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Economic Watch: Chinese enterprises embrace opportunities with RCEP taking effect******
CHENGDU, Nov. 9 (Xinhua) -- Su Feili, owner of a foreign trade company in south China's Guangxi Zhuang Autonomous Region, was excited when learning that the Regional Comprehensive Economic Partnership (RCEP) agreement, the world's largest free trade pact, will take effect on Jan. 1, 2022.
"After the RCEP agreement goes into effect, small and medium-sized enterprises will be offered more opportunities to take part in regional and global value chains," said Su at the China International Import Expo (CIIE) held in Shanghai.
Su's company sells medical equipment to 95 countries and regions worldwide, including RCEP members like Japan, Indonesia and the Philippines.
The RCEP is sure to give more impetus to the business growth of Chinese foreign trade companies, Su said. "Given a huge market and preferential tariffs, we will focus more on trade with the RCEP member countries."
Many more Chinese companies will benefit from the trade pact. It will not only bring direct "dividends" such as tariff reduction and facilitate investment and trade but help restructure the industrial value chain in East Asia and speed up economic recovery in the post-COVID-19 era.
The RCEP includes 10 ASEAN members, China, Japan, the Republic of Korea (ROK), Australia and New Zealand. The 15 states' total population, gross domestic product and trade all account for about 30 percent of the world total.
After the RCEP agreement takes full effect, more than 90 percent of merchandise trade in the region will be eventually subject to zero tariffs, including immediate zero tariffs and zero tariffs within 10 years, said Zou Dake, an official with Chengdu Customs.
Dongfang Turbine Co., Ltd. of Dongfang Electric Corporation will also be a beneficiary. It has been producing gas turbines in technical cooperation with Mitsubishi for nearly 20 years, importing some key components from Japan.
For each gas turbine, the key parts imported from Japan are estimated to be worth about 39 million yuan (about 6.1 million U.S. dollars). After the RCEP trade deal takes effect and the tariffs are reduced to zero, these key components will enjoy a tariff reduction of about 2.54 million yuan.
"Tariff reduction will help reduce production costs and improve competitiveness, helping companies better seize growth opportunities," said Liu Jiashun with Dongfang Turbine.
After China set carbon peak and neutrality targets, there has been a strong demand for Dongfang Turbine's products, and the company will more than double its production to cash in on the opportunities, Liu said.
Before the RCEP agreement was signed, China had already established bilateral free trade agreements with most RCEP members. But with RCEP, bilateral cooperation between China and other members will be upgraded to multilateral cooperation.
In order to enjoy zero tariffs, countries in the region will be more inclined to strengthen regional value chain cooperation, so as to locate more production facilities in the region, rather than elsewhere.
Compared with China's entry into the World Trade Organization, the RCEP may have no lesser significance to China's foreign trade and foreign trade enterprises, said Zhou Mao, deputy director of the Institute of International Trade at Southwestern University of Finance and Economics.
"In the future, Japan and ROK's research and development advantage, China's industrial system advantage and ASEAN's human resources advantage could work together to optimize the division of labor and boost the economic recovery and prosperity of East Asia in the post-pandemic period," Zhou said.
Nie Xinyu, an official with the China Council for the Promotion of International Trade Guangxi Committee, said Guangxi, at the forefront of China-ASEAN exchanges and cooperation, is seeking to build itself into an important part of some industrial, supply and value chains in the RCEP region.
In response to RCEP's new trade and economic rules, Guangxi has recently introduced a raft of new measures, seeking to boost merchandise trade, accelerate the construction of cross-border industrial and supply chains with the ASEAN, and deepen investment and service trade cooperation.
Thanks to China-ASEAN economic and trade exchanges in recent years, the TWT Supply Chain Management Co., Ltd. in Guangxi has grown into a one-stop supply chain service provider, covering over 50 Chinese cities and several ASEAN countries. The company will embrace more business opportunities as the RCEP deal goes into effect.
Wang Zhengbo, president of TWT Supply Chain, said the company will continue to deeply cultivate the ASEAN market and tap the markets of Japan, ROK, Australia and New Zealand by expanding imports and exports to cover more categories.
To prepare for the implementation of the trade pact, the Chinese Ministry of Commerce has held three national RCEP training sessions, covering all prefecture-level cities, pilot free trade zones and national economic development zones.
The RCEP negotiations started in 2012, and it took eight years to formally sign the agreement, but it took less than one year for the RCEP agreement to reach the threshold of entry into force.
"This has fully demonstrated the urgency of economic integration in East Asia and the determination of countries in the region to maintain stable and secure supply chains in the post-pandemic era," said Zhou of Southwestern University of Finance and Economics. The trend of defending multilateralism and free trade in a large number of countries is irreversible, he added. Enditem
Liu fends off top amateur to win third China LGPA title******
SHANGHAI, Oct. 31 (Xinhua) -- Liu Wenbo held off a determined Zeng Liqi to win the Mitsubishi Heavy Industries Championship on Sunday when the 20-year-old Beijing pro sank a 10-foot birdie putt in the first hole of a playoff as the 15-year-old amateur could not answer, missing a nine-foot putt to tie.。
After starting the fourth round with a four-stroke lead, Liu, the China LPGA Order of Merit leader, could only close with a round of 71 and a 72-hole score of eight-under 280 at Lanhai International Golf Club.。
With conditions relatively calm on Chongming Island, Zeng started her round with a bogey five at the first and then caught fire over the Yangtze Dune layout in carding six birdies and another bogey at the 300-yard 15th for a 67 to force sudden-death.。
"It was a tough battle where my nerves were really tested. This was the hardest-earned win I have experienced, much harder than my first win on Tour as an amateur," said Liu.。
"Last night I expected I could win if I had even-par today. But I knew this could happen because I played a lot of rounds with Zeng this year. She's a good putter, Today, she did a good job. I felt a little bit of despair when she kept making birdies around the turn."
Sui Xiang, the first-round leader, was a distant third at six shots back following a 71, a shot ahead of Shi Yuli (71) who posted her best finish as a pro. Zhang Yue (68) was fifth at eight strokes off the pace, two strokes ahead of evergreen Pan Yanhong (67), winner of last week's Guowei Centre Plaza Zhuhai Challenge.。
For her third CLPGA Tour title, her second as a pro, Liu earned RMB200,000. The money, which solidified her position atop the Order, however, did not come without a fight from Jiangxi native Zeng.。
As Liu dropped shots at the fourth and seventh holes to make the turn at two-over 38, Zeng got on a roll in making four straight birdies from the eighth hole to get to six-under through 11 holes for a one-stroke lead.。
After both players made birdie at the 13th hole - Zeng made a tricky 33-footer with many breaks - followed by pars at the par-three 14th, the 15th hole proved a turning point; Liu made a birdie three while Zeng made a bogey five after hitting over the green for a two-shot swing and a one-stroke advantage for Liu.。
It was a lead short-lived as Zeng, 79th in the World Amateur Golf Ranking, made a 20-foot putt for birdie from off the green at the next as Liu made par. Both players made a birdie four at the 17th and a par at the last to finish deadlocked.。
"The turning point was the 15th hole where I made a birdie and regained the top spot. At that time my fire was re-kindled," said Liu. "I felt it's my time to win. Too many top threes are not a good thing. I did it. Hopefully, I can keep this momentum until the end of this season."
Zeng, who posted her fifth top-10 finish against pro fields this year, said her performance today was beyond expectation. The Nanchang native, however, left the course regretting her bogey five at the 15th hole.。
"It's a short par-four where you can easily make a birdie. For the past two days, I just left myself less than 50 yards on my approach shots, but I made a bogey each day. My short game needs to be better," said the teenager.。
Mitsubishi Heavy Industries Championship fourth round leading scores (*denotes amateur):。
Liu Wenbo won in a first-hole playoff。
280 - Liu Wenbo 71-69-69-71, Zeng Liqi* 72-69-72-67。
286 - Sui Xiang 70-73-72-71。
287 - Shi Yuli 72-71-71-73。
288 - Zhang Yue 77-72-71-68。
290 - Pan Yanhong 77-76-70-67。
293 - Li Dongmei 81-72-69-71。
295 - Zhang Yahui* 73-78-69-75。
296 - An Tong* 71-78-75-72。
Hong Kong shares snap 5******
HONG KONG, Nov. 24 (Xinhua) -- Hong Kong shares ended higher Wednesday, with the benchmark Hang Seng Index edging up after falling for five consecutive days.。
The index recovered by 0.14 percent to end at 24,685.5 points, led by a 3.01-percent charge of Chinese online shopping platform Meituan.。
The Hang Seng China Enterprises Index, a benchmark that reflects the overall performance of the Chinese mainland securities listed in Hong Kong, lost 0.37 percent to end at 8,794.82 points.。
Despite the gains in the overall market, many stocks continued their overall downtrend. Enditem。