"Of course, we didn't respond to such questions, but these emerging economies, supported by an increasingly sophisticated industrial system, combined with closer proximity to Europe and the ability to export duty-free products to many countries across the world, have gradually turned out to be competitors of Chinese exporters in the areas of medium and low-end manufacturing, he said.

Dealing with challenges posed by certain Western countries out to contain China's industrial chains, the country's manufacturing sector has become more aware of the subsequent challenges posed by such actions, said Lin Meng, director of the Modern Supply Chain Research Institute, which is part of the Beijing-based Chinese Academy of International Trade and Economic Cooperation.

As a result, China's drive for industrial upgrade has gained further impetus, augmenting the country's capabilities across various domains like the industrial chains related to new energy and green development, she said.

SAIC Motor Corp Ltd, China's largest carmaker by sales, has been heading in that direction. The company said deliveries of its hatchback MG4 Electric reached 10,000 units in Europe in March.

There are now around 40,000 orders in Europe to be delivered, said Zhao Aimin, executive vice-president of SAIC International, noting one key ingredient of the group's success in overseas markets is its offer of the right products based on an understanding of local customers' demands.

To better meet the demand of overseas car buyers and potential customers, Zhao said he has a four-hour meeting with the company's research and development team each week.

Keen to facilitate more Chinese companies to ship their products to other parts of the world, China, a member of the Regional Comprehensive Economic Partnership agreement, is also seeking to join high-standard economic and trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Digital Economy Partnership Agreement, said Zhang Jianping, head of the center for regional economic cooperation at the Chinese Academy of International Trade and Economic Cooperation.

With the RCEP set to take effect in the Philippines — the last member economy to ratify of the agreement — on June 2, the agreement's complete implementation will help further bolster trade and investment between China and other participating countries, and will advance long-term prosperity and growth of the global economy, Zhang said.

According to Customs data, China's trade value with other RCEP signatory countries rose 7.3 percent year-on-year in the first quarter of this year.

Chinese authorities had issued 201,700 certificates of origin under the RCEP agreement by March. The certificates are related to exports valued at $8.41 billion, and are expected to reduce tariffs by $126 million for Chinese products in importing RCEP countries, data from Beijing-headquartered China Council for the Promotion of International Trade showed.

Certificates of origin are documents widely used in international trade transactions. They state that the products listed have met sufficient criteria to be considered as originating in a particular country. The issuance of these certificates is widely regarded as a barometer of foreign trade.

China had 457,000 companies with export and import records in the first quarter of this year, up 5.7 percent year-on-year, according to Customs data.

Wu Haiping, director-general of the General Administration of Customs' department of general operations, said that in order to address the difficulties and bottlenecks faced by foreign-trade enterprises, the Customs authority will focus on improving trade facilitation, streamlining import and export logistics, optimizing the business environment at ports, reducing enterprises' cost burdens and supporting the development of new foreign trade formats.

"We will continuously enrich, adjust and improve relevant measures and explore new Customs support initiatives to support China's foreign trade this year," he said, adding that 90,000 companies registered in the first quarter to engage in export and import activities, up 59.8 percent year-on-year.

Related

Go to Forum >>0 Comment(s)