The Export-Import Bank of China is a Chinese specialized bank that facilitates China’s foreign trade. This bank has established specific credit support for imports from member countries of the Regional Comprehensive Economic Partnership (RCEP).
A special credit quota worth 200 billion yuan (about 27.7 billion US dollars) has been set up to meet the financing needs of affected importers, according to a statement from the Export-Import Bank of China.
The credit will focus on areas such as foreign trade and manufacturing with a view to expanding relative imports from RCEP member countries.
In the first ten months of 2022, the special bank offered more than 310 billion yuan in total credit to support imports. In addition, the institution also unveiled a package of personalized financial services for relevant customers, such as attendees of the upcoming 5th China International Import Expo.
Overall, trade volume between China and the other 14 members of the Regional Comprehensive Economic Partnership (RCEP) reached 8.32 trillion yuan (US$1.2 trillion) between January and August 2022, accounting for 30.5 percent of China’s total foreign trade, according to Wang Shouwen. Deputy Minister of Trade.
The latter made the remarks at a forum for the seventh China-Eurasia Expo, which is being held in Urumqi, the capital of northwest China’s Xinjiang Uygur Autonomous Region.
Since the RCEP entered into force on January 1, 2022, the agreement has brought ever-greater benefits to businesses through reduced tariffs, trade facilitation and other policies, the deputy minister said.
Driven by the world’s largest free trade agreement, the level of trade and investment liberalization and facilitation has risen dramatically in East Asia, and the region’s business environment steadily improved with increased confidence in the economic recovery, Wang Shouwen said.
Faced with these positive data, “China will take more incentives to promote the development of its foreign trade in services, especially trade with RCEP member countries”said in August, Sheng Qiuping, Chinese Vice Minister of Commerce, during his meeting with the press.
The goal will be “to introduce more techniques and services likely to meet its urgent needs to save resources, reduce CO2 emissions and strengthen environmental protection”.
According to data from the ministry, China has also moved from 4th to 3rd place in terms of exports of services. In the first half of 2022, the total value of its international trade in this area further increased by 21.6%, with 24.6% growth in exports.
Currently, the service sector is facing many challenges and constraints, such as the impact of the COVID-19 pandemic, the reduction in external demand and increasing pressure on the affected companies. To remove these obstacles, China plans to establish a negative list to promote the quality development of its trade in services, as well as to expand its trade with RCEP member countries in services.
In addition, China intends to invest in the digitization of traditional sectors of trade in services to accelerate the development of new types of services, such as R&D activities, testing or even trade in works of art, free of charge. zones.