The Chinese authorities have announced another adjustment of customs tariffs on a range of goods, which will take effect at the beginning of 2025. The main aim of these changes is to stimulate the import of essential raw materials and certain types of medical products.
This is reported by Finway
Reduction of Tariffs on Strategic Raw Materials
Starting next year, import tariffs on raw materials such as processed black powder, used in the production of lithium-ion batteries, will be reduced in China. This decision will promote the development of innovative sectors, particularly the electric vehicle industry and the energy storage sector.
Preferential Rates for Medical Goods
In addition to raw materials, the Chinese government is implementing a reduction in tariffs on medical products, including artificial blood vessels and diagnostic kits for detecting specific infectious diseases. These measures aim to improve access to modern medical technologies and enhance public health.
The Customs Tariff Commission of the State Council of China notes that temporary import tariff rates will be applied to 935 commodity items, which will be lower than the current rates of the most-favored-nation regime that applies to all member countries of the World Trade Organization.
“The country will also reduce tariffs on medical products, including artificial blood vessels and diagnostic kits for detecting specific infectious diseases,” stated the Customs Tariff Commission of the State Council of China.”
Experts indicate that these changes will enhance the competitiveness of the Chinese market and strengthen cooperation with international partners.