[ad_1]
TAIPEI (Taiwan News) – Chinese customs said 32 countries will no longer offer preferential tariff treatment to the world’s largest exporter from December 1, and an economic expert said labor-intensive companies work would undergo the brunt of development.
According to a statement recently released by the General Administration of Customs of China (GACC), 32 countries will remove China from their trade preference lists of beneficiaries of duty-free tariff treatment of certain products, Hong Kong media reported. The GACC hailed the move as “recognition by other advanced economies that China is no longer in the low-income and lower-middle-income bracket and that Chinese products are sufficiently competitive in the market. for (they don’t need) any protection. . “
“We are in the process of ‘graduating’ from the Generalized System of Preferences (GSP) program and heading ‘sort of’ towards a mature economy,†he said.
Preferences were granted to China from 1978 and some 40 countries have granted or still grant it duty-free treatment on certain exports. As of December 1, 27 EU countries, the UK, Canada, Turkey, Ukraine and Liechtenstein will no longer grant this treatment to China, leaving the nation eligible for the GSP trade benefits of only three countries – Norway, New Zealand and Australia.
Chunghwa Economic and Financial Association Deputy Secretary General Tseng Chih-Chao (曾志 超) told RFA that ending duty-free access to China will have little impact on its countries. global exports. However, labor-intensive, low-margin companies will be hit the hardest, which could accelerate the relocation of production from China to other developing countries, he said.
[ad_2]
