The free trade agreement (FTA) between China and Serbia took effect on July 1st, as the first certificate of origin for exports to Serbia was issued by Pingxiang Customs in south China's Guangxi Zhuang Autonomous Region.
The certificated was issued for 384 boxes of fireworks from a company in Shangli county. With the certificate of origin, this consignment will enjoy a 2 percent tariff reduction when clearing customs in Serbia.
According to the deal signed in October 2023, approximately 90 percent of the products traded between China and Serbia will be exempted from tariffs, while over 60 percent of them will enjoy zero tariffs immediately after the FTA goes into effect.
The proportion of final zero-tariff items in import value will reach roughly 95 percent for both sides, broadly covering their main export products.
The FTA is expected to boost trade, offering consumers wider choices of imported goods at lower prices. It also encourages investment and industrial collaboration, allowing both countries to leverage their strengths for a stronger global presence.
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China, Serbia slash tariffs as historic free trade deal takes effect
The sixth edition of Shanghai's iconic "5·5 Shopping Festival" kicked off on Thursday, alongside the 2025 International Consumption Season, in a renewed push to boost domestic demand and revitalize consumer spending.
Co-hosted by the Ministry of Commerce, China Media Group (CMG), and the Shanghai Municipal Government, the event promises a vibrant mix of promotional campaigns, themed events, and immersive retail experiences across the city's commercial districts.
Centering on the theme "Quality Consumption, Demand Creation," the festival targets four key consumer sectors: services, big-ticket purchases, inbound spending, and emerging consumption trends. It also highlights new economic frontiers such as the debut economy, the silver economy, the nighttime economy, and the ticket-based economy—aimed at unlocking consumer potential and enhancing Shanghai's commercial vitality through new product launches, senior-friendly services, dynamic nightlife, and spending on cultural activities.
The festival launch ceremony also included the Fourth International Consumption Center City Forum. In a video address, Marwan Ahmed Bin Ghalita, Acting Director General of Dubai Municipality, expressed hopes for deeper cooperation between Shanghai and Dubai as the two metropolises mark the 25th anniversary of their sister-city relationship. He emphasized their shared vision for urban development and prosperity.
Another highlight of the festival was the debut of the "CMG Select: Shanghai Pavilion." Combining celebrity hosts, culture, art, and premium brands, the pavilion leverages CMG's influential media platform to energize consumer activity and support Shanghai's drive to become a world-class consumption center.
The shopping festival will run through the end of June, with over 1,000 companies and thousands of brands set to launch more than 1,000 special events.
The 2025 International Consumption Season is a flagship event under the "Shop in China" campaign. Jointly launched by the Ministry of Commerce and five other government departments, the initiative will mobilize regions across the country to spotlight premium international and domestic goods. It will feature product debuts, first launches, and consumer-friendly measures to help both domestic shoppers and inbound tourists access high-quality global merchandise and enjoy top-tier services.
Shanghai launches major shopping festival to boost consumer spending
