Key Points
- China will reduce import tariffs on 935 items starting January 1, 2025.
- Key reductions include ethane and recycled copper and aluminum to promote low-carbon development.
- Tariff adjustments prioritize healthcare and innovation, including CAR-T therapy and surgical implant materials.
- Increases apply to molasses and sugar-containing pre-mixed powders. The China-Maldives Free Trade Agreement will come into effect with tariff reductions.
China announced plans to reduce import tariffs on various goods, including ethane and certain recycled copper and aluminum raw materials, starting January 1, 2025. The move, detailed by the Ministry of Finance on Saturday, is part of broader efforts to encourage high-quality imports, expand domestic demand, and promote sustainable economic growth through high-level trade openness.
The Ministry stated that provisional import tariffs below the most-favored-nation rates would be applied to 935 items. Key reductions include tariffs on ethane and recycled copper and aluminum materials, a step aligned with China’s commitment to green and low-carbon development. Meanwhile, adjustments in other categories reflect nuanced changes in trade priorities.
Tariffs will increase for specific commodities such as molasses and sugar-containing pre-mixed powders. However, significant reductions will apply to cyclic olefin polymers, ethylene-vinyl alcohol copolymers, and automatic transmissions designed for specialized vehicles like fire trucks and repair vehicles. These changes aim to support industrial advancements and meet the demands of niche markets.
Additionally, tariff reductions will benefit medical and technological innovation. Items such as sodium zirconium cyclosilicate, essential for treating hyperkalemia, viral vectors used in CAR-T tumor therapy, and nickel-titanium alloy wires for surgical implants are prioritized for lower import duties. These measures aim to enhance China’s capacity for advanced healthcare solutions and industrial applications.
As part of its evolving trade relationships, China will also implement tariff reductions under the China-Maldives Free Trade Agreement, which will take effect on January 1. This agreement signals strengthened bilateral economic ties and reflects China’s strategy to deepen partnerships in the Asia-Pacific region.
This comprehensive tariff adjustment highlights China’s dual focus on fostering sustainable development and bolstering technological innovation while reinforcing its position as a major player in global trade.
