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RCEP trade surges to 5.6 trillion dollars in 2023

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RCEP trade surges to 5.6 trillion dollars in 2023

2024-06-14 17:17 Last Updated At:19:07

The intra-regional trade within the Regional Comprehensive Economic Partnership (RCEP) reached 5.6 trillion U.S. dollars in 2023, demonstrating closer cooperation among its member states and bolstering confidence in global economic recovery.

The RCEP, which entered into force on January 1, 2022, comprises 15 Asia-Pacific countries: 10 member states of the Association of Southeast Asian Nations (ASEAN), China, Japan, the Republic of Korea, Australia, and New Zealand. Together, they represent about 30 percent of the world's population and 30 percent of global economic and trade volume.

The RCEP agreement encompasses various areas such as tariff reductions, trade facilitation, and the opening up of services and investment, emphasizing the significance of multilateralism and an open global economy.

Data shows that the trade volume among RCEP parties in 2023 was slightly higher than that in 2021, the year before the agreement came into effect. The RCEP region attracted a total of 234.1 billion U.S. dollars in greenfield investment last year, registering an increase of 29.8 percent.

Meanwhile, trade in goods has made steady progress. In 2023, China's imports and exports with the other 14 RCEP members totaled 12.6 trillion yuan (about 1.74 trillion U.S. dollars), a 5.3 percent increase from 2021.

Investment cooperation among RCEP members continues to intensify. In the same year, China's non-financial direct investment flow to other RCEP members reached 18.06 billion dollars, a 26 percent increase year on year.

Moreover, more enterprises are poised to benefit from the RCEP. In 2023, Chinese enterprises' preferential imports under the RCEP reached 90.52 billion yuan (about 12.48 billion U.S. dollars), with a tax reduction of 2.36 billion yuan (about 325 million dollars).

"Next, the Ministry of Commerce will continue to promote high-quality RCEP implementation. Externally, we will fully leverage China’s co-chair role in 2024 to ensure the effective implementation of agreements among member states. Domestically, we will continue to provide support and services for companies to make full use of the preferential measures of the RCEP and other free trade agreements," said He Yadong, spokesperson for the Ministry of Commerce.  

RCEP trade surges to 5.6 trillion dollars in 2023

RCEP trade surges to 5.6 trillion dollars in 2023

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Rescue work underway as torrential rains batter parts of China

2024-07-15 05:24 Last Updated At:06:27

Local governments in areas hit by recent downpours in China are intensifying efforts to rescue residents trapped by floods, as torrential rains persist across some regions in the country.

On Saturday, heavy rainfall in Neijiang City, southwest China's Sichuan Province, led to urban waterlogging and landslides in some areas. The local firefighters swiftly responded to rescue operations. Firefighters transferred residents trapped in low-lying areas to safe place promptly, especially the elderly with mobility difficulties.

Rubber boats were also used to rescue and transport stranded passengers from cars as floodwaters inundated the streets. Water suction pumps were deployed to drain water from waterlogged residential areas, ensuring the safety and convenience of affected residents.

In addition, a landslide caused by the heavy rainfall sent a large amount of soil and gravel downhill, blocking the exit routes of a residential building at the foot of the hill and trapping residents inside. local firefighters quickly entered the building to conduct emergency search and rescue operations, successfully evacuating five stranded individuals.

As rainfall persisted in Neijiang, a level-III emergency response for flood control was implemented on Sunday morning.

In addition to Neijiang, some parts of Xinyang City in central China's Henan Province were hit by recent torrential rains, with rainfall peaking at 58.1 mm per hour. On Saturday afternoon, Zhaopeng Village in Shangcheng County experienced rising floodwaters, trapping elderly people and children in their homes. Local rescuers swiftly responded, using rubber boats to transfer the trapped villagers or carry them on back to safety.

As of Sunday morning, heavy rainfall continued in Xinyang, prompting the local meteorological station to issue an orange alert for rainstorms.

China has a four-tier flood-control emergency response system, with Level I being the most urgent response, and a four-tier, color-coded weather warning system, with red representing the most severe warning, followed by orange, yellow, and blue.

Rescue work underway as torrential rains batter parts of China

Rescue work underway as torrential rains batter parts of China

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