In the first 3 quarters, Kunming’s imports and exports to RCEP members amounted to 43.48 billion, up 68.5 percent year on year. Its exports totaled 34.07 billion yuan, up 79.8 percent year on year, and its RCEP imports reached 9.41 billion, up 36.5 percent year on year. 

The RCEP members comprise 15 Asia-Pacific countries including Indonesia, Malaysia, the Philippines, Thailand, Singapore, Brunei, Cambodia, Laos, Myanmar, Vietnam, China, Japan, South Korea, Australia and New Zealand, which contributes to the free trade zone with the biggest population and the biggest economic trade scale. Since the RCEP entered into force early this year, Kunming’s merchandise exports have changed from over-reliance on chemical fertilizers to massive growth in mechanical and electronic products and petty commodities. Especially the rapid expansion in export markets to Singapore, Malaysia, Thailand and Vietnam, which has contributed to the diversity of Kunming’s trade partners. Meanwhile, the advanced equipment manufacturing industry, biomedicine Industry, new material industry and electronic information industry has sped up their transition. The productive service sector including modern finance, warehouse logistics, information service and commercial services sees rapid development, and phosphorus chemical industry, biomedicine Industry, health industry and electronic information industry see prominent advantages, which provide favorable industrial support and growth environment for Kunming to better join the RCEP.

At the moment, Kunming projects to implement several actions to better integrate into the RCEP. Kunming is going to promote the exports of superior products such as mechanical and electronic products, chemical fertilizers, and characteristic agricultural products, and to expand the import scale of electronic products, metallic mineral ores, natural rubbers and tropical fruits. Meanwhile, Kunming is to accelerate the establishment of a cluster district for international trade companies and a cross-border e-commerce platform, adding an RCEP (Kunming) international expo center and national exhibition center of the RCEP members. It is estimated that Kunming’s import and export trade will double to hit 300 billion yuan by 2024, and its service trade will grow by an average annual rate of 30%, according to the person in Charge.

Click here to view Chinese report

(Editors: Lexi, Ines)