(Yicai Global) Dec. 30 -- China will adjust its import and export duties next year with a general decrease to 7.3 percent from 7.4 percent while over 1,000 products may get cheaper such as Covid-19 medicines and baby foods.

China will implement a provisional import tax rate that is lower than the most-favored-nation rate for 1,020 commodities from Jan. 1, 2023, the State Council announced yesterday. The MFN rate is the rate that members of the World Trade Organization apply to each other.

Next year, China will lower import tariffs on raw materials of some anti-cancer and Covid-19 drugs to lessen people's health woes. It will also cut duties on other medical supplies, mixed foods for infants and young children, as well as small household appliances such as hair dryers.

The country will remove tariffs on potash fertilizer and unwrought cobalt to improve the resilience of the industrial chain. Import tariffs on some wood and paper products, boric acid, iridium oxide used in fuel cells, and roller bearings for wind turbines will be decreased.

Moreover, a provisional import tax rate on goods like chestnuts, licorice and related products, large tires, and sugar cane harvesters will be abolished while the most-favored-nation tax rate is brought back. Meanwhile, export tariffs on aluminum and aluminum alloys will be raised.

Editor: Emmi Laine, Xiao Yi