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The Regional Comprehensive Economic Partnership (RCEP) has recently come into force for all 15 signatory countries, providing strong support for China's high-level opening-up to the outside world. Since the implementation of RCEP, its effectiveness has been preliminarily demonstrated. Trade in goods between member countries has become closer, and regional trade has become a key force in stabilizing and driving the growth of member countries' foreign trade. At the same time, benefiting from the positive signal released by the effective implementation of the agreement, the RCEP region continues to become a hot spot for global investment, and most member countries have seen a positive trend in the use of foreign investment, with the region as a whole attracting strong growth in greenfield investment. For Chinese enterprises, RCEP has brought tangible benefits, helping to reduce trade costs and creating favorable conditions for better benefits. Last year, Chinese enterprises enjoyed export benefits under RCEP with a value of RMB 235.3 billion, and could enjoy tariff reductions of RMB 1.58 billion in importing countries; they enjoyed import benefits with a value of RMB 65.3 billion, with a reduction of tax payments of RMB 1.55 billion. In the first quarter of this year, Chinese enterprises enjoyed export benefits under RCEP with a value of RMB 62.29 billion, and could enjoy tariff reductions of RMB 930 million in importing countries; they enjoyed import benefits with a value of RMB 18.25 billion, with a reduction of tax payments of RMB 480 million. The comprehensive implementation of RCEP has created more favorable conditions for China and member countries to expand trade in goods, promote corresponding trade in services and investment, and promote trade facilitation and improvement of the business environment. At the same time, various regions in China are actively strengthening policy coordination, optimizing the business environment, strengthening economic and trade cooperation with RCEP member countries, and effectively improving support and service levels for enterprises, helping them seize the opportunities of the agreement and achieving many effective practical measures and innovative achievements. The high-quality implementation of RCEP will facilitate the deep integration and development of regional industrial and supply chains, expanding new space for international economic and trade cooperation among local governments, industries, and enterprises, and promoting the realization of a higher level of institutional openness from a higher starting point.
Reported by Jin Guanping Edited and translated by Zheng Chen
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