Name: Senate Panel Votes to Strip China’s ‘Developing’ Status
Uploaded: 2023-06-14T09:26:01.000Z
Description: Access to larger markets, higher subsidies, and lower tariff rates. Beijing's days of enjoying these perks may be numbered.

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Access to larger markets, higher subsidies, and lower tariff rates. Beijing's days of enjoying these perks may be numbered.

China can get these benefits because of its developing nation status. But now, a bill aiming to strip that status is waiting to clear the Senate.

It passed the foreign relations committee in the Senate last week. Though it’s unclear when it would come up for a vote in the Senate.

Beijing gets a number of privileges from the status. Here are some examples. The United Nations offers various discounts to the country on its Regular Budget contribution. According to a Heritage Foundation report, these discounts cut China's dues by nearly 50 million dollars in 2023.

Through its WTO membership, China maintains its most-favored-nation status with countries like the U.S. That means access to larger markets, higher subsidies, and lower tariff rates.

The World Bank designates China as a middle-income country. Until 2025, Beijing can still receive its low-interest loans. The amount is up to $1.5 billion per year.

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