SMM

On December 20, 2023, the Customs Tariff Commission of the State Council issued an announcement that, in order to fully, accurately, and comprehensively implement the new development philosophy, and to accelerate the formation of a new development pattern, as well as to better fulfill the important functions of tariffs in coordinating both domestic and international markets and resources, adjustments will be made to the import and export tariffs on certain goods, effective from January 1, 2024, in accordance with the "Regulations of the People's Republic of China on Import and Export Duties" and other relevant provisions.