In 2024, the tariff adjustment plan was made public, and there were these changes!

　　On December 21st, the State Council Customs Tariff Commission announced the tariff adjustment plan for 2024, and the import and export tariffs of some commodities were adjusted, which attracted much attention.

　　In terms of import tariff rate, according to the tariff adjustment plan for next year, the provisional import tariff rate will be implemented for 1010 commodities (excluding tariff quota commodities), which is slightly lower than last year.

　　The provisional import tax rate is generally lower than the most-favored-nation tax rate. The purpose is to play the role of tariff lever adjustment, encourage the import of related commodities, and play the role of tariffs in improving domestic competitiveness, promoting technological progress of enterprises, ensuring economic operation, and improving people’s livelihood.

　　The provisional tariff table of imported goods in 2024 disclosed the MFN tariff rate and provisional tariff rate of the above 1010 items in detail. For example, infant formula milk powder, which people are more concerned about, continues to enjoy the provisional tax rate of 5% as last year, which is obviously lower than the MFN tax rate of 15%.

　　In order to accelerate the innovation and development of advanced manufacturing industries, import tariffs on domestic scarce resources, key equipment and parts such as lithium chloride, low arsenic fluorite and gas diffusion layer for fuel cells will be reduced next year. In order to protect people’s lives and health, next year, we will implement zero tariffs on some anticancer drugs, medicines and raw materials for rare diseases, and reduce import tariffs on formula foods for special medical purposes.

　　In addition, import tariffs on sweet corn, coriander and burdock seeds will be reduced next year. In addition, in order to promote the development of new materials industry and reduce the export tariff of high-purity aluminum.

　　In terms of agreed tax rate, according to the free trade agreements and preferential trade arrangements that have been signed and come into effect between China and relevant countries or regions, 20
Under this agreement, some imported goods originating in 30 countries or regions are subject to the agreed tax rate. The China-Nicaragua Free Trade Agreement came into effect on January 1, 2024 and implemented tax reduction.

　　The agreed tax rate is generally lower than the MFN tax rate, which also shows that China has expanded its global network of high-standard free trade zones, continuously promoted high-level opening-up and promoted the construction of an open world economy.

　　For example, according to the free trade agreements between China and New Zealand, Peru, Costa Rica, Switzerland, Iceland, South Korea, Australia, Pakistan, Mauritius and Cambodia and the Regional Comprehensive Economic Partnership Agreement (RCEP), the tax will be further reduced. The free trade agreements between China and ASEAN, Chile, Singapore and Georgia, the early harvest of the free trade agreement between China and Nicaragua, and the Closer Economic Partnership Arrangement (CEPA) between the mainland and Hong Kong and Macao have all been reduced, and the agreed tax rate will continue to be implemented. The Asia-Pacific trade agreement continued to be implemented.

　　It is worth noting that the Cross-Strait Economic Cooperation Framework Agreement (ECFA) has completed the tax reduction and continued to implement the agreed tax rate. However, the Announcement of the the State Council Customs Tariff Commission on Suspension of Tariff Concessions for Some Products of the Cross-Strait Economic Cooperation Framework Agreement (hereinafter referred to as the Announcement) (Announcement of the Tax Commission)
No.9 of 2023) except for the goods involved.

　　According to the above-mentioned Announcement, Taiwan Province unilaterally takes discriminatory measures such as prohibiting and restricting the export of mainland products, which violates the provisions of the Framework Agreement on Cross-Strait Economic Cooperation. According to the Framework Agreement on Cross-Strait Economic Cooperation, the the State Council Customs Tariff Commission decided to suspend the tariff concessions for some products of the Framework Agreement on Cross-Strait Economic Cooperation according to the regulations and procedures. These include imported products of 12 tax items, such as propylene and p-xylene originating in Taiwan Province. It is hoped that Taiwan Province will take effective measures to lift trade restrictions on the mainland.

　　In terms of preferential tax rate, next year, we will continue to give zero-tariff treatment to 43 least developed countries that have established diplomatic relations with China and completed the exchange of letters. We will implement preferential tax rate, and the scope of applicable goods and tax rate will remain unchanged, and Vanuatu will no longer be given zero-tariff treatment.

　　Preferential tax rate is a special preferential tariff treatment that China unilaterally gives to the least developed countries or regions. Generally speaking, the preferential tax rate is the strongest and the tax rate is the lowest. This is also to support and help the least developed countries to accelerate their development.

　　In order to promote China’s superior products to better participate in the international market competition, in 2024, China’s subheads will be appropriately adjusted to add tax items such as decorative base paper and high-end steel products. After adjustment, the total number of tariff items is 8957.

　　The Office of the the State Council Customs Tariff Commission said that the above adjustment measures are conducive to supporting and stabilizing the basic foreign trade and foreign investment and better serving the overall situation of economic and social development; It is conducive to promoting the continuous enhancement of endogenous power and better coordinating development and security; It is conducive to promoting high-level opening up and building a new open economic system; It is conducive to promoting the transformation and upgrading of the industry and actively participating in international market competition.