Chongqing- The Municipal Commission of Commerce has revealed that Chongqing is to strengthen exchange in two-way investment further and deepen trade cooperation with nations party to the Regional Comprehensive Economic Partnership (RCEP) Tuesday.

This will be achieved by creating a high-level RCEP docking platform in anticipation of the partnership coming into effect from January 1, 2022, as Chongqing enjoys regional advantages as a junction between the Belt and Road Initiative and Yangtze River Economic Belt.

 

Data from January to October this year shows that import and export volumes between Chongqing Municipality and RCEP member nations amounted to US$ 29.86 billion, representing year-on-year growth of 15.1%, accounting for 29.6% of total volumes for the municipality.

In addition, the year 2021 witnessed Chongqing sign 13 cooperation projects with RCEP countries, with agreements worth a total of US$ 2.4 billion.

Foreign capital posts strong growth

In recent years, Chongqing has played an active role in implementing the ASEAN action plan, accelerated joint ventures with Japan and South Korea, and promoted economic and trade cooperation with RCEP countries.

RCEP member nations have continued to set up enterprises in Chongqing through investment at a rate of over 50 per year, with the actual use of foreign-invested capital in excess of US$ 900 million.

Actual foreign capital use from RCEP member countries in Chongqing amounted to US$ 1.5 billion from Jan-Oct 2021, representing a year-on-year increase of 40%, and accounting for 18.6% in the municipality, with Singapore and South Korea providing the main sources during this time.

In the future, Chongqing will enact various measures to accelerate opening-up in the inland region and deepen cooperation with RCEP members, with special emphasis on Southeast Asia.

Specifically, Chongqing will give full play to the China Singapore (Chongqing) Demonstration Initiative on Strategic Connectivity, the six comprehensive bonded zones under municipal jurisdiction, creating a high-level RCEP docking platform, and construction of a leading zone for economic and trade cooperation with the partnership block.

Targeted infrastructure to boost RCEP trade

Distribution capacity with RCEP countries will accelerate trade connections through railway and aviation channels, while an RCEP international logistics hub and distribution center is set to be constructed in Western China.

In terms of RCEP import and export trade, Chongqing will promote the export of advantageous products. The scale of imports will be expanded, a diverse and integrated center for gathering consumer resources will be set up, and an RCEP exhibition and trade center for specialty commodities will be established.

Meanwhile, Chongqing will develop financial services for RCEP countries to attract investment in Chongqing on the part of financial institutions, while leading industrial chain projects of high scientific and technological value from Japan, South Korea, and Singapore will be promoted as the exchange in two-way investment is strengthened.