation, enhance people's well-being, and promote green and low-carbon development, the commission said.
For instance, lower provisional tariffs will be implemented for some raw materials, including ethane, cycloolefin polymers and ethylene-vinyl alcohol copolymers, which are important basic materials for the petrochemical industry.
'These tariff cuts will effectively reduce the production costs of enterprises, promote their technological innovation and facilitate the green development of the petrochemical industry,' said Fan Min, deputy head of the information and market department at china Petroleum and Chemical Industry Federation.
Some recycled copper and aluminium raw materials will also see their import tariffs reduced, according to the commission.
While continuing to apply zero tariffs on some drugs and raw materials to treat cancer and rare diseases, the country will cut tariffs on sodium zirconium cyclosilicate, viral vectors for CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants.
By continuously reducing import tariffs on the pharmaceutical raw materials and medical equipment in high demand, China will better ensure people's access to medical services, said Gao Yuning, vice dean of the School of Public Policy and Management of Tsinghua University.
China has been bringing down the import tariffs for drugs and active pharmaceutical ingredients since 2018.
SeaNews Turkey
Provisional import tariffs, lower than the most-favoured-nation rates, apply to 935 commodities as part of an annual tariff adjustment plan effective on January 1, 2025.
This plan 'will help increase the imports of quality products,' according to a statement from the Customs Tariff Commission of the State Council, according to Xinhua.
This tariff reduction aligns with the need to foster new quality productive forces through scientific and technological innovation, enhance people's well-being, and promote green and low-carbon development, the commission said.
For instance, lower provisional tariffs will be implemented for some raw materials, including ethane, cycloolefin polymers and ethylene-vinyl alcohol copolymers, which are important basic materials for the petrochemical industry.
'These tariff cuts will effectively reduce the production costs of enterprises, promote their technological innovation and facilitate the green development of the petrochemical industry,' said Fan Min, deputy head of the information and market department at china Petroleum and Chemical Industry Federation.
Some recycled copper and aluminium raw materials will also see their import tariffs reduced, according to the commission.
While continuing to apply zero tariffs on some drugs and raw materials to treat cancer and rare diseases, the country will cut tariffs on sodium zirconium cyclosilicate, viral vectors for CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants.
By continuously reducing import tariffs on the pharmaceutical raw materials and medical equipment in high demand, China will better ensure people's access to medical services, said Gao Yuning, vice dean of the School of Public Policy and Management of Tsinghua University.
China has been bringing down the import tariffs for drugs and active pharmaceutical ingredients since 2018.
SeaNews Turkey
