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Many regions in China enjoy RCEP benefits in its first month of effect, with listed companies bracing for new business opportunities

2022-02-21 08:38:50 Belt and Road Portal

Many regions in China recently reported benefits brought by RCEP in January, the first month since RCEP took effect.

Many regions in China recently reported benefits brought by the Regional Comprehensive Economic Partnership (RCEP) in January, the first month since RCEP took effect, and Chinese listed companies engaging in export business are preparing for taking the new business opportunities brought by RCEP, reported Securities Daily Friday.

On February 14, the Changsha Customs in central China's Hunan Province reported that the province has seen 140 million yuan of export and import goods receive relevant dividends delivered by RCEP in January.

The Changsha Customs has issued altogether 139 RCEP certificates of origin and declarations of origin to export products, involving goods of 138 million yuan and tariff concessions of about 1.656 million yuan. These goods are mainly electrolytic manganese metal, lamps and lanterns, antimony trioxide, and fireworks and crackers.

On the same day, the Chongqing Customs released data showing that 67 RCEP certificates of origin have been issued in January this year, involving export goods of over 55 million yuan. The major export goods include soil conditioner and chemicals.

On February 15, the Fuzhou Customs in east China's Fujian Province reported that it has issued 307 RCEP certificates of origin in January, involving goods of 109 million yuan. These products are mainly agricultural products, footwear products and chemical products.

Yunnan, Guangdong, Sichuan and Hubei provinces and other regions have also organized special meetings to discuss and deploy RCEP-related work and formulated supporting policies and measures.

Southwest China's Yunnan has recently formulated and issued an action plan to deepen the trade cooperation between Yunnan and ASEAN countries and to tap the trading potential between Yunnan and Japan, the Republic of Korea, Australia and New Zealand under RCEP.

Supported by RCEP agreement, a number of enterprises have taken the lead in making gains in the market. Sany Heavy Industry Co., Ltd. (600031.SH) enjoys preferential tariffs pledged in RCEP when exporting excavators to Laos. This is also the case for Hsikwang Shan Twinkling Star Co., Ltd. in exporting antimony trioxide to Japan and Truking Technology Limited (300358.SZ) in exporting pharmaceutical production line to Thailand.