China looks to RCEP partners for economic growth
China is working with its partners in the Regional Comprehensive Economic Partnership to open up markets, increase fair competition and rules-based trading, Chinese officials and experts said at a recent forum.
China, as the largest economy within the RCEP framework, is set to work closely with other member countries to unlock the full potential of the agreement and ensure that its benefits are shared by all for win-win cooperation, they said at the fourth edition of the RCEP Media and Think Tank Forum.
RCEP officially came into being in June 2023 year, with its 15 signatory countries being China, Australia, Japan, New Zealand, South Korea and the 10 member states of the Association of Southeast Asian Nations (Asean).
The forum, themed ‘Shared Benefits, Win-win Cooperation’, was held by the Publicity Department of the CPC Hainan Provincial Committee, China Daily and the China Institute for Reform and Development.
“Looking ahead, the RCEP is set to unleash more vitality as member countries make significant strides in enhancing connectivity and boosting trade and investment,” said Hu Kaihong, a member of the Affairs Council of the Publicity Department of the Communist Party of China Central Committee.
He said initiatives such as tariff reductions, cumulative rules of origin and streamlined customs procedures have facilitated the continuous entry of high-quality products from member countries into the Chinese market over the past few years.
In 2023, the total import and export volume between China and other RCEP members reached 12.6 trillion yuan ($1.7 trillion), statistics from the General Administration of Customs showed. This accounted for 30.2% of China’s total foreign trade, a 5.3% increase over 2021, the year before the agreement came into force.
Yin Libo, vice-governor of the Hainan provincial government, said the agreement’s multiple effects of trade creation, growth promotion and job generation have brought a sense of certainty in a tough global environment.
Last year, Chinese enterprises enjoyed a reduction of import duties worth 2.36 billion yuan within the RCEP framework. Importing enterprises based in the RCEP trading partners’ economies also benefited immensely from preferential treatment, to the tune of 4.05 billion yuan, data from the Ministry of Commerce showed.
Qu Yingpu, publisher China Daily, told the forum that RCEP must further boost the utilization of its rules, upgrade rules and standards, and broaden the scope of co-operation, Qu said. By doing so, it can continue to unleash policy dividends and strengthen the efforts in building a better world, he added.
RCEP is projected to drive an annual increase of $186 billion in global GDP by the year 2030, according to the Washington-based Peterson Institute for International Economics.
Chi Fulin, president of the China Institute for Reform and Development, said that due to the short implementation time and low awareness of enterprises, the rate of some members’ use of RCEP rules is still low.
Speeding up improvement of the rate of utilization of RCEP rules will further enhance the vitality of the large regional market, he said.
Potential of Sino-Arab economic cooperation highlighted
China and Arab states have big potential to deepen their economic and trade relations, particularly in the financial and energy sectors, boosting growth for both sides and contributing to global economic recovery, experts and business leaders said on Thursday.
Driven by the tangible growth of the Belt and Road Initiative, China and Arab states are likely to expand business ties in areas such as the digital economy, finance, new infrastructure, clean energy, trade in services and high-end manufacturing, they said.
Mohammed Al Ajlan, chairman of the Saudi-Chinese Business Council, said that with China entering a new era of green and innovation-led growth, Arab companies are optimistic about its long-term growth potential and see abundant opportunities arising from the country’s focus on the high-end manufacturing industry and the digital economy.
Li Lei, vice-president of Saudi Basic Industries Corp, said the new cooperative content between China and Arab states will not only benefit global trade, but also create more growth points for Arab companies to build their global supply chains and consumer bases in China.
