Stats for trade and projects between Hainan and RCEP member countries first half of 2022

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Stats for trade and projects between Hainan and RCEP member countries first half of 2022

Since the implementation of RCEP on January 1 this year, the scale of trade in goods between Hainan and RCEP member countries has grown rapidly, the service trade has achieved full coverage of member countries, two-way investment projects have been launched, and the level of regional integration and interconnection has increased.

In terms of trade in goods, from January to May this year, the import and export volume of goods between Hainan Province and RCEP member countries was 25.79 billion yuan, a year-on-year increase of 44.1%, and the growth rate was 39.9 percentage points higher than the national level. Products with faster growth include metal ores and mineral sands, refined oil, beauty, cosmetics and toiletries and organic chemicals.
In terms of service trade, from January to May this year, the import and export volume of services between Hainan Province and RCEP member countries was 2.701-billion-yuan, accounting for 21.64% of the province's total service import and export during the same period, and achieved full coverage of RCEP member countries, mainly in travel, transportation, business, computer, processing and manufacturing and intellectual property services.

In terms of attracting foreign investment, from January to May this year, Hainan Province attracted 47 million US dollars of investment from RCEP member countries and established 79 new foreign-funded enterprises, mainly from Australia, Japan, Singapore, South Korea and Thailand.

In terms of foreign investment, 19 newly registered enterprises in the province have invested in RCEP member countries, with a record amount of 1.048 billion US dollars, of which 17 enterprises have actually invested abroad, with an investment amount of 189 million US dollars, an increase of 89% and 108% year-on-year respectively. Destination countries include Japan, Singapore, Indonesia and other RCEP member countries, involving manufacturing, wholesale and retail, and information technology services.

A number of RCEP member countries' projects have landed in Hainan. The Raffles International Hospital (Hainan) project in Singapore and the medical cooperation project of BioPlus in South Korea landed in the Boao Lecheng International Medical Tourism Pilot Zone, and the Singapore Jinhang Group has an annual output of 20,000 tons of high-end natural plant coatings for scientific research and industrialization The project landed in Yangpu Economic Development Zone, etc.

It is understood that since the issuance of the 20 Action Plans for the Implementation of the Regional Comprehensive Economic Partnership (RCEP) in Hainan Province in January this year, all units in Hainan Province have strengthened cooperation and actively promoted the connection of Hainan Free Trade Port with RCEP.

In the next step, Hainan Province will set up the Hainan Free Trade Port RCEP Enterprise Service Centre, further upgrade the "Tariff Inquiry Service Platform", continue to hold a series of special trainings, and release the "List of RCEP Advantageous Commodities Imported by Hainan Province", "List of RCEP Advantageous Commodities Exported by Hainan Province", " Three lists, including the List of Tax Reduction Commodities for Advantageous Industries in Hainan Province, will help companies make good use of the tax reduction policy dividends of RCEP member countries more efficiently and conveniently according to their own and industry characteristics.

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