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Orders are coming! 100 percent zero tariff, effective December 1!
Sep 20,2024
On September 12, according to the website of the Ministry of Finance, the Tariff Commission of the State Council issued an announcement to grant zero-tariff treatment to 100 per cent of the tax items of the least developed countries, which will be implemented from December 1, 2024.
In order to expand the unilateral opening up to the least developed countries and achieve common development, starting from December 1, 2024, a preferential tax rate of zero will be applied to 100 per cent of the tax items of the least developed countries that have established diplomatic relations with China.
Among them, the tariff quota products will only reduce the tariff rate within the quota to zero, and the tariff rate outside the quota will remain unchanged.
Zero tariff on quota products!
It is understood that there are 43 least developed countries that have established diplomatic relations with China, of which African countries have the largest number, reaching 33.
Prior to this, on September 5, at the Beijing Summit of the Forum on China-Africa Cooperation, China expressed its willingness to take the initiative to unilaterally expand market opening and decided to grant zero tariff treatment to 100 per cent of the products of the least developed countries that have established diplomatic relations with China, including 33 African countries. it has become the first large developing country and a major economy in the world to implement this measure, promoting China's big market to become a great opportunity for Africa.
According to the relevant laws and regulations, 100 per cent of the products of the least developed countries are given zero-tariff treatment, without the need to go through the formalities of exchange of documents with the relevant countries.
Granting zero tariff treatment will help promote China-Africa economic and trade cooperation, promote the building of a high-level China-Africa community with a shared future, and help the least developed countries develop and achieve mutual benefit and win-win results.
As of the end of June this year, China has implemented zero tariffs on 98% of tax items originating in 27 African least developed countries, signed bilateral investment promotion and protection agreements with 34 African countries, and signed double avoidance agreements with 21 African countries. Taxation agreement.
In 2024, China-Africa trade and investment continued to maintain a steady development trend, fully demonstrating the strong vitality and resilience of China-Africa economic and trade cooperation.
Statistics from the General Administration of Customs show that in the first seven months of this year, China's imports and exports to Africa were 1.19 trillion billion yuan,Year-on-year growth of 5.5, the scale of a record high for the same period.
Nothing you can't buy in China
Recently, at the China-Africa Entrepreneurs Conference, a businessman who has been engaged in China-Africa trade for more than 20 years told reporters in Mandarin about his gains: There is nothing that cannot be bought here.
Sura's fate with China began in 2003. At that time, he came to Yiwu, Jinhua, Zhejiang Province for the first time under the introduction of a friend. He was shocked by the dazzling array of small commodities in the market. The high-quality and inexpensive products were sold out as soon as he arrived in Senegal.
In 2006, Sura set up his own trading company. With Yiwu's rich and diverse commodities, convenient and fast logistics and good business environment, Sura's business is getting bigger and bigger,
Sura has been engaged in China-Africa trade for more than 20 years. He has discovered new business opportunities from China's booming new energy vehicle market.
He has purchased more than 100 Chinese new energy vehicles and registered an online car-hailing company in Dakar, planning to learn China's online car-hailing model for operation.
today, more and more african businessmen like sula travel between china and africa,More and more sophisticated Chinese goods are going to Africa, and African products and humanities are becoming more and more well known by the Chinese people. The interaction between coming and going continues to write rich and colorful stories about China and Africa.
Make global trade unimpeded
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