The China-South Korea and China-Australia FTAs â€‹â€‹came into force on December 20, 2015. Immediately after the implementation of the two agreements, the first tax reduction was implemented in accordance with the tariff reduction list. On January 1 this year, the second tax reduction was implemented. After a certain period of transition, most of the goods under the two agreements trade will eventually achieve zero tariffs.
The China-South Korea and China-Australia FTAs â€‹â€‹have come into effect, which will not only bring benefits to the lives of the people, but also bring positive benefits to the production of enterprises, and will also have a positive impact on China's foreign trade and economic structure. The further expansion of the â€œfriend circleâ€ of the China Free Trade Zone has helped the export-oriented economy to take new steps.
Consumers get benefits: lower prices, choose more
"After the entry into force of the FTA, the most direct benefit for ordinary consumers is that the prices of goods are lower and more choices are made," said Li Jiu-ling, a professor at the Shanghai Customs Institute and executive director of the Customs Tax Research Center.
After the implementation of the FTA, under the China-South Korea FTA, under the 6108 tax number, Chinaâ€™s original goods and 1649 tax items will enjoy zero tariffs on the other side immediately under the China-Australia Free Trade Agreement. Under the 5662 tax number, China's original goods and 2,402 tax items will immediately enjoy zero tariffs on the other side of the Australian origin.
On the day the agreement came into effect, the tariff on infant formula in Australia fell from 15% to 12%, and in January this year the tariff fell to 9%. The combined tax burden of Australian lobster, king crab, abalone and other marine foods has also dropped by 2% to 3%.
Song Yankui, deputy director of the Customs Office of the Customs Department of the General Administration of Customs, said that according to the tax reduction arrangement, the China-South Korea FTA has set a transition period of up to 20 years, but specifically for sub-sectors and commodities, most of the projects in China and South Korea. The product will be cancelled within 10 years. For Chinese consumers, rice cookers, electric ovens, induction cookers, massagers, and beauty instruments imported from South Korea will cancel the current 15% tariff within 10 years. The China-Australia Free Trade Zone has achieved a high level of liberalization in the cargo sector. "After the entry into force of the agreement, the import tariffs of both imported goods directly fell to 0%, which accounted for 85.4%."
Although in addition to tariffs, the price of imported goods is subject to a variety of factors, in any case, a large and large reduction in import tariffs provides space for reducing the price of imported consumer goods. Li Jiu-ling said: "In the long run, lowering import tariffs is an important measure for China to stabilize growth, adjust its structure, and benefit the people. It will increase the import of consumer goods, meet the diversification of consumer demand, and promote domestic consumption upgrades. The transformation and upgrading of relevant domestic industries and the balancing of international trade have a positive effect."
Optimization of trade and investment environment: related industries benefit from it
Li Jiu-ling believes that the signing of the China-South Korea and China-Australia FTA Agreement will not only help promote the free flow of goods, services, capital and personnel between China and South Korea, China and Australia, but also help to increase bilateral investment. Foresight, transparency and stability create a more convenient, transparent and fair trade and investment environment for the two industries, enabling them to optimize resource allocation on a larger scale.
According to the preliminary forecast of China Customs, within one year of the implementation of the China-South Korea Free Trade Agreement, about 26 billion US dollars of Chinese exports and 20 billion US dollars of Korean exports will enjoy preferential tariffs on the other side. Under the China-Australia Free Trade Agreement, there will be about 20 billion US dollars. Export goods, $15 billion of Australian export goods enjoy preferential tariffs on the other side.
For the China-South Korea Free Trade Area, both China and South Korea have their own advantages. After the opening of a high-degree-of-freedom market, these industries can benefit from it.
It is reported that on the day of the entry into force of the FTA, the CCPIT issued the first batch of 53 preferential certificate of origin under the China-South Korea and China-Australia Free Trade Agreements through applications from Shandong, Jiangsu, Zhejiang and Guangdong.
After the implementation of the China-South Korea Free Trade Agreement, the tariff rate for Chinese originating intelligent robots entering Korea fell from 8% to 0. On the morning of December 20, 2015, Qingdao Tongfengyoudao Automation Equipment Co., Ltd. produced the first batch of â€œzero tariffâ€ robots. Successfully exported to South Korea. Dong Shengji, deputy general manager of the company, said: "After zero tariffs, these robots can reduce taxes by more than 20,000 yuan. The reduction in fees will directly be returned to Korean customers, thus bringing greater market competitiveness to the company."
According to the Korea Foreign Economic Policy Research Institute, within five years of the entry into force of the China-South Korea FTA, Chinaâ€™s economic growth will be 0.4 to 0.6 percentage points, and South Koreaâ€™s economic growth rate is expected to increase by a maximum of 1.25 percentage points.
Strategic planning is becoming increasingly clear: 14 FTAs â€‹â€‹have been signed for implementation
Song Yankui said that the China-South Korea FTA is the free trade agreement signed by China to date and covers the largest amount of trade and covers the widest range of issues. The China-Australia FTA is a free trade agreement between the two countries that has been negotiated so far. One of the most comprehensive free trade agreements for trade and investment liberalization, China and Australia have strong economic complementarities and have great potential for cooperation in many fields.
With the implementation of the two free trade agreements between China, South Korea and China and Australia, the strategic planning of China's free trade zone has become increasingly clear.
Up to now, China has signed and implemented 14 free trade agreements, involving 22 countries and regions, and its free trade partners throughout Asia, Latin America, Oceania, Europe and other regions. Not long ago, the State Council issued the "Several Opinions on Accelerating the Implementation of the Free Trade Area Strategy", and made three levels of planning for accelerating the construction of the free trade zone: First, speed up the construction of the surrounding free trade zone, and strive to cooperate with all countries adjacent to China and The region established a free trade zone; the second is to actively promote the â€œBelt and Roadâ€ free trade zone, and establish a free trade zone with countries along the â€œBelt and Roadâ€ to form a â€œOne Belt, One Roadâ€ market; third, gradually form a global free trade zone network.
The just-concluded Central Economic Work Conference further proposed that we should continue to do a good job in optimizing the layout of the opening up region, promoting superior foreign trade and superior investment, actively utilizing foreign capital, strengthening international production capacity and equipment manufacturing cooperation, accelerating the negotiation of free trade zones and investment agreements, and actively participating. Work on global economic governance.
"Under the current sluggish recovery of the world economy, expanding trade and investment through the construction of a free trade zone is a good medicine to cope with the global economic downturn, and is also an important measure to adapt to the new normal and lead the new normal." Li Jiu-ling said.
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