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SCIO briefing on China's import and export performance of 2020

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CRI:

Last November, China signed the Regional Comprehensive Economic Partnership (RCEP) agreement. Could you please describe imports and exports between China and RCEP countries last year? In addition, did the GACC make any preparations before the agreement came into effect? Thank you.

Li Kuiwen:

Thank you for your questions. Let me first brief you on the trade between China and other RCEP countries.

In 2020, the total value of China's imports and exports to the other 14 RCEP countries was 10.2 trillion yuan, climbing 3.5% year-on-year and accounting for 31.7% of China's total imports and exports during the same period. Exports accounted for 4.83 trillion yuan, an increase of 5%, while imports totaled 5.37 trillion yuan, an increase of 2.2%. Here are the details:

In terms of trading partners, ASEAN has become China's largest trading partner, with an import and export value reaching 4.74 trillion yuan, an increase of 7%. Japan and South Korea are China's fourth and fifth largest trading partners, with imports and exports reaching 2.2 trillion yuan and 1.97 trillion yuan, an increase of 1.2% and 0.7%, respectively. Meanwhile, imports and exports to Australia reached 1.17 trillion yuan, a decrease of 0.1%, and imports and exports to New Zealand hit 125.53 billion yuan, a decrease of 0.4%.

In terms of exported goods, exports of electromechanical products reached 2.6 trillion yuan, an increase of 7.3%, accounting for 53.8% of the total value of exports to RCEP countries during the same period. Among them, exports of integrated circuits accounted for 314.03 billion yuan, increasing 15%, and automatic data processing equipment and their parts and components were 260.63 billion yuan, an increase of 11.1%. During the same period, the export of labor-intensive products amounted to 944.8 billion yuan, an increase of 11.9%.

In terms of imported goods, imports of integrated circuits were 1.08 trillion yuan, up 9.8%; automatic data processing equipment and their parts and components were 178.45 billion yuan, up 8%; imports of iron ore were 496.35 billion yuan, an increase of 14.7%, and; plastics in primary forms were 156.33 billion yuan, down 0.3%.

As to your second question, RCEP is now the world's largest free-trade zone, encompassing approximately one-third of the world's population and 30% of the global GDP and trade. Member countries see stellar prospects for the RCEP. The GACC has been fulfilling its duties and accelerating relevant preparatory work before the implementation of the RCEP.

First, the GACC has strengthened the organization and leadership. Fully implementing the deployment of the Party Central Committee and the State Council, the GACC quickly established a leading group for RCEP implementation and organized experts in relevant fields to form a number of special working subgroups to oversee different affairs such as tariffs, to accelerate preparations for RCEP implementation.

Secondly, the GACC has worked to establish rules and regulations to ensure that the RCEP Rules of Origin (ROO) are implemented. The GACC is preparing to promulgate measures for the administration of the origin of RCEP imported and exported goods and measures for the administration of approved exporters, optimize processes for declaring preferential import and export visas under the RCEP, and build a supporting information system to make it easy for companies to do so.

Thirdly, the GACC has increased its training and guided companies to make full use of the RCEP's preferential policies. According to the provisions of the ROO, the optional scope of capital goods for companies has been greatly expanded and multiple types of benefits have been provided for them. The GACC will increase efforts to make the policies known to the companies and help them understand tariff reduction and preferential rules and make sure the companies get the most out of these benefits. At the same time, given the difficulties that may arise during the implementation of RCEP, we have increased research and training and will prepare in advance to better serve the companies. Thank you.