What is the meaning of China's adjustment of import and export tariffs on some commodities from next year? Read the → in one article
In order to continue to play the supporting role of imports and exports in the economy, and better perform the important function of tariffs in the overall planning of domestic and international markets and resources, today (December 12), the Customs Tariff Commission of the State Council issued an announcement that the import and export tariffs of some commodities will be adjusted in 21.
According to the announcement, from January 2024, 1, China will implement a provisional import tax rate lower than the most-favored-nation tax rate for 1,1010 goods.
Specifically, in order to accelerate the innovation and development of advanced manufacturing, import tariffs on resources, key equipment and parts that are in short supply in China, such as lithium chloride, low-arsenic fluorite, and gas diffusion layers for fuel cells, will be reduced.
In order to protect people's lives and health and meet residents' consumption needs with high-quality supply, zero tariffs will be implemented on drugs and raw materials for some anti-cancer drugs and rare disease drugs, and import tariffs on formula foods for special medical purposes will be reduced.
Reduced import duties on sweet corn, coriander and burdock seeds. Reducing tariffs will help ensure the supply of China's seed industry and promote the healthy and stable development of China's agriculture.
According to the analysis of experts, on the whole, the tariff adjustment adheres to the general tone of "seeking progress while maintaining stability", and after the tariff adjustment, it will be conducive to supporting the stabilization of foreign trade and foreign investment, and better serving the overall situation of 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 and building a new system of open economy; It is conducive to promoting the transformation and upgrading of the industry and actively participating in the international market competition.
Tu Xinquan, Dean of the China WTO Research Institute of the University of International Business and Economics: We can see that more than 1000,<> products have been subject to a provisional tariff rate lower than the most-favored-nation rate, that is, lower than the tariff level promised by the WTO, which reflects our determination to expand opening up independently, especially to share China's booming market with the world.
Gao Lingyun, researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences: When we reduce tariffs, we will naturally increase our imports, which will also have a positive effect on stabilizing foreign trade and promote our expected stability.
In 2024, the total number of tariff items in China will be 8957,<>
Tariff items are the basis for the implementation of tax rates and trade management measures, and are of great significance in strengthening import and export management, implementing trade policies and industrial policies. In order to promote China's superior products to better participate in the international market competition, tax items such as decorative base paper and high-end steel products will be added in 2024. After the adjustment, the total number of tariff items is 8957,<>.
In 2024, the treaty tax rate will be implemented for some goods
In addition to the provisional import tax rate, in 2024, China will also implement the agreed tax rate on some goods.
According to the free trade agreements and preferential trade arrangements signed between China and relevant countries or regions, in 2024, the agreed tax rates will be implemented on some goods originating in 20 countries or regions under 30 agreements. The China-Nicaragua Free Trade Agreement will come into force on January 2024, 1 and will implement tariff reductions.
Tu Xinquan, Dean of the China WTO Research Institute of the University of International Business and Economics: Although Nicaragua is not a very large economy with a population of six or seven million, it is also through free trade agreements that we are expanding our circle of friends, and through this measure of mutual tariff reduction, we can promote the potential of mutual economic and trade cooperation with other countries and increase the degree of interdependence.
According to expert analysis, the implementation of the agreed tax rate on some commodities will help expand the network of high-standard free trade zones facing the world, continue to promote high-level opening up, and promote the construction of an open world economy.
In addition, in terms of preferential tax rates, in order to support and help the least developed countries accelerate their development, the preferential tax rates will continue to be implemented in 2024 for the least developed countries that have established diplomatic relations with China and completed the procedures for exchanging letters.
Gao Lingyun, researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences: Our tariff adjustment plan continues to provide zero-tariff treatment to the 43 least developed countries that have established diplomatic relations with China and have exchanged letters, which reflects our country's responsibility and responsibility as a major country to further promote trade and investment liberalization and facilitation, and promote the smooth development of globalization.
News link: How many tariff rates are there?
MFN tax rate, provisional tax rate, treaty tax rate, preferential tax rate. What does it all mean? What's the difference?
The most-favored-nation tariff rate refers to the tariffs applicable to goods imported by WTO members and countries or regions with which they have signed trade agreements with MFN clauses, and generally shall not be higher than the tariff rates committed by each member in the WTO.
The provisional tariff rate is a tariff rate imposed on some import and export goods for a certain period of time, which is usually lower than the most-favored-nation tariff rate and is applied preferentially, which is a relatively common way to adjust tariffs independently. The state can implement dynamic management of the provisional tax rate according to the needs of national economic development and the optimization and upgrading of industrial and supply chains. For industries that need to expand the opening up of the market, setting or further reducing the provisional import tax rate of relevant commodities can reduce import costs and improve the quality and level of international circulation; For mature domestic industries, raising or canceling the provisional import tax rate of relevant commodities can appropriately protect domestic production and enhance the endogenous power and reliability of the domestic cycle.
The agreement tax rate is the tariff rate applicable to imported goods originating in countries or regions that have signed free trade agreements or preferential trade arrangements with China.
The preferential tax rate refers to the preferential tax rate given to the least developed countries by China on its own initiative. In 2024, China will continue to implement preferential tax rates for 43 least developed countries.
(CCTV News Client)