A large number of vehicles wait for shipment at Lianyungang Port on December 27, 2024 in Lianyungang, Jiangsu Province of China. (Photo by Wang Chun/VCG via Getty Images)
BEIJING (EPICSTORIAN) — China will reduce import tariffs on 935 commodities starting Jan. 1, 2025, in its latest effort to stimulate domestic demand and pursue high-standard opening up, the Customs Tariff Commission of the State Council announced Saturday.
This provisional tariff adjustment, featuring rates lower than the most-favored-nation tariffs, is part of an annual revision plan aimed at fostering economic growth and innovation.
The commission emphasized that these changes will “help increase the imports of quality products,” enhance people’s well-being, and promote green, low-carbon development.
Supporting Key Industries
Reduced tariffs will target critical raw materials, including ethane, cycloolefin polymers, and ethylene-vinyl alcohol copolymers, vital for the petrochemical sector.
Fan Min, deputy head of the information and market department at the China Petroleum and Chemical Industry Federation, noted, “These tariff cuts will effectively reduce production costs, encourage technological innovation, and facilitate green development in the petrochemical industry.”
Recycled copper and aluminum raw materials will also benefit from tariff reductions, aligning with the nation’s sustainability goals. Additionally, tariffs on automatic transmissions for special-purpose vehicles such as fire trucks and repair vehicles will be lowered to bolster their production and global competitiveness.
Advancing Healthcare Access
China will maintain zero tariffs on select cancer and rare disease treatments while further reducing tariffs on sodium zirconium cyclos.
