The phrase underlines a strong refusal and is often used to emphasize it in a dramatic way. I wouldn't take that job, not for all the tea in China.
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Hyperbolic Expression
The phrase is an example of hyperbole, using exaggeration to make a point, rather than to be taken literally. He wouldn't miss the game, not for all the tea in China.
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Cultural Reference
The phrase refers to China's historical association with tea, implying something of enormous value. She wouldn't sell her grandfather's watch, not for all the tea in China.