China Slashes Import Tariffs to Boost Green Development

China plans to reduce import tariffs on ethane and recycled copper and aluminum starting next year. The move aims to boost imports of high-quality products and enhance domestic demand as part of its green development initiative. Tariffs on commodities like molasses will, however, increase.

China's government announced a significant reduction in import tariffs on ethane and specific recycled materials, taking effect from next year. The reduction is part of an initiative to advance green and low-carbon development.

The Ministry of Finance detailed the adjustments to import tariff categories, set for implementation on January 1. The changes, impacting 935 items, are aimed at promoting increased imports of high-quality products and expanding domestic demand.

While tariffs on some commodities like molasses are set to increase, reductions will apply to items including cyclic olefin polymers and materials used in CAR-T tumour therapy. Additionally, the China-Maldives Free Trade Agreement will also come into effect on January 1.

(With inputs from agencies.)