Zero-tariff treatment for LDCs mirrors China's commitment to high-level opening up

China has given all the least developed countries (LDCs) with which it has diplomatic relations zero-tariff treatment for 100 percent tariff lines, starting from Dec. 1.

It marks China's significant move to expand unilateral opening up and share development opportunities with the world, representing the country's firm determination to promote a universally beneficial and inclusive economic globalization.

An African man shops at the Yiwu International Trade Market in Jinhua, east China's Zhejiang province. [People's Daily Online/Hu Xiaofei]

China is the world's first major developing country and the first major economy to grant zero-tariff treatment to LDCs, which demonstrates its commitment to advancing high-level opening up and providing new opportunities for the world through its high-quality economic development.

Reform and opening up is a historic process in which China and the world achieve development and progress together. China is committed to a fundamental state policy of opening up and pursues a win-win opening-up strategy. China's development is both domestic and external-oriented. While developing itself, China also shares its development outcomes with other countries and peoples.

At present, despite the rise of unilateralism and protectionism, economic globalization remains a mighty historical trend, and its development momentum has never changed. China is pursuing high-standard opening up to advance deep-level reform and high-quality development, proactively working in line with the general trend of economic globalization.

It was stated at the third plenary session of the 20th Central Committee of the Communist Party of China (CPC) that China will remain committed to the basic state policy of opening to the outside world and continue to promote reform through opening up. Leveraging the strengths of China's enormous market, the country will enhance its capacity for opening up while expanding cooperation with other countries and develop new institutions for a higher-standard open economy.

China has taken a range of measures to advance a broader agenda of opening up across more areas and in greater depth, such as steadily expanding institutional opening up, deepening the reform of the management systems for foreign trade, foreign investment and outbound investment, optimizing the layout for regional opening up, and improving mechanisms for high-quality cooperation under the Belt and Road Initiative.

The zero-tariff treatment for 100 percent tariff lines to all the LDCs that have diplomatic relations with China is the country's concrete action to implement the guiding principles from the third plenary session of the 20th Central Committee of the CPC. It reflects China's proactive measures to further advance opening up and expand unilateral opening up to LDCs, as well as its efforts to steadily expand market access. China demonstrates with tangible actions that its resolve to pursue high-level opening up remains unwavering and that its doors to the world will only open wider.

International students from the Democratic Republic of the Congo and Equatorial Guinea join an e-commerce training program hosted by a trade company in Yiwu, east China's Zhejiang province, Aug. 30, 2024. [People's Daily Online/Lyu Bin]

Pursuing high-standard opening up and unilaterally opening its doors wider to the LDCs is one of the eight actions outlined by Chinese President Xi Jinping at the 19th G20 Summit to support global development. Xi noted that from now to 2030, China's imports from other developing countries are likely to top $8 trillion. This fully demonstrates China's commitment to sharing its opportunities and building a just world of common development.

Global prosperity and stability cannot be achieved in a world where the rich become richer and the poor poorer. True development means common development of all countries.

China pursues economic globalization that is people-centered and delivers more balanced development and more equal opportunities, so that different countries, classes and communities can all benefit from development.

The zero-tariff treatment will help LDCs expand their exports to China and better share the opportunities in the Chinese market, thereby contributing to their industrial development, employment growth, and poverty reduction.

With a population of over 1.4 billion and a middle-income group that exceeds 400 million, the vastly huge Chinese market is the most promising in the world.

In recent years, China has actively leveraged the "green lanes" for African agricultural exports to China to facilitate the entry of more eligible LDCs' agricultural products into the Chinese market. It has helped relevant countries enhance trade capacity building by conducting skills training and providing assistance to cross-border e-commerce businesses.

A staff member with the Tanzania Pavilion at the seventh China International Import Expo (CIIE) poses for a picture with local artworks, Nov. 6, 2024. [People's Daily Online/Wang Chu]

Besides, international exhibitions hosted by China such as the China International Import Expo (CIIE) and the China International Fair for Trade in Services (CIFTIS) have widened the access of high-quality and distinctive products from LDCs to both the Chinese and global markets.

China's actions have created new opportunities to other developing countries, enabling broader participation in a universally beneficial and inclusive economic globalization. This reflects China's commitment to openness, global vision, and sense of responsibility.

Munteha Jemal Seid, Plenipotentiary Minister of the Embassy of the Federal Democratic Republic of Ethiopia in China, stated that the zero-tariff treatment demonstrates China's determination and sincerity in advancing high-level opening up and promoting South-South cooperation.

Looking ahead, China will take even more proactive measures for further opening up, introduce more voluntary and unilateral opening-up policies, and expand its globally-oriented network of high-standard free trade areas.

Together with its partners, China will commit itself to openness to meet development challenges, foster synergy for cooperation, build the momentum of innovation, and deliver benefits to all. It will promote a universally beneficial and inclusive economic globalization, and write more stories of win-win cooperation.

The views don't necessarily reflect those of Qiushi Journal.