As of January 1, 2024, a series of new laws and regulations affecting business practices in China will come into effect. It is of utmost importance for foreign investors and enterprises engaged in various sectors, including but not limited to food and beverage and import and export, to closely monitor and adapt to these significant changes.
Measures for the Administration of the Registration of Food for Special Medical Purpose
l Promulgation Authorities: State Administration for Market Regulation
l Release Date: December 1, 2023
l Effective Date: January 1, 2024
l Doc Number: State Administration for Market Regulation Decree No. 11
On December 1, 2023, China's State Administration for Market Regulation (SAMR) introduced a significant regulatory update known as the Measures for the Administration of the Registration of Food for Special Medical Purpose (hereinafter referred to as the "revised measures").
The implementation of the new measures for the administration of food for special medical purpose (FSMP) is part of a broader strategy to strengthen the nation's food safety network, reflecting China's commitment to aligning its standards with international practices. The regulatory updates, especially in areas like infant formula registration and health foods, demonstrate China's dedication to refining its regulatory landscape.
For stakeholders, including companies and producers, understanding the key changes and implications of these regulations is imperative. Proactive preparation and meticulous compliance are essential, considering the comprehensive nature of the new measures.
Import Export Tariffs (2024)
l Promulgation Authorities: Customs Tariff Commission of the State Council
l Release Date: December 20 and December 28, 2023
l Effective Date: January 1, 2024
l Doc Number: Tariff Commission Announcement No. 10 and No.12
China is set to modify import and export tariffs on specific goods in 2024, aiming to bolster high-quality development, advance openness, and expedite the establishment of innovative patterns, as outlined in the Announcement of the State Council Customs Tariff Commission on the 2024 Tariff Adjustment Plan and in the (hereinafter, the "2024 Tariff Adjustment Plan") and in the Announcement of the State Council Customs Tariff Commission on the Release of the People's Republic of China Import and Export Tariff.
As disclosed by the Customs Tariff Commission of the State Council (hereinafter, the "Commission"), notable changes are anticipated in the tariffs.
The changes in China's import and export tariffs in 2024 are crucial to note as they indicate a deliberate effort to boost the country's advanced manufacturing sector. By lowering import tariffs, China aims to encourage the use of advanced materials and equipment within its domestic industries.
This move, especially in reducing tariffs on key resources like lithium chloride and fuel cell components, is expected to support the growth of related industries. It also aligns with the government's focus on clean energy and sustainable technologies, contributing to a more environmentally friendly economic development.
Following China's economic agenda set during the 2023 Central Economic Work Conference, the country plans to bolster domestic consumption and attract foreign investment in 2024. The adjusted tariff system plays a role in achieving these goals, benefitting both local and foreign businesses. Overall, these tariff changes are part of China's strategy to secure supply chains, promote technological innovation, and participate actively in global industrial restructuring and free trade networks. Businesses involved in importing and exporting to China need to pay attention to these changes, as they significantly impact their operations and opportunities in China's growing consumer markets.
Source: China Briefing
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