Recently,the Tariff Commission of the State Council announced that from December 1,2024,all products originating from the least developed countries that have diplomatic relations with China will be subject to zero tariffs.This move makes China the first major developing country and economy to implement comprehensive zero tariff treatment for least developed countries,demonstrating China’s firm commitment to expanding its opening up and promoting common development.

Deepening China-Africa Economic Ties

Currently,43 LDCs have diplomatic relations with China,including 33 African nations.The adjustment reduces in-quota tariff rates to zero while maintaining out-of-quota rates,implemented directly without diplomatic formalities to enhance trade reciprocity.

At the September 5 FOCAC Beijing Summit,China pledged zero tariffs for 100% product categories from all LDCs,including 33 African nations,turning its vast market into opportunities for Africa and strengthening the China-Africa community with a shared future.

Trade Data Hits Record High

By the end of June 2024,China has implemented zero tariffs on 98% of the tariff lines of products from 27 least developed African countries,and signed bilateral investment promotion and protection agreements with 34 African countries and double taxation avoidance agreements with 21 African countries.According to the statistics of the General Administration of Customs,in the first seven months of this year,China’s trade with Africa amounted to 344.2 billion yuan,an increase of 7.7% year-on-year.These figures demonstrate steady growth in 2024 China-Africa trade and investment,highlighting robust cooperation.Zero tariffs will further boost trade and support African economic development.

This series of data shows that Sino-African trade and investment continued to maintain a steady development trend in 2024,fully demonstrating the strong vitality and resilience of Sino-African economic and trade cooperation.The implementation of zero tariff treatment will further promote the growth of Sino-African trade and help the economic development of African countries.

At the China-Africa Entrepreneurs Conference,Senegalese trader Souleymane,with 20+ years in China-Africa trade,shared his story: Chinas markets offer everything.In 2003,he first visited Yiwu,Zhejiang,captivated by its diverse,affordable goods,which sold well in Senegal.

In 2006,he founded a trading company,leveraging Yiwus logistics and business environment.Recently,he entered Chinas booming

EV market,purchasing 100+ NEVs to launch a ride-hailing company in Dakar,adapting Chinese business models.Souleymanes success mirrors many China-Africa trade cases.Increasing African traders bridge the two regions,bringing quality Chinese goods to Africa while introducing African specialties to China.This two-way exchange enriches cooperation and mutual development.

Empowering Least-Developed Countries

Supporting the development of least developed countries

Granting zero-tariff treatment to least developed countries (LDCs) is a concrete action by China to support global poverty reduction and sustainable development.This will help these countries better integrate into the global economic system,enhance their production and export capabilities,and improve peoples living standards.

China has been actively participating in global development cooperation,supporting LDCs through debt relief,aid provision,and increased investment.The full implementation of zero-tariff treatment demonstrates Chinas responsibility as a major country and contributes to achieving the UNs 2030 Sustainable Development Goals.

Looking ahead to shared prosperity

With the implementation of the zero-tariff policy,China-Africa economic cooperation and Chinas trade with other LDCs will usher in new opportunities.The vast potential of the Chinese market will provide broad sales channels for products from these countries while meeting Chinese consumers demand for diversified products.

In the future,China will continue to deepen cooperation with LDCs,promote trade and investment facilitation,and strengthen collaboration in infrastructure construction,industrialization,and agricultural modernization to support these countries in achieving economic transformation and sustainable development.

This tariff adjustment not only deepens Chinas opening-up policy but also represents concrete action to advance global trade liberalization and facilitation.It will promote inclusive growth of the global economy and inject new momentum into building a community with a shared future for mankind.