context: At the end of each year, the State Council will adjust the tariff rates for some import and export goods according to the developmental needs of the country. The 2024 plan lowered the import tariffs of some medicines, raw materials and intermediate goods. The change is in line with some previous expert suggestions about reducing import tariffs to reduce the trade surplus and upgrade PRC industries. As Beijing is eager to develop its green and medical industry, more import tariff cuts may come for goods used for these purposes.
An article published in Xinhua unpacked some highlights of the 2024 tariff adjustment plan to boost the development of
- medicine
- zero tariff for
- drugs and raw materials for the treatment of cancer and rare diseases
- anticancer drugs for the treatment of liver malignancies
- raw materials for the treatment of rare diseases such as idiopathic pulmonary hypertension
- ipratropium bromide solution for inhalation, which is widely used clinically for the treatment of asthma-like diseases in children
- reduce the import tariffs on food formulas for special medical purposes
- drugs and raw materials for the treatment of cancer and rare diseases
- zero tariff for
- innovation and development in manufacturing
- lowering import tariffs on some raw materials and intermediate goods to meet domestic production needs
- equipment and parts
- gas diffusion layers for fuel cells
- biogas-fueled generating units equipped with point-fired piston internal combustion engines
- resource commodities like lithium chloride and cobalt carbonate
- these are key raw materials for the new energy automobile industry
- reducing tariffs can help enterprises reduce the cost of production
- equipment and parts
- further dividing and clarifying tariff items for five steel products into ten items
- including automotive steel and steel for ships
- this may strengthen trade management and help high-level steel products to compete better in the international market
- lowering import tariffs on some raw materials and intermediate goods to meet domestic production needs
- tariff rates committed in agreements
- 20 trade agreements
- including the recently concluded FTAs (free trade agreements) with Nicaragua and Servia
- preferential tariff rates committed to least developed countries
- 20 trade agreements