The Ministry of Finance released on December 20, 2023 the Announcement of the Customs Tariff Commission of the State Council on Adjusting Tariffs for 2024, stating that the country will adjust the import and export tariffs on certain goods starting January 1, 2024.
According to the Announcement, China will implement provisional import tariff rates lower than the most-favored-nation rates on 1,010 items starting January 1, 2024. First, import tariffs on key resources, equipment and components that are domestically scarce, like lithium chloride, low arsenic fluorite, and gas diffusion layers for fuel cells will be lowered. Second, certain anti-cancer medications and drugs for rare diseases, as well as relevant raw materials, will be subject to zero import tariffs, and import tariffs on foods for special medical purposes and other related products will be reduced. Third, import tariffs on sweet corn, coriander and burdock seeds will be cut. The Announcement also outlines other major changes, such as adding new tax items like decorative papers, high-end iron and steel products and others. There will be a total of 8,957 tax items after the adjustment.