Advancing trade: China’s commitment to least developed countries

Aerial view of a container terminal in Qingdao city in east China’s Shandong province Tuesday, Dec. 10, 2024.
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AP/Chinatopix

Last updated:
18/03 – 18:01

China

China’s initiative to offer zero-tariff treatment to least developed countries (LDCs) with which it has diplomatic relations has greatly advanced trade liberalization, ushering in a new phase of shared prosperity and collaborative growth.

On March 10, it marked 100 days since the implementation of this zero-tariff policy for all products from LDCs that maintain diplomatic ties with China.

In the last three months, trade between China and these countries, including 33 in Africa, has experienced notable growth, opening up new avenues for economic development and partnership.

Recently, a shipment of natural rubber from Laos successfully passed customs in Qingdao City, Shandong Province, and entered a local tire manufacturing line, benefiting from the tariff exemption.

“Thanks to the preferential certificate of origin, this shipment received an exemption of 660,000 yuan (approximately 91,246 U.S. dollars) in import duties,” stated Sun Yunhua, a foreign trade company operator.

The implementation of preferential tariff rates for LDCs not only lowers tariff expenses for Chinese importers but also boosts the competitiveness of exports from these countries, significantly enhancing bilateral trade.

To ensure that businesses fully benefit from this policy, Chinese customs authorities utilize big data analysis to align import declarations with the zero-tariff list, offering tailored guidance.

“For goods from landlocked nations like Mali, Niger, and Zambia that must be transshipped through a third-country port to reach China, as long as they remain in container transport without altering the seal identification code, the requirement for a third-country official non-processing certificate is waived. This allows these goods to directly access zero-tariff benefits, further improving the efficiency and convenience of preferential tariff access for businesses,” explained Wang Zhiwei, deputy director of the Tariff Department at Qingdao Customs.