China to reduce overall tariff level to 7.3%

China will adjust tariffs on a series of goods in 2023, bringing down the country's overall tariff level from 7.4 percent to 7.3 percent, said the Customs Tariff Commission of the State Council.

Starting January 1, the country will impose a provisional import tax rate lower than the "most-favored nation" tariff rate on 1,020 items, including setting tariffs to zero on ingredients of some anti-cancer and anti-COVID drugs to ease the financial burden on patients.

China will also further reduce the "most-favored nation" tax rate on 62 types of information technology products starting from July 1 next year, the commission said in a statement on Thursday.

Other adjustments include reducing import tariffs on consumer and industrial goods such as coffee machines, hair dryers, and wood and paper products as well as adding export tariffs on aluminum and aluminum alloys.

The statement said the changes in tariff rates are conducive to promoting high-quality development, expanding high-standard opening-up and accelerating industrial upgrading.

The country will also set up new tariff items such as white tea, surgical robots and laser radars next year in line with the need for industrial development and technology advances, the statement added.