RCEP saves 23m yuan on tariff for Xiamen exporters in H1
A bird's-eye view of a ship full of containers sailing off the coast of Xiamen, Fujian province. [Photo/WeChat account: xiamen_swj]
Xiamen in Fujian province issued 78,600 certificates of origin worth 35.5 billion yuan ($5.3 billion) under various free trade agreements (FTAs) to exporters in the first half of 2022, an increase of 9.78 percent and 33.05 percent, respectively, according to statistics from Xiamen Customs.
The certificates are estimated to reduce 1.77 billion yuan in tariffs for Xiamen exporters.
Of which, Xiamen Customs issued 5,107 RCEP (Regional Comprehensive Economic Partnership) certificates of origin to 332 Xiamen exporters for products worth about 2.38 billion yuan.
These exporters are estimated to enjoy over 23 million yuan in tariff reductions for products such as umbrellas, aluminum structures, and shoes in the importing countries.
Since the RCEP agreement took effect in January this year, Xiamen exporters have enjoyed many new opportunities to go global.
Taking chemical products as an example, 99 percent of China's chemical products are given zero-tariff treatment in South Korea, Japan, and Australia.
In addition, the RCEP rules of origin has established the judgement standard of origin and made importing raw materials more flexible, which facilitates relevant producers to undertake processing incoming materials in order to boost the development of high-quality brands that are "made-in-China".
Xiamen has also launched a RCEP public service platform in March that offers one-stop services to Xiamen enterprises to benefit from the RCEP agreement.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.