Chinas Customs Tariff Commission declared zero tariffs for all products originating from LDCs with diplomatic relations, effective December 1, 2024. This makes China the first major developing economy to grant full zero-tariff treatment to LDCs, reflecting its commitment to openness and shared 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 June 2024, China had granted zero tariffs on 98% of product categories to 27 African LDCs, signed bilateral investment treaties with 34 African countries, and double taxation avoidance agreements with 21. Customs data shows China-Africa trade reached ￥1.19 trillion in the first seven months of 2024, up 5.5% year-on-year, setting a record.import and exportThese 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.

A Practitioner of China-Africa Trade

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.New energySouleymanes 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.