Domestic Policies and Measures
- Tariff Adjustment: Since January 1, 2025, China has implemented the "Tariff Adjustment Plan for 2025", adjusting the import tariff rates and tariff items of some commodities, while keeping the overall tariff level unchanged at 7.3%.
- Strengthening Export Controls on the US: According to the Ministry of Commerce, in order to safeguard national security and interests and fulfill international obligations such as non-proliferation, it has been decided to strengthen the export controls of relevant dual-use items to the US, prohibiting the export of dual-use items to US military users or for military purposes.
- Implementation of the Supervision Measures for Export Credit Insurance Companies: On December 20, 2024, the National Administration of Financial Regulation issued the "Supervision Measures for China Export & Credit Insurance Corporation", which came into effect on January 1, 2025, further strengthening risk prevention and control and improving internal controls.
Regional Foreign Trade Development and Cooperation
- Sichuan-Chongqing New Year's Goods and Cultural Festival: On January 16, 2025, the Sichuan-Chongqing New Year's Goods and Cultural Festival kicked off at Xinglong Lake, Yongchuan District, Chongqing. Exhibition and sales activities promoted economic and trade exchanges between the Sichuan-Chongqing region and other regions.
- Integrated Development of the Yangtze River Delta Region: On December 29, 2024, the General Administration of Customs announced the introduction of a new round of 16 measures to support the integrated development of the Yangtze River Delta region, focusing on five aspects such as supporting the development of new growth drivers and promoting logistics cost reduction and efficiency improvement.
International Market Dynamics
- US Trade Policy towards China: On December 11, 2024, the Office of the US Trade Representative issued a statement saying that starting from January 1, 2025, it would increase the import tariffs on solar wafers, polysilicon and some tungsten products imported from China. The tariff rates for wafers and polysilicon would be raised to 50%, and those for some tungsten products to 25%. On January 2, 2025, the final rules on US investment restrictions on China came into effect.
- New Saudi Foreign Trade Regulations: Since January 1, 2025, all goods exported to Saudi Arabia must submit applications through the SABER system and obtain product conformity certificates and Shipment Certificate batch certificates. Certification documents from other countries will no longer be accepted, unless they are issued by SASO authorized agencies.
- Turkey's Additional Tariffs on Chinese Cars: Turkey decided to levy an additional 40% tariff on cars imported from China, and this policy applies to all fuel types of vehicles, with a minimum tariff of $7,000 per vehicle. On January 16, 2025, China requested the establishment of an expert group at the WTO.
