China's policy of extending zero-tariff treatment to the least developed countries (LDCs) with which it has established diplomatic relations has significantly boosted trade liberalization, fostering a new era of shared benefits and mutual development.
March 10 marked 100 days since the entry into effect of China's zero-tariff treatment for all products from the least developed countries (LDCs) maintaining diplomatic ties with China.
Over the past three months, trade between China and these nations, including 33 African countries, has seen significant growth, creating new opportunities for economic development and cooperation.
Recently, a batch of natural rubber imported from Laos cleared customs in Qingdao City of east China's Shandong Province and entered a local tire production line, benefiting from the tariff exemption.
"With the preferential certificate of origin, this shipment enjoyed the exemption of 660,000 yuan (about 91,246 U.S. dollars) in import duties," said Sun Yunhua, operator of a foreign trade company.
Implementing preferential tariff rates for the least developed countries not only reduces tariff costs for Chinese importers but also enhances the competitiveness of export products from these nations, significantly boosting bilateral trade.
To ensure that enterprises will fully utilize the policy, Chinese customs authorities leverage big data analysis to match import declarations with the zero-tariff list, providing targeted guidance.
"For goods from landlocked countries 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 changes to the seal identification code, the requirement for a third-country official non-processing certificate is waived. This allows these goods to directly enjoy zero-tariff benefits, further enhancing the efficiency and convenience of preferential tariff access for businesses," said Wang Zhiwei, deputy director of the Tariff Department of Qingdao Customs.
Zero-tariff treatment for least developed countries significantly boosts trade liberalization
