Action taken to ensure foreign trade growth
China DailyVehicles are assembled at Cowin Auto's plant in Yibin, Sichuan province, for export to a total of 10 countries and regions. This huge integrated regional market, with closer ties in production, value and supply chains, will see significant growth in goods and services trade and enhanced economic welfare, thanks to a reduction in trade and investment barriers. The trade pact will become a strong force supporting China's foreign trade growth, as fellow RCEP members account for about one-third of the nation's foreign trade, he added. Gao, from the China Chamber of Commerce for Import and Export of Machinery and Electronic Products, said implementation of the trade pact will accelerate the nation's shift toward capital and technology-intensive industries alongside global value chains, while machinery and electronic products will play an increasingly important role in foreign trade. "China's trade in machinery and electronic products ranks high globally for volume and market share, thanks to high production capacity," Gao said.