SCIO briefing on China's import and export performance in H1 2023
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E-mail China.org.cn, July 26, 2023
Xie Yingjun:
Due to time constraints, there will be one last question.
Red Star News:
My question is: Could you brief us on China's imports and exports to other RCEP members in the first half of this year, and what is your outlook for China's trade with other RCEP members in the future? What has the customs authority done recently to promote the implementation of RCEP? Thank you.
Lyu Daliang:
Thank you for your questions. The full entry into force of the RCEP marks a significant milestone in the process of regional economic integration in the Asia-Pacific. In the first half of the year, China's imports and exports to the other 14 RCEP members totaled 6.1 trillion yuan, an increase of 1.5% year on year and contributing more than 20% to China's foreign trade growth. China's trade with most RCEP members registered an increase, among which trade with Singapore, Laos, Australia, and Myanmar increased by 27%, 25.8%, 16.4%, and 15.2%, respectively. RCEP brings continuous tangible benefits to Chinese companies, which can be observed in two main aspects:
On one hand, regional industrial chain cooperation has become closer. The gradual release of the market potential within RCEP will effectively facilitate the free flow of production factors in the region, contribute step by step to a more prosperous market featuring regional integration, and create new space for companies to expand their international industrial cooperation and enhance economic and trade exchanges. In the first half of the year, China's exports of intermediate products to other RCEP members amounted to 1.72 trillion yuan, accounting for 54.4%, or more than half, of China's total exports to RCEP members. Among them, the exports of auto parts and electrical equipment increased by 17.6% and 22.4%, respectively. During the same period, China imported 376 million metric tons of iron ore and 178 million metric tons of energy products from other RCEP members, marking a 4.7% and 70.4% increase, respectively.
On the other hand, tariff preferences have brought continuous benefits. The RCEP, combinable with existing bilateral free trade agreements already in force between China and other members, allows companies to enjoy more favorable tariff preferences and effectively reduce costs. In the first half of this year, Chinese companies enjoyed 1.07 billion yuan of tax concessions for 40.36 billion yuan of preferential imports within the RCEP framework, mainly covering plastics and plastic products, as well as machinery and parts; Chinese companies also enjoyed 1.91 billion yuan of tax concessions for 126.95 billion yuan of preferential exports within RCEP, mainly covering clothing and clothing accessories, inorganic chemicals, and plastics and plastic products. Across the country, 590 approved exporters independently issued 4,844 RCEP declarations of origin, amounting to a value of 4.34 billion yuan.
The full entry into force of the RCEP will further promote opening up and cooperation among its member states in a wider scope, at a higher level, and in a more in-depth manner, and provide a strong boost to China's high-level opening up. The customs authority will resolutely implement the plans of the CPC Central Committee and the State Council for the implementation of RCEP to ensure that RCEP plays its role in stabilizing foreign trade and foreign investment, promoting cooperation in the industrial chain and supply chain, and facilitating high-quality development. We will focus our efforts on the following areas: First, we will prioritize customs inspection and quarantine rules related to RCEP, improve relevant rules and regulations, upgrade the information technology-driven customs operating system, standardize and streamline customs procedures, and continuously optimize the customs clearance process to improve efficiency and reduce the cost of customs clearance for companies. Second, during international exchanges and cooperation with other RCEP members, we will pay close attention to their customs clearance procedures, inspection and quarantine rules, trade facilitation measures, and measures to implement their tariff preference commitments. By staying updated on the latest developments among RCEP members, we will be able to learn about and coordinate solutions to difficulties and problems encountered by Chinese companies both domestically and abroad. Third, we will intensify efforts to publicize RCEP policies and regulations, establish a targeted service system for technical trade measures within the RCEP framework, guide companies to fully understand and benefit from RCEP policies, and assist them in further exploring the RCEP market. Thank you.
Xie Yingjun:
Thanks for the introduction by Mr. Lyu and the participation of our media friends. Today's briefing is now concluded. Goodbye!
Translated and edited by Wang Yiming, Wang Qian, Ma Yujia, Li Xiao, Yang Xi, Liu Qiang, Cui Can, Wang Yanfang, Liu Caiyi, Zhou Jing, Xu Xiaoxuan, Zhang Rui, Zhang Jiaqi, Li Huiru, Tom Arnsten, and Jay Birbeck. In case of any discrepancy between the English and Chinese texts, the Chinese version is deemed to prevail.
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