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Ambassador Cui Jianchun of China published a signed article titled "Facing the Future, Working Hand in Hand, Building an Even Closer China-Nepal Community with a Shared Future" in Nepalese media.

From January 18 to 19, 2024, Cui Jianchun, Chinese Ambassador to Nigeria, published a signed article titled "Facing the Future, Working Together, Building a Closer China-Nigeria Community with a Shared Future" in major Nigerian media outlets such as The People's Daily, The Sun, The Guardian, and The Dawn. The full text is as follows: From December 27 to 28, 2023, the Central Foreign Affairs Work Conference was held in Beijing, attended by President Xi Jinping, who delivered an important speech. In his important speech, President Xi Jinping systematically summarized the historic achievements and valuable experience of China's major-country diplomacy with Chinese characteristics in the new era, profoundly expounded on the international environment and historical mission facing foreign work in the new journey, and made comprehensive deployments for foreign work in the current and future periods. The meeting pointed out that building a community with a shared future for mankind embodies the worldview, order view, and values of Chinese communists, conforms to the common aspirations of the people of all countries, points out the direction for the progress of world civilization, and is the lofty goal pursued by China's major-country diplomacy with Chinese characteristics in the new era. Building a community with a shared future for mankind is the core concept of Xi Jinping's diplomatic thought, reflecting the high degree of unity between the original mission of the Communist Party of China and the trend of the times, bringing together the greatest common divisor of the people of all countries' aspirations to build a better world, and having significant theoretical value and profound historical significance, increasingly demonstrating strong influence, vitality, and appeal. Building a community with a shared future for mankind highlights the trend of history and the aspirations of the people. Building a community with a shared future for mankind strives to build a world of lasting peace, universal security, common prosperity, openness, inclusiveness, and a clean and beautiful environment, with the goal of promoting global governance of shared consultation, construction, and sharing as the path to realization, the practice of common values for all mankind as the universal principle, the promotion of building a new type of international relations as the basic support, the implementation of the Global Development Initiative, the Global Security Initiative, and the Global Civilization Initiative as strategic guidance, and high-quality joint construction of the Belt and Road Initiative as the practical platform, promoting countries to work together to address challenges, achieve common prosperity, and promote the world towards a bright future of peace, security, prosperity, and progress. In March 2013, President Xi Jinping proposed the concept of building a community with a shared future for mankind, contributing a Chinese solution to addressing common challenges facing all mankind and building a better world, and winning widespread support from African countries, including Nigeria. Last year marked the tenth anniversary of President Xi Jinping's advocacy of the concept of building a community with a shared future for mankind. Over the past ten years, building a community with a shared future for mankind has evolved from a concept to a scientific system, from a Chinese initiative to an international consensus, and from a vision to rich practice, having been included in the UN General Assembly resolutions for seven consecutive years, continuously extending to various regions and fields, and becoming a glorious banner leading the progress of the times. China is the world's largest developing country, and Nigeria is Africa's largest economy. China and Nigeria have always been a community with a shared future. Over the past ten years, the construction of the China-Nigeria community with a shared future has made great strides, with Nigeria becoming China's largest engineering contracting market in Africa, third-largest trading partner, and major investment destination. Practical cooperation in various fields between the two countries has been fruitful, with major projects undertaken by Chinese companies, such as the Lekki Deepwater Port, the Zungeru Hydropower Station, the Lagos-Ibadan Railway, the Abuja-Kaduna Railway, the Kafanchan Highway, and several airport terminals, having been completed or making smooth progress, and the construction of the free trade zone has achieved remarkable results. Personnel exchanges between the two countries have become increasingly convenient, and people-to-people exchanges have become increasingly close. With the joint efforts of both sides, China and Nigeria have become important strategic partners for each other, and China-Nigeria relations have entered a new stage of jointly building a high-level community with a shared future. Nigeria is an important member of the China-Africa community with a shared future. In August last year, Vice President Shettima attended the China-Africa Leaders Dialogue co-chaired by President Xi Jinping and South African President Ramaphosa, and jointly decided with all parties to build a high-level China-Africa community with a shared future. In October last year, Vice President Shettima represented President Tinubu to attend the Third Belt and Road International Cooperation Summit Forum in China, and met with President Xi Jinping and Vice President Han Zheng respectively. The leaders of the two countries reached an important consensus on continuously deepening cooperation in jointly building the Belt and Road Initiative and raising bilateral relations to a new level. Many hands make light work, and mutual assistance leads to greater progress. Building a China-Nigeria community with a shared future requires the joint efforts of both sides. Since I assumed the post of the 14th Chinese Ambassador to Nigeria, I have been deeply thinking about how to further promote all-round cooperation between the two countries, and have proposed the China-Nigeria 5GIST growth, development, and progress strategy, the "Sharing Chinese Culture and Playing a Harmonious Tune of China-Nigeria Cooperation" initiative, and the "Party-Enterprise-Government" (PEG) cooperation new model. China has always been committed to providing support for the economic and social development of African countries. In November 2022, President Xi Jinping announced the implementation of the nine programs for China-Africa cooperation. In August 2023, President Xi Jinping proposed the implementation of the "Initiative to Support African Industrialization," the "China's Assistance to African Agricultural Modernization Plan," and the "China-Africa Talent Cultivation Cooperation Plan." President Tinubu has put forward the "Renewed Hope," and I would like to respond by establishing "Renewed Ties" (Thought/Investment/Endeavor), sowing "Renewed Seeds" (Security/Education/Economy/Democracy), and achieving "Renewed GDP" (Growth/Development/Progress) among the governments, enterprises, and people of the two countries, further deepening practical bilateral cooperation. President Tinubu has put forward "eight priority areas," and China is willing to strengthen the alignment of development strategies with Nigeria, pursue mutual benefit and win-win results, and achieve common development. In 2024, we will usher in the year of the Dragon in the lunar calendar. In traditional Chinese culture, the dragon represents auspiciousness, wisdom, and strength. This year, China will host the next China-Africa Cooperation Forum, and China and Africa will once again discuss the future development plan. China will continue to adhere to the policy concept of sincerity, real results, amity, and good faith towards Africa and the correct view of righteousness and interests, and work with Nigeria as partners who respect each other, treat each other as equals, and cooperate sincerely, to jointly build a closer China-Nigeria community with a shared future.

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01-24

Ambassador Cui Jianchun of China published a signed article titled "Facing the Future, Working Hand in Hand, Building an Even Closer China-Nepal Community with a Shared Future" in Nepalese media.

Africa Economic Outlook 2023: North Africa's economy grew by 4.6% in 2023, with South Africa hindering Southern Africa's economic recovery.

In July, the African Development Bank (AfDB) released its latest African regional economic outlook. The AfDB data indicates that the African economy will maintain strong recovery momentum in the medium term, with growth rates exceeding the global average. Regionally, North Africa will see a slight uptick, with economic growth reaching 4.6% in 2023. Southern Africa's economic growth is slowing, lagging behind other regions of Africa. In a previous article, we interpreted the strong recovery momentum of the East and West African economies based on the AfDB report. In this article, we will focus on interpreting the economic growth of North and Southern African countries, and take a look at the economic prospects of these two regions. North Africa's economic growth reached 4.6% in 2023, highlighting the need for economic diversification AfDB data shows that the macroeconomic outlook for North Africa remains positive, exceeding the African average. North Africa's economic growth is projected to increase slightly to 4.6% and 4.4% in 2023 and 2024 respectively. Growth in the region is mainly driven by the service sector, particularly trade and tourism. From a national perspective, compared to 2022, Egypt's real GDP growth rate is expected to decline by 2.2 percentage points in 2023, and Tunisia by 0.5 percentage points. Libya's economy is expected to see a significant recovery in 2023, with real GDP growth reaching as high as 17.9%. Algeria's economic growth is expected to rise slightly, reaching 3.1% in 2023. Morocco will recover from the 2022 drought, with economic growth increasing significantly to 3.3%. The North Africa Economic Outlook 2023 report also shows that North Africa's economic growth in 2022 was moderate, with GDP growth at 4.1%, lower than 5.4% in 2021. North African countries are struggling to cope with rising inflation and challenges to growth recovery. Inflation in the region continues to rise, from 4.6% in 2021 to 8.2% in 2022, leading most North African countries to implement restrictive monetary policies. Inflation is expected to rise further to double digits in 2023, reaching 14.2%, before falling to 6.9% in 2024. Poverty and unemployment rates, particularly youth unemployment, have recently risen, highlighting the need to strengthen the region's economic resilience and diversification. To maintain inclusive growth, the region needs to implement structural reforms, promote private sector development, improve productivity and employability, and create jobs. Southern Africa's economic outlook is bleak, with economic growth slightly recovering to 2.7% in 2024 The AfDB's latest Southern Africa economic report points out that, significantly impacted by internal conflicts, power crises, and natural disasters, the economic outlook for Southern Africa is bleak, with GDP growth lagging behind other regions of Africa. Over the past year, Southern Africa's economic growth has slowed, with South Africa, the largest economy, facing multiple challenges. Data from the AfDB's South Africa Economic Outlook 2023 report shows that in 2022, Southern Africa's GDP growth barely reached 2.7%, well below the global and African averages of 3.4% and 3.8%. The report projects that growth in the region will slow further to 1.6% in 2023, before improving slightly to 2.7% in 2024. The Southern Africa report links the region's slow performance to "South Africa's persistent political and structural problems dragging down regional growth, and the ongoing Russia-Ukraine conflict putting pressure on energy and food prices." The report expects external debt across Southern Africa to reach 48% by 2022, and the high external debt burden will further hinder its economic recovery. The Southern Africa report also notes that declining per capita income growth in most countries in the region threatens the growth rate needed for poverty reduction, while weak growth also puts pressure on youth employment. Unemployment is described as "one of the biggest challenges in the region." According to AfDB forecasts, supported by positive factors, the African economic recovery is developing favorably, GDP will maintain sustained growth, and in the medium term, African economic growth will exceed the global average. However, regional differences remain, and the economic performance of different regions and countries will vary. The AfDB predicts that the macroeconomic outlook for North Africa remains positive, exceeding the African average. Southern Africa, however, is severely affected by climate change, and the medium-term economic outlook is poor. Source: Baijing Chuhai

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01-23

Africa Economic Outlook 2023: North Africa's economy grew by 4.6% in 2023, with South Africa hindering Southern Africa's economic recovery.

Latest | Notice from the Ministry of Commerce on Issuing Several Policy Measures Supporting Stable Foreign Trade Development

People's Governments of all provinces, autonomous regions, municipalities directly under the Central Government, and cities separately planned, Xinjiang Production and Construction Corps, Ministry of Foreign Affairs, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Public Security, Ministry of Finance, Ministry of Human Resources and Social Security, Ministry of Transport, National Health Commission, State-owned Assets Supervision and Administration Commission, General Administration of Customs, State Taxation Administration, State Administration for Market Regulation, China Banking and Insurance Regulatory Commission, National Immigration Administration, Railway Bureau, Civil Aviation Administration of China, China Council for the Promotion of International Trade, China State Railway Group Co., Ltd., and China Export & Credit Insurance Corporation: Openness is a fundamental state policy of China. Imports and exports strongly support steady growth and employment. Efforts must be made to stabilize foreign trade. With the approval of the State Council, the "Several Policy Measures to Support the Stable Development of Foreign Trade" is hereby issued to you. Please earnestly organize and implement it. Major foreign trade provinces should better play a leading role and come up with specific measures. Relevant departments should strengthen coordination and services. Ministry of Commerce September 27, 2022 Several Policy Measures to Support the Stable Development of Foreign Trade I. Ensuring Production and Fulfillment of Contracts, Supporting Advantageous Products in Exploring International Markets. All localities should strengthen the guarantee of various aspects for foreign trade enterprises, including epidemic prevention, energy use, employment, and logistics. When necessary, they should provide full support to ensure the timely fulfillment and delivery of foreign trade orders. (People's governments of all localities, Ministry of Commerce, National Development and Reform Commission, Ministry of Industry and Information Technology, Ministry of Transport, Ministry of Human Resources and Social Security, National Health Commission, and General Administration of Customs shall be responsible according to their respective duties.) Combining the practices of relevant countries and the actual market demand of China, study and optimize the underwriting conditions of medium- and long-term insurance, and increase the support of export credit insurance. (Ministry of Commerce, Ministry of Finance, China Banking and Insurance Regulatory Commission, and China Export & Credit Insurance Corporation shall be responsible according to their respective duties.) Make unified use of existing funding channels such as special funds for foreign economic and trade development to further support small and micro foreign trade enterprises in exploring international markets. Ensure that special funds for foreign economic and trade development are used in place as soon as possible. (People's governments of all localities, Ministry of Finance, and Ministry of Commerce shall be responsible according to their respective duties.) II. Actively Supporting Enterprises in Participating in Various Exhibitions to Secure Orders. All localities should actively utilize special funds for foreign economic and trade development and other relevant funds to support enterprises in participating in various overseas self-organized exhibitions held by the localities, other regions, or trade promotion institutions and exhibition enterprises. Encourage localities with conditions to expand the scale of overseas self-organized exhibitions. All localities should strengthen guidance and support enterprises in improving the service level and work enthusiasm of overseas representatives, and continuously improve the effectiveness of representative participation. For foreign trade personnel's business activities such as exhibitions and business negotiations going abroad under the normalized epidemic prevention and control, the foreign affairs and commerce authorities and immigration management agencies of all localities should further strengthen service guarantees. (People's governments of all localities, Ministry of Commerce, Ministry of Foreign Affairs, Ministry of Finance, National Immigration Administration, and China Council for the Promotion of International Trade shall be responsible according to their respective duties.) III. Successfully Holding the 132nd China Import and Export Fair (Canton Fair) Online Exhibition. Expand the scope of participating enterprises. In addition to the 25,000 participating enterprises in the physical exhibition, support all enterprises that meet the participation qualification standards to voluntarily apply for participation. Extend the online exhibition time from 10 days to 5 months. Strengthen investment promotion and lead generation, comprehensively use various channels for publicity and recommendation, and further increase the number of registered purchasers and visitors. Optimize platform functions, facilitate supply-demand docking, and improve transaction effectiveness. (Ministry of Commerce is responsible.) IV. Giving Full Play to the Role of Foreign Trade Innovation Platforms. Quickly establish a new batch of pilot programs for market procurement trade methods, demonstration zones for promoting innovation in import trade, and comprehensive pilot zones for cross-border e-commerce. (Ministry of Commerce takes the lead, and all relevant departments are responsible according to their respective duties.) Add a new batch of regions that can conduct used car export business. (Ministry of Commerce, Ministry of Public Security, and General Administration of Customs shall be responsible according to their respective duties.) For provinces (regions, municipalities) with outstanding performance in stabilizing foreign trade in 2022 and making significant contributions to the national foreign trade growth, appropriate consideration should be given in the subsequent establishment of pilot programs for foreign trade innovation platforms and the arrangement of the number of newly added booths at the China Import and Export Fair (Canton Fair). (Ministry of Commerce takes the lead.) V. Further Giving Full Play to the Role of Cross-border E-commerce in Stabilizing Foreign Trade. Issue further policy measures to support the development of overseas warehouses for cross-border e-commerce. Study the launch of the second phase of the Guiding Fund for the Innovative Development of Service Trade this year, further mobilize social capital, and make unified use of existing funding channels such as special funds for foreign economic and trade development to jointly support the development of new foreign trade formats such as cross-border e-commerce and overseas warehouses. Under the premise of compliance with laws and regulations and controllable risks, further strengthen the support of export credit insurance for the construction and operation of overseas warehouses. Optimize customs registration procedures, strengthen the organization of China-Europe freight trains, and support the transportation of goods exported from overseas warehouses. (Ministry of Commerce takes the lead, and the National Development and Reform Commission, Ministry of Finance, General Administration of Customs, China Banking and Insurance Regulatory Commission, China State Railway Group Co., Ltd., and China Export & Credit Insurance Corporation shall be responsible according to their respective duties.) Accelerate the issuance of tax policies to facilitate the return and exchange of goods for cross-border e-commerce exports. (Ministry of Finance takes the lead, and the Ministry of Commerce, General Administration of Customs, and State Taxation Administration shall be responsible according to their respective duties.) VI. Further Promoting Trade Smoothness. Improve port collection and distribution and domestic transportation efficiency to ensure the rapid transfer and transportation of import and export goods. Ensure the stability of industrial chains and supply chains. Continue to clear unreasonable charges at ports, and strengthen supervision of charging entities at port areas and off-port yards and other maritime ports. (People's governments of all localities, National Development and Reform Commission, Ministry of Transport, Ministry of Commerce, State-owned Assets Supervision and Administration Commission, General Administration of Customs, State Administration for Market Regulation, Railway Bureau, and Civil Aviation Administration of China shall be responsible according to their respective duties.) Issue a reference for standard operating procedures for import cargo at ports, promote good experience and practices in improving port quality and efficiency, promote mutual learning and reference among various ports and localities, and urge cargo owners and their agents to quickly pick up goods to reduce customs clearance costs. All ports should ensure smooth export channels. (People's governments of all localities, Ministry of Commerce, Ministry of Transport, General Administration of Customs, Railway Bureau, Civil Aviation Administration of China, and China State Railway Group Co., Ltd. shall be responsible according to their respective duties.) Strengthen customs clearance facilitation services for foreign trade enterprises, further improve cargo customs clearance efficiency, and achieve rapid import and export of goods upon arrival. (Ministry of Commerce and General Administration of Customs shall be responsible according to their respective duties.) Under the premise of ensuring epidemic prevention and control safety, make every effort to improve the capacity and efficiency of land transportation between Shenzhen and Hong Kong, and maximize the satisfaction of enterprises' land transportation needs. (People's Government of Guangdong Province and Shenzhen Municipal People's Government take the lead, and the Ministry of Transport, Ministry of Commerce, and General Administration of Customs shall be responsible according to their respective duties.) Source: Ministry of Commerce Website

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09-27

Latest | Notice from the Ministry of Commerce on Issuing Several Policy Measures Supporting Stable Foreign Trade Development

India restricts food exports, what is the impact on China's market?

India recently announced a ban on broken rice exports and a 20% tariff on exports of some rice, including unmilled rice, husked rice, semi-milled rice, and fully milled rice, effective September 9. This move, coming at a time when the Black Sea Grain Corridor has resumed and the global food crisis has eased somewhat, has once again stirred the global grain market and could trigger a new round of global food price increases, further exacerbating the global food crisis. Extreme drought may lead to rice reduction in India's tax increase India's rice exports play a pivotal role in the global rice market supply. India is the world's second-largest rice producer and the world's largest rice exporter, supplying rice to over 150 countries. Its rice exports account for 40% of global rice trade, exceeding the combined rice exports of Thailand, Vietnam, Pakistan, and the United States. In 2021, India's rice exports reached a record 21.5 million tons. This year, affected by extreme drought, India's rice planting area has dropped significantly, and expectations of rice reduction are strong. Officials from India's food department said that the country's food reduction is mainly due to drought in four states, with a drought-affected area of 2.5 million hectares, resulting in a reduction of about 7 to 8 million tons of food. It is expected that by this winter, the rice planting area may further decrease by 3.8 million hectares, and rice may decrease by 10 to 12 million tons. Domestic rice prices in India have risen sharply, exacerbating inflation. According to the Indian Central Statistical Office, India's CPI in August rose from 6.71% in July to 7%, ending a three-month decline. Among them, the price of grains and their products increased by 9.57%. Therefore, the Indian government announced on August 8 that it would impose a 20% tariff on some exported rice. Rice prices may rise, further exacerbating the global food supply and demand imbalance India's restrictions on rice exports will help ensure domestic supply and stabilize rice prices, but will further exacerbate the global food supply and demand imbalance, push up rice prices, increase import costs for rice-importing countries, and put additional inflationary pressure on some countries that heavily rely on rice imports from India. In terms of supply and demand, the global rice supply and demand situation has remained loose in recent years. This year, affected by extreme high temperatures, drought, and floods, rice production faces severe challenges. In addition to India, the main rice-producing areas in southern China have been affected by continuous high temperatures and drought. Although early rice has achieved a slight increase in production, mid-late rice faces the risk of reduced production. In the United States, the rice planting area in California has dropped significantly due to extreme drought, and the harvest is expected to be halved, leading to a decrease in rice exports. Pakistan's rice production has been severely hit by extreme floods. Some institutions predict that global rice production will decrease slightly this year. Faced with the challenge of rising rice prices, countries around the world should work together. Rice-exporting countries should abandon food trade protectionism, developed countries should help developing countries improve their food self-sufficiency, and joint efforts should be made to build an efficient, open, and fair global food supply system. The impact of the broken rice export ban on China is controllable China is the largest buyer of broken rice from India, and India's rice export ban has a controllable impact on China's rice market. China has had a surplus of rice production over demand for many years, with sufficient reserves and a self-sufficiency rate exceeding 100%, fully meeting market needs. Imported rice is mainly used to adjust demand. In 2021, China's rice imports reached 4.96 million tons, accounting for only about 3% of that year's output. Moreover, China's rice imports mainly come from India, Vietnam, Pakistan, Myanmar, Thailand, and other countries, with diversified import sources and strong risk resistance. This year, affected by the Russia-Ukraine conflict and the high volatility of global wheat and corn prices, China's corn and wheat imports have decreased, rice prices are low, and import substitution demand has increased, with a significant increase in broken rice imports, mainly used for feed and alcohol production. India's restrictions on rice exports will have some impact on some feed and industrial enterprises in China, but the impact on food is extremely limited. Data from the Ministry of Agriculture and Rural Affairs shows that in the past 10 years, China's supply of grain and important agricultural products has been stable. Grain production capacity has steadily increased, with output remaining stable at over 1.3 trillion jin for seven consecutive years. In 2021, output reached a record high of 1365.7 billion jin, with per capita grain possession reaching 483 kilograms, higher than the internationally recognized 400 kilograms food security line, ensuring basic self-sufficiency in grain and absolute food security. The Chinese people firmly hold their rice bowls in their own hands. In the first half of this year, China's summer grain wheat achieved increased production, with summer grain output reaching a record high, laying the foundation for a bumper harvest of grain throughout the year. At present, autumn grain has begun to be harvested. The latest agricultural situation dispatch shows that more than 130 million mu of autumn grain has been harvested nationwide, with the progress exceeding 10%, 0.9 percentage points faster than the same period last year. Source: China Economic Net - Economic Daily (author Liu Hui), CCTV Finance, etc.

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09-19

India restricts food exports, what is the impact on China's market?

RCEP expands China's and ASEAN's economic and trade "circle of friends"

On September 17, the 19th China-ASEAN Expo entered its second day. Inside the national pavilion of South Korea, the invited partner country for this expo, Ding Xue, Greater China General Representative for Korean skincare brand Dalangxi, was busy calling out to attract visitors while also promoting products on online platforms. "This is our first time participating in the Expo. Our products are all imported from South Korea. Now, thanks to the policy dividends brought by the RCEP (Regional Comprehensive Economic Partnership) coming into effect, import tariffs have been lowered accordingly, enhancing the price competitiveness of our products," Ding Xue said. On the 16th, the 19th China-ASEAN Expo, themed "Sharing New Opportunities of RCEP, Promoting China-ASEAN Free Trade Area Version 3.0", opened in Nanning, Guangxi. This year marks the beginning of the comprehensive strategic partnership between China and ASEAN and the year RCEP came into effect. The Expo has attracted many new friends to "join the circle". Following its role as the invited partner country for the 12th China-ASEAN Expo in 2015, South Korea once again served as the invited partner country for this year's Expo, with numerous Korean enterprises participating. According to Lee Yoon-sik, Deputy Director of the Guangzhou Office of the Korea Trade-Investment Promotion Agency (KOTRA), there are 18 Korean companies exhibiting in the Korean pavilion, along with products from 127 other Korean companies, totaling nearly 250 types of Korean products showcased at the Expo. "Guangxi is the only province in China connected to ASEAN by both land and sea. More Korean companies hope to find and expand business opportunities to enter ASEAN markets by participating in the Expo," Lee Yoon-sik said. Ahn Duk-geun, Minister for Trade of South Korea's Ministry of Trade, Industry and Energy, stated in his opening address at this year's Expo on the 16th that over the 30 years since the establishment of diplomatic relations between South Korea and China, the two countries have maintained close economic and trade cooperation; China is South Korea's largest trading partner, and South Korea is China's third largest trading partner. At the same time, cooperation between South Korea and ASEAN is also very strong. "The free trade agreements among South Korea, China, and ASEAN strongly support economic cooperation among all parties. With RCEP, which all three parties have joined, officially coming into effect this year, it provides even broader opportunities for regional multilateral cooperation," Ahn Duk-geun said. RCEP was signed by the ten ASEAN countries, China, Japan, South Korea, Australia, and New Zealand. Its total population, economic volume, and trade value all account for about 30% of the global total, earning it the reputation of "the world's largest free trade area". Since its entry into force on January 1 this year, RCEP has continued to release trade dividends, visibly boosting foreign trade growth in member countries and continuously expanding China's economic and trade "circle of friends" with ASEAN. Data shows that in the first 8 months, the total trade volume between China and ASEAN was 4.09 trillion yuan, an increase of 14%, accounting for 15% of China's total foreign trade. China has maintained its position as ASEAN's largest trading partner for 13 consecutive years, and ASEAN's status as China's largest trading partner has been further consolidated. Among these, China's imports and exports to the other 14 RCEP member countries increased by 7.5% year-on-year. In Thailand, under the RCEP framework, from January to April alone, Thai exporters applied for Certificates of Origin with a total value of 204 million US dollars; regarding imports utilizing RCEP preferential policies, the total value of imported goods in Thailand was approximately 72.34 million US dollars. "RCEP is a win-win agreement for all parties, which will accelerate regional economic integration, attract investment, expand markets, and strengthen supply chains to cope with global economic uncertainties. Since RCEP came into effect, both Thai and Chinese enterprises have mutually benefited," said Don Pramudwinai, Deputy Prime Minister and Minister of Foreign Affairs of Thailand, in his video address at the opening ceremony of the Expo. Guangxi is China's important gateway for opening up and cooperation with ASEAN, and the policy dividends brought by RCEP, such as market access and customs clearance facilitation, are particularly evident here. Data from Nanning Customs shows that in the first 8 months of this year, Nanning Customs cumulatively issued 1165 RCEP Certificates of Origin, with a value of 541 million yuan. In August alone, Guangxi's imports and exports to RCEP member countries reached 32.14 billion yuan, an increase of 22.7%, and grew for 5 consecutive months month-on-month. Among these, imports and exports to South Korea saw a significant increase of 68.6%. "The numerous opportunities brought by RCEP will promote the development of enterprises within the region and facilitate the seamless integration of regional economic recovery with global economic recovery," Malaysian Prime Minister Ismail Sabri Yaakob stated that RCEP provides enterprises from all parties with broader market access, opportunities to improve regional supply chains, and diversify production networks, while also helping enterprises reduce operating costs. Source: Xinhua News Agency

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09-19

RCEP expands China's and ASEAN's economic and trade "circle of friends"
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