- China will cut import tariffs on almost all taxable items shipped from 16 of the world’s poorest countries, including Cambodia, Laos, Djibouti, Rwanda and Togo
- China is still smarting from its four-year-old trade dispute with the US, while ties with Australia declined after Canberra called for a probe into the origin of the coronavirus
The Customs Tariff Commission of the State Council said last week that it will axe tariffs on 98 per cent of taxable products from “least-developed countries”, including Cambodia, Laos, Djibouti, Rwanda and Togo.
The tariff cuts will take effect September 1, covering 8,786 imported items, having first been mentioned in November by President Xi Jinping at the Forum of China-Africa Cooperation.
China Daily added that the cuts will gradually expand to all “least-developed countries” that recognise China diplomatically.
“China has always wanted to increase its presence in countries near its borders, particularly in the Southeast Asia region,” said Kent Chong, legal partner with professional services firm PwC in Taipei.
“That is a competitive or political advantage for them in this region.”
Tariff cuts cost China, which has offered exceptions to the world’s poorest countries since 2001, little or nothing and they are easy to implement, analysts said.
Mozambique, Eritrea, the Central African Republic, Guinea, Sudan, Chad, Bangladesh, Nepal, Kiribati, the Solomon Islands and Vanuatu are the other countries that will benefit from the tariff cuts.
The Solomon Islands and Kiribati recently shifted their diplomatic recognition from Taiwan to Beijing.
@Overbom like Russia, China is shunning the Collective West, there are other places to do business which value your presence. Those Chinese money will be spreading around the world and the US is hard press to sell its debt as Japan is unable to fill the gap.
China’s exports to Russia soar – data
Shipments jumped more than 20% in July from a year earlier in dollar terms, according to customs authority
Russia bought $6.7 billion worth of goods from China in July, an increase of more than a third from the previous month, Bloomberg reported on Monday, citing data from China’s customs authority.
According to the report, Chinese goods are filling the void left by the exodus of western brands amid unprecedented sanctions.
Chinese shipments to Russia surged 22.2% in July from a year earlier in dollar terms, shaking off the decline of 17% in June and marking the first growth since March, Reuters has calculated based on the data released.
Imports growth from Russia sustained an elevated pace at 49.3% in July, though slower than the 56% gain in June and the 79.6% rise in May.
Overall, China-Russia bilateral trade stood at $97.71 billion in the first seven months of 2022, up 29% on a yearly basis.
https://www.sinodefenceforum.com/sa...iness/558584-russia-trade-routes-china-india/
“It is expected that the foreign trade between China and Russia this year would surpass the level of 2021 when the bilateral trade stood at $146.87 billion, a record high,”president of the Contemporary China-Russia Regional Economy Research Institute, Song Kui told the Global Times on Sunday.
He explained that in addition to energy cooperation, in recent years, trade between the two countries has been expanding to food and agriculture, new-energy vehicles and other fields.
“The pursuing of local currency settlements in trade between China and Russia also provides more convenience for traders between the two countries to stabilize foreign trade and avoid US dollar hegemony,” Song noted.
China: Taiwan is part of China = Bad