BEIJING, Nov. 22 -- China will cut to 3 percent the value-added tax on the imports and the domestic production and circulation of more anti-cancer and rare-disease drugs.

Starting on Dec. 1, a total of 71 such drugs and active pharmaceutical ingredients will benefit from the tax reduction, according to a statement jointly issued by the Ministry of Finance and other government agencies.

The move seeks to lower costs for patients and boost China's pharmaceutical industry.

This is the third batch of anti-cancer and rare-disease drugs and active pharmaceutical ingredients to benefit from such a policy since 2018.