Hainan developing trade and economic cooperation with RCEP countries — media

HAIKOU /China/, May 18. /TASS/. South China's Hainan province is steadily developing trade and economic cooperation with member countries of the Regional Comprehensive Economic Partnership (RCEP), the Hainan Daily newspaper reported.

According to the article, the Chinese province and RCEP countries have deepened trade and investment cooperation since the beginning of this year, the scale of trade in goods has shown significant growth. The report highlights that in January the Chinese Customs issued Hainan Province's first certificate of origin for the member countries of the Comprehensive Regional Economic Partnership. According to Hainan Daily, all this has created a new impetus for export-oriented economic development of the island.

Trade volume between Hainan and RCEP member countries reached 14.09 billion yuan (about $2.09 billion) in the first quarter of this year, a 45.8% year-on-year increase, according to the newspaper. Meanwhile, the province's exports rose 44.67% and imports increased 46.1%.

Trade in services reached 1.51 billion yuan (about $224.5 million), about 24.64% of the province's total services trade in the first quarter. The article highlights that Hainan's services trade with Cambodia, Malaysia, the Philippines and Japan grew at the fastest pace.

According to the publication, RCEP member countries continue to increase investment in the southern Chinese province. In the first quarter of this year 50 enterprises with capital from the RCEP countries were established on Hainan. It is also noted that many companies from member countries of the partnership took part in the China International Consumer Products Expo held in Hainan province in April this year. In addition, more and more highly qualified personnel, particularly from New Zealand, Singapore and South Korea, are coming to the island for employment.

About RCEP

China and 14 other countries agreed to create the RCEP on the sidelines of the annual Association of Southeast Asian Nations (ASEAN) summit on November 15, 2020. Fifteen nations participate in the trade agreement: Australia, Brunei, Cambodia, China, Indonesia, Japan, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam. They account for one-third of global GDP.