China-Serbia free trade agreement takes effect

The free trade agreement (FTA) between China and Serbia went into effect on Monday, with tariffs on over 60 percent of the goods traded between the two countries immediately eliminated.

The China-Serbia FTA is China's first FTA with a Central and Eastern European country and the 22nd FTA signed by China globally. Following its implementation, China and Serbia will mutually eliminate tariffs on 90 percent of tariff lines. On Monday -- the day the agreement took effect -- over 60 percent of the products traded between the two countries are immediately tariff-free. Both sides will ultimately achieve zero-tariff on over 95 percent of the imports, covering a wide range of their major export products to each other.

After the agreement takes effect, China will impose zero tariff on Serbian-origin generators, electric motors, tires, beef, wine, nuts, and other products. Meanwhile, Serbian tariffs on Chinese exports such as automobiles, photovoltaic components, lithium batteries, communication equipment, machinery, refractory materials, and some agricultural and aquatic products will be gradually reduced to zero upon customs clearance.

The implementation of the FTA will promote the comprehensive upgrading of bilateral economic and trade cooperation, and inject new momentum into deepening the China-Serbia comprehensive strategic partnership and the building of a China-Serbia community with a shared future in the new era, according to an announcement made by China's Ministry of Commerce (MOC) on Friday.

China-Serbia free trade agreement takes effect

China-Serbia free trade agreement takes effect

China's light industry ran smoothly in the first five months of 2024, with revenue increasing 2.5 percent over the same period of last year, according to the latest data.

From January to May, China's business revenue of light industry reached 8.8 trillion yuan (about 1.2 trillion U.S. dollars), up 2.5 percent year on year, according to data released recently by China Light Industry Association.

Manufacturing activities continued to rebound, with the added value of larger enterprises climbing 5.6 percent year-on-year.

Among the 91 major light industrial products listed by the National Bureau of Statistics, 66 products saw a marked increase in output.

Consumption also grew steadily in the first five months, with combined retail sales of 11 categories of light industrial goods surpassing 3 trillion yuan (about 412 billion U.S. dollars), a year-on-year increase of 5.5 percent. The export volume of eight key commodities of light industry rose by 3.5 percent year on year.

"According to statistical data, profits in the light industry have increased rapidly, investments have risen substantially, and both domestic and international markets have expanded steadily. The household appliances sector, in particular, has shown outstanding performance in exports," said Zhang Chonghe, president of China Light Industry Association.

China's light industry runs smoothly in first 5 months