BEIJING, Dec. 28 (Xinhua) -- China will reduce import tariffs on a large number of goods next year in its latest move to expand domestic demand and advance high-standard opening up, authorities announced Saturday.
Provisional import tariffs, lower than the most-favored-nation rates, will be applied to 935 commodities as part of an annual tariff adjustment plan effective on Jan. 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.
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.
In addition, automatic transmissions for special-purpose vehicles such as fire trucks and repair vehicles will enjoy lower import tariffs, which analysts say will better guarantee the production of such vehicles and improve their competitiveness.
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.
Under 24 free trade and preferential trade arrangements, conventional tariff rates will be applied to certain products from 34 countries or regions next year as part of China's efforts to expand its globally-oriented network of high-standard free trade areas, according to the commission.
Among these, lower tariffs under the China-Maldives free trade agreement, effective Jan. 1, 2025, will eventually lead to zero tariffs on nearly 96 percent of tariff lines between the two sides.
China will also continue to offer zero-tariff treatment on 100 percent of tariff lines next year to the 43 least developed countries with which it has diplomatic relations in a bid to support their development and foster mutual benefits, according to the commission.
These measures demonstrate China's determination to advance high-standard opening up and its sense of duty as a responsible major country, said Gao Lingyun, a researcher at the Chinese Academy of Social Sciences.
Despite global headwinds against globalization and rising geopolitical risks, China has acted to open its doors wider. The tone-setting Central Economic Work Conference held earlier this month vowed to expand voluntary and unilateral opening up in an orderly manner.
Specified tariff items will be introduced for products such as pure electric passenger vehicles to support industrial development and sci-tech advancement, while import tariffs will be increased on goods including battery diaphragms, in light of domestic industrial development and market supply and demand, and in accordance with its commitments to the World Trade Organization, according to the commission. ■