The Chinese State Council has announced new adjustments to its import-export tariffs for the year 2023 as part of the country’s agenda to boost economic growth. According to local media, the adjustments will be made progressively during the year eventually reducing the overall tariff level from 7.4% to 7.3%. The government described the adjusted level as “lower than the most-favoured-nation (MFN) tariff rates.” As of 1 January, 1,020 goods - including medical supplies and special food items - will be subject to provisional import tariff rates. The media also reported that China will implement zero tariffs on potash fertilizer and unwrought cobalt. Other items will be added to the reduced tariff levels in July including 62 IT products. In addition, China intends to apply conventional tariff rates on goods originating in 29 countries and regions pursuant to free trade agreements (FTA) signed between China and the selected countries. The adjustments also include increasing import and export duties on certain commodities, reported business intelligence firm China Briefing. These include re-imposing MFN tariffs and increasing export tariffs on specific items such as chestnuts, liquorice, aluminium and aluminium alloys. Industry experts commented on the news saying the adjustments come in support of the country's "dual circulation" strategy - a two-pronged development model that seeks to spur China’s domestic demand while catering to export markets to create conditions that allow mutual benefit between domestic and foreign markets.