China will eliminate tariffs on goods from the world’s least developed countries starting in December, a move expected to reduce shipping costs from parts of Africa and Asia and give Beijing more influence in global trade.
 |
| Eliminating tariffs on goods from the world's least developed countries gives Beijing many advantages. (Source: Xinhua) |
Analysts say that imposing zero tariffs on a group of mostly small, under-industrialized countries would not have too big an impact on China's manufacturing-intensive economy , and would also give Beijing an advantage in emerging markets as the US and Europe try to stem the flow of Chinese goods into the region.
The plan will apply to all countries listed by the United Nations as "least developed" that have diplomatic relations with China , Xinhua news agency reported, citing a notice from the Customs Tariff Commission of the State Council.
Of the 43 countries benefiting, 33 are in Africa. The others are Yemen in the Middle East, Kiribati and the Solomon Islands in the South Pacific, and Afghanistan, Bangladesh, Cambodia, Laos, Myanmar, Nepal and East Timor – all in Asia.
The tariff plan will take effect on December 1 and apply to all import categories, the Commission said.
Eliminating tariffs would make it easier for countries supported by China to penetrate the billion-people market, saving on the cost of shipping household goods, smartphones and electric vehicles to willing countries.
“China’s decision to extend zero tariffs is a welcome move at a time when protectionism is on the rise,” said Jayant Menon, senior fellow at the ISEAS-Yusof Ishak Institute in Singapore.
Liang Yan, an economics professor at Willamette University (USA), said that China hopes that improving trade relations with less developed countries will have a spillover effect. According to this expert, Beijing may be trying to regain the support of these countries in international organizations by promoting open trade.
According to the World Trade Organization (WTO), a quarter of exports from least-developed countries went to China in 2021, more than any other country or bloc that year. Data from China's customs administration also showed that exports from 43 least-developed countries to China exceeded $60 billion in 2023.
Over the years, China has steadily strengthened its trade relations with developing countries, with Beijing eliminating tariffs on 98% of taxable products from 16 least developed countries in 2022.
"This makes China the first major developing country and the first major economy to take such a step," Foreign Ministry spokesman Lin Jian said on October 25.
Source: https://baoquocte.vn/trung-quoc-se-la-nen-kinh-te-lon-dau-tien-lam-dieu-nay-loi-the-thu-duoc-co-the-vuot-xa-mong-doi-291840.html
Comment (0)