The Elements of Innovation Discovered
Metal Tech News - January 1, 2025
Chinese import tariffs on certain recycled copper and aluminum raw materials will be reduced effective Jan. 1, the government said last weekend.
Lower provisional tariffs will also be implemented for ethane, cycloolefin polymers and ethylene-vinyl alcohol copolymers, which are basic materials used by the petrochemical industry.
"These tariff cuts will effectively reduce the production costs of enterprises, promote their technological innovation and facilitate the green development of the petrochemical industry," said Fan Min, deputy head of the information and market department at China Petroleum and Chemical Industry Federation.
The Ministry of Finance announced reductions aimed at increasing imports of high-quality products, expanding domestic demand, fostering new quality productive forces through scientific and technological innovation, and advancing "green and low-carbon development," according to a statement by the Customs Tariff Commission.
The ministry listed 935 commodities that would be subject to provisional import tariffs below the standard rates applied to imports from other World Trade Organization member countries.
In addition to ethane and certain recycled copper and aluminum raw materials, tariffs will be reduced on items such as nickel-titanium alloy wires for surgical implants and automatic transmissions for special-purpose vehicles such as fire trucks and repair vehicles.
Specific tariffs will be introduced for products, including 100% electric passenger vehicles to support industrial development and advancement, while import tariffs will be increased on goods in light of domestic industrial development and market supply and demand, such as battery diaphragms – the permeable membranes placed between a battery's anode and cathode.
The commission's message is one of diplomacy and mutual advancement of standards.
"China will also continue to offer zero-tariff treatment on 100 percent of tariff lines next year to the 43 least developed countries with which it has diplomatic relations in a bid to support their development and foster mutual benefits, according to the commission," according to New China News Agency. "Despite global headwinds against globalization and rising geopolitical risks, China has acted to open its doors wider. The tone-setting Central Economic Work Conference held earlier this month vowed to expand voluntary and unilateral opening up in an orderly manner."
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