TAIPEI (Taiwan News) — China Customs says 32 countries will no longer provide preferential tariff treatment to the world’s largest exporter from Dec. 1, and an economic expert says labor-intensive businesses will bear the brunt of the development.
According to a statement recently issued 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 applauded the move as “a recognition from other advanced economies that China does not belong to the bracket of low-income and lower-middle-income countries anymore and that Chinese products are competitive enough in the market that (they need) no protections.”
“We are ‘graduating’ from the GSP (Generalized System of Preferences) program and are ’sort of’ moving towards becoming a mature economy,” it stated.
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