China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from&nbsp;December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change,&nbsp;Taiwan News reported on November 3.

According to the Hong Kong-based online news portal HK01, 32 nations would remove China from their trade preference lists of recipients of duty-free tariff treatment of certain items. The reports cited&nbsp;a statement recently made by the General Administration of Customs of China (GACC).&nbsp; 
 
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However, the GACC praised the action as "an acknowledgement by other advanced economies that China no longer belongs in the category of low-income and lower-middle-income nations, and that Chinese products are competitive enough in the market to require no protection."&nbsp; 
 
<a href="https://www.wionews.com/world/china-opposes-us-revocation-of-china-telecom-licence-426306">Also read | China opposes US revocation of China Telecom licence</a>

China has been accorded preferential treatment since 1978, and more than 40 nations have provided or continue to offer it duty-free status on some goods. 
 
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China will no longer be eligible for GSP trade benefits from 27 EU nations, the United Kingdom, Canada, Turkey, Ukraine, and Liechtenstein as of December 1, leaving the country with only three options: Norway, New Zealand, and Australia.&nbsp;

China's low-margin, labour-intensive industries would be the hardest hit, potentially hastening the movement of manufacturing from China to other developing countries.

(With inputs from agencies)

China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change, Taiwan News reported on November 3.

China Customs has announced that 32 nations would no longer grant favourable tariff treatment to Beijing from December 1, even as an economist predicted that labour-intensive enterprises will face the brunt of the change, Taiwan News reported on November 3. According to the Hong Kong-based online news portal HK01, 32 nations would remove China from their trade preference lists of recipients of duty-free tariff treatment of certain items. The reports cited a statement recently made by the General Administration of Customs of China (GACC). Watch | Gravitas: A $8 trillion debt time bomb that China hid However, the GACC praised the action as "an acknowledgement by other advanced economies that China no longer belongs in the category of low-income and lower-middle-income nations, and that Chinese products are competitive enough in the market to require no protection." Also read | China opposes US revocation of China Telecom licence China has been accorded preferential treatment since 1978, and more than 40 nations have provided or continue to offer it duty-free status on some goods. Watch | Concerns continue to loom over Chinese Evergrande group China will no longer be eligible for GSP trade benefits from 27 EU nations, the United Kingdom, Canada, Turkey, Ukraine, and Liechtenstein as of December 1, leaving the country with only three options: Norway, New Zealand, and Australia. China's low-margin, labour-intensive industries would be the hardest hit, potentially hastening the movement of manufacturing from China to other developing countries. (With inputs from agencies)

32 nations to remove China from preferential tariff treatment on December 1 

<a href="https://www.wionews.com/world/china-retaliates-after-coordinated-sanctions-by-western-countries-over-xinjiang-abuses-372423">Chinese</a> premier Li Keqiang said that the country needs to strike a balance between growth, income, and employment in order to pursue economic growth.

Watch:

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Li Keqiang, while addressing business executives, once again asserted that China’s economic growth in 2021 could exceed the target of “above 6 per cent”. Keqiang said that growth cannot be based on "high energy consumption and heavy pollution" while boosting domestic demand and consumption.

During the legislative meeting earlier this month, the <a href="https://www.wionews.com/world/chinese-e-commerce-platforms-selling-accessories-of-testy-exchange-with-us-officials-in-alaska-372276">Chinese </a>premier had said the target of over six per cent "also dovetails with future goals".

Li Keqiang had earlier defended more than 6 per cent economic growth target this year as not being low. "We did not ease policies last year, nor do so-called quantitative easing, and there is also no need for a 'sharp turn' this year," Li had said while informing that the government had targeted the creation of more than 11 million urban jobs.&nbsp;

"In generating jobs, we have to let the market play a critical role, which is protecting jobs by supporting market entities," he said.

The Chinese government has set the consumer price inflation at around 3 per cent and its budget deficit goal at 3.2 per cent of GDP.

China last year had recorded 2.3&nbsp;per cent growth which was the lowest in three decades amid the COVID-19 pandemic and rising tensions with the US&nbsp;including&nbsp;<a href="https://www.wionews.com/world/tensions-flare-up-as-philippines-spots-chinese-vessels-at-whitsun-reef-372396">Taiwan</a>.

In its five year plan, China has set its five-year plan for 2021-2025 to transform the economy and to increase domestic consumption and develop home-grown technology.

Chinese premier Li Keqiang said that the country needs to strike a balance between growth, income, and employment in order to pursue economic growth. Watch: Li Keqiang, while addressing business executives, once again asserted that China’s economic growth in 2021 could exceed the target of “above 6 per cent”.

Chinese premier Li Keqiang said that the country needs to strike a balance between growth, income, and employment in order to pursue economic growth. Watch: Li Keqiang, while addressing business executives, once again asserted that China’s economic growth in 2021 could exceed the target of “above 6 per cent”. Keqiang said that growth cannot be based on "high energy consumption and heavy pollution" while boosting domestic demand and consumption. During the legislative meeting earlier this month, the Chinese premier had said the target of over six per cent "also dovetails with future goals". Li Keqiang had earlier defended more than 6 per cent economic growth target this year as not being low. "We did not ease policies last year, nor do so-called quantitative easing, and there is also no need for a 'sharp turn' this year," Li had said while informing that the government had targeted the creation of more than 11 million urban jobs. "In generating jobs, we have to let the market play a critical role, which is protecting jobs by supporting market entities," he said. The Chinese government has set the consumer price inflation at around 3 per cent and its budget deficit goal at 3.2 per cent of GDP. China last year had recorded 2.3 per cent growth which was the lowest in three decades amid the COVID-19 pandemic and rising tensions with the US including Taiwan. In its five year plan, China has set its five-year plan for 2021-2025 to transform the economy and to increase domestic consumption and develop home-grown technology.

China's economic growth could exceed 6% this year, asserts premier Li Keqian

Polluted water prevented from entering the lake with high ecological sensitivity. Local water quality was gradually improved. This is the story of Huzhou city in East China.

The Story of Huzhou city in East China | Achieving Eco-friendly development | WION