With the approval of the State Council, the Tariff Commission of the State Council issued an announcement on the 21st that it will adjust the import and export tariffs on some commodities in 2024 to continue to play the supporting role of import and export in the economy and better implement tariffs in coordinating the two resources of the domestic and international markets. important functions.
According to the announcement, starting from January 1, 2024, my country will implement a tentative import tax rate lower than the most-favored nation tax rate for 1,010 commodities. Among them, in order to accelerate the innovative development of advanced manufacturing, we will reduce import tariffs on resources, key equipment and parts that are in short supply in the country, such as lithium chloride, low arsenic fluorspar, and gas diffusion layers for fuel cells. In order to protect people's life and health, zero tariffs will be implemented on some drugs and raw materials for anti-cancer drugs and rare disease drugs, and import tariffs on formula foods for special medical purposes will be reduced. In addition, import duties on sweet corn, coriander, and burdock seeds will be reduced. Reduce export tariffs on high-purity aluminum.
Based on domestic industrial development and changes in supply and demand, starting from January 1, 2024, within the scope of my country’s commitments to join the World Trade Organization, import tariffs on some commodities such as ethylene, propylene, and LCD glass substrates below 6 generations will be increased.
In order to continue to promote high-level opening up to the outside world, according to the free trade agreements and preferential trade arrangements signed by my country and relevant countries or regions, agreement tax rates will be implemented on some commodities under 20 agreements and originating in 30 countries or regions in 2024. The China-Nicaragua Free Trade Agreement will take effect on January 1, 2024 and implement tax reductions.
In order to support and help the least developed countries accelerate their development, preferential tax rates will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with my country and completed the exchange of letters. In order to promote my country's advantageous products to better participate in international market competition, the domestic subheadings will be appropriately adjusted in 2024 and additional tax headings such as decorative base paper and high-end steel products will be added. After adjustment, the total number of tax items in the tax code is 8,957.
The Customs Tariff Commission of the State Council stated that the above-mentioned adjustment measures are guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhere to the general tone of the work of seeking progress while maintaining stability, and fully, accurately and comprehensively implement the new development concept, which is conducive to supporting the stabilization of the fundamentals of foreign trade and foreign investment. Better serve the overall 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 to the outside world and building a new open economic system; it is conducive to promoting the transformation and upgrading of the industry and actively participating in the international market compete.
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