Import tariff reductions are an effective strategy to boost the domestic market, just as tariff hikes are often used to protect local industries. Recently, the Ministry of Finance of the People's Republic of China reduced import tariffs on ethane and specific recycled aluminium and copper raw materials, encouraging the inflow of high-quality foreign products and stimulating domestic demand for superior goods.
As per the report, the reduction of import tariffs will be effective from January 1, 2025, on 935 items from some of the most favoured nations. Those products include cyclic olefin polymers, ethylene-vinyl alcohol copolymers and automatic transmissions for special-purpose vehicles such as fire trucks and repair vehicles. Tariffs will also be reduced on sodium zirconium cyclosilicate, viral vectors for CAR-T tumour therapy, and nickel-titanium alloy wires for surgical implants.
According to the customs data, China's imports of aluminium scrap increased 6.9 per cent Y-o-Y through the first nine months of the year to 1.3 million tonnes. In November alone, the country imported 138,320 tonnes – 3.9 per cent more than in the previous month.
China's net imports of primary aluminium also increased by 51.5 per cent Y-o-Y to 1.866 million tonnes through the eleven months of 2024, while exports decreased by 20 per cent to 108,000 tonnes.
In November, China's international trade of goods and services was valued at RMB 4.28 trillion, up by a 3 per cent rise Y-o-Y. In the US dollar, China's exports and imports of goods and services were 332.8 billion and 263.8 billion, according to the State Administration of Foreign Exchange.
China's export values of goods and services were RMB 2.15 trillion and RMB 236.2 billion, compared to the import values of RMB 1.57 trillion and RMB 325.8 billion, respectively.
Responses
