Jinyi Comprehensive Bonded Zone in Jinhua, Zhejiang province. [Photo/Tide News]
Yisheng Import and Export, based in Jinhua, Zhejiang province, cleared a shipment of paperboard for electric mosquito repellent tablets from Nigeria on May 28 through Jinhua Customs at Jinyi Comprehensive Bonded Zone.
This marks the first implementation of zero tariffs on goods from one of the 20 African nations with diplomatic ties to China, excluding the least developed countries, within the Jinhua Customs jurisdiction.
The special paperboard, essential for domestic production, was previously subject to a 5 percent import duty. Under China's new zero-tariff policy for African countries, that duty has now been reduced to zero, significantly lowering costs for businesses.
Shu Jing, a representative of Yisheng, said the company plans to import 15 million yuan ($2.21 million) worth of the product from Nigeria this year, with the tariff exemption expected to save about 750,000 yuan annually.
"The reduction in tariff costs not only increases our profit margins and market competitiveness but also encourages us to expand our procurement of high-quality African materials," Shu explained.
Jinhua Customs and Jinyi Comprehensive Bonded Zone have taken proactive steps to ensure the policy's effective implementation. They offer one-on-one guidance to help companies prepare the necessary documentation and have established a "green channel" for zero-tariff goods, expediting processing and reducing clearance times.
Since the start of the year, the total value of African imports and exports at Jinyi Comprehensive Bonded Zone has exceeded $300 million.
