China To Reduce Import Tariffs Below MFN Rates

China will reduce import tariffs for 1,010 commodities below most-favoured nation tax rates starting from Jan 1 2024, according to a statement from the State Council Tariff Commission. The measure will support advanced manufacturing by covering short supply items such as lithium chloride, low-arsenic fluorspar, high-purity aluminium, and gas diffusion layers for fuel cells. However, China plans to raise tariffs on specific commodities including ethylene, propylene, and LCD glass substrates in accordance with WTO rules. Overall, policymakers aim to improve linking domestic and international markets and ensure the seamless operation of the nation's supply chains. (Source: 21st Century Business Herald)