China waives import duties for LDCs, aims to broaden trade ties

China Africa Photo: VCG

China on Thursday said that it will eliminate tariffs on imports from all least-developed countries (LDCs) with which it has diplomatic relations, including 33 African countries, starting from December 1, 2024.

The move underscores China's commitment to continuous opening-up to share development opportunities with the world and support the development of LDCs, experts said. 

In a notice posted on the website of the Ministry of Finance, the Customs Tariff Commission of the State Council, China's cabinet, said that the move aims to expand unilateral opening-up to the LDCs and achieve shared development. 

The plan, initially announced on September 5 at the 2024 Summit of the Forum on China-Africa Cooperation, was one of the major outcomes of the critical summit, where Chinese and African participants drew up a blueprint for China-Africa cooperation.

Commenting on the plan at a press briefing on Thursday, He Yongqian, spokesperson of the Ministry of Commerce, said that the decision makes China the first major developing country and the first major economy to take such a step.

"The measure will play a positive role in allowing the least-developed countries to expand exports to China and share opportunities in China's large market. It will also promote unity and cooperation in the Global South and promote inclusive economic globalization," He said. 

Song Wei, a professor at the School of International Relations and Diplomacy at Beijing Foreign Studies University, said that China has always offered preferential tariffs for LDCs, and the latest move marks a significant expansion of the policy. 

China has also held trade expos to connect products from LDCs with Chinese consumers. By doing so, "China is expanding imports from relevant countries," Song told the Global Times on Thursday.

Global Times

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