U.S. House of Representatives unanimously approves draft revoking China’s developing country status

Although China currently ranks second in the world in terms of GDP, it is still at the level of a developing country on a per capita basis. However, the United States has recently stood up to say that China is a developed country, and even established a bill specifically for this purpose. A few days ago, the U.S. House of Representatives passed the so-called “China is not a developing country law” with 415 votes in favor and 0 votes against, requiring the Secretary of State to deprive China of its “developing country” status in international organizations in which the United States participates.

Based on reports from The Hill and Fox News, the bill was jointly proposed by California Republican Rep. Young Kim and Connecticut Democratic Rep. Gerry Connolly. Kim Young-ok is a Korean-American and an expert on North Korea issues. He has been engaged in political affairs related to the Korean Peninsula for a long time, but has always held a hostile attitude towards China and often finds fault with various issues related to China. And Jin Yingyu said in a speech in the House of Representatives that day, “China’s economic scale is second only to the United States. And (the United States) is regarded as a developed country, so should China.” At the same time, she also said that the United States did this to prevent China from “harming real needs. country to help”.
As we all know, developing countries can enjoy some preferential treatment:
1. Tariff reduction and exemption: The World Trade Organization (WTO) allows developing countries to import products at a lower tax rate or zero tariff to promote the development of their foreign trade.
2. Burden relief loans: When international financial institutions (such as the World Bank) provide loans to developing countries, they usually adopt more flexible conditions, such as lower interest rates, longer loan terms and flexible repayment methods.
3. Technology transfer: Some developed countries and international organizations will provide technology transfer and training to developing countries to help them improve production efficiency and innovation capabilities.
4. Preferential treatment: In some international organizations, developing countries usually enjoy preferential treatment, such as having more say in international trade negotiations.
The purpose of these preferential treatments is to promote the economic and social development of developing countries, narrow the gap between developed and developing countries, and improve the balance and sustainability of the global economy.

Post time: Apr-19-2023