Electrical Equipment / Components & Telecoms

According to Huacheng Import and Export Data Observation, since the implementation of RCEP, it has brought tangible benefits to China's electrical products foreign trade enterprises. In the first half of the year, China's export of electrical products to RCEP countries increased year-on-year. Guo Kuilong, Secretary-General of the China Chamber of Commerce for Import and Export of Mechanical and Electrical Products, recently participated in the special event of the smart electrical industry chain of the "ten chains, one hundred thousand enterprises" series of docking activities in Zhejiang Province. He said that through the preferential arrangement of RCEP tariffs, electrical enterprises can significantly reduce tariff costs, production costs, trade costs, and create incremental market space. RCEP is driving more electrical products in China to "go out".

According to the observation of Huacheng's import and export data, the export of China's electrical products to RCEP countries in the first half of the year was 29.29 billion US dollars, up 17.1% year on year, accounting for 27.6% of the total export of the electrical industry. South Korea, Vietnam, Japan, Malaysia and Thailand are the top five export destinations of electrical products exported by China to RCEP, accounting for 73.3% of the total exports of electrical products from China to RCEP countries. According to the observation of Huacheng's import and export data, China's export of electrical products to South Korea reached US $5.76 billion, up 36.2% year on year, and became the largest destination for China's export of electrical products to RCEP with a market share of 19.7%.

Taking high, medium and low voltage electrical products as an example, in the first half of the year, China's high, medium and low voltage electrical products exported US $3.01 billion to RCEP countries, up 18.2% year on year, accounting for 26.3% of the industry's total global exports. "The export commodities represented by the low-voltage electrical products of Yueqing High School in Wenzhou, Zhejiang Province have become the bridge and link for smooth trade cooperation between China and the RCEP market," Guo Kuilong said. The formal entry into force of RCEP further strengthens the production division and cooperation among members of global electrical enterprises, drives the expansion and upgrading of the regional consumer market, and further consolidates and develops the regional industrial chain, supply chain and value chain, Huacheng Import and Export Data Observation Report.

When it comes to how electrical enterprises can further fully enjoy the RCEP dividend and accelerate the development of international markets, Guo Kuilong suggested that, first, deepen industrial upgrading and improve their control over core technology, supply chain and other aspects and their voice in the value chain from the aspects of technology, management, supply chain, capacity layout, industrial ecological cooperation, etc. Actively promote the intelligent, automated and integrated upgrading of China's electrical industry, effectively apply big data, artificial intelligence and other technical means to production, manufacturing and foreign trade, strengthen the foundation of the industrial chain, make up for the key weaknesses of the supply chain, ensure the safety of the supply chain, optimize the value chain, build a community of industrial interests, and maximize quality and efficiency. Second, carefully study and use the RCEP agreement to optimize and integrate the regional industrial chain and supply chain. Fully evaluate the rules of origin and investment agreed between each other in the region, optimize the regional supply chain, integrate the industrial chain, make the distribution of R&D, raw materials, production and processing, parts procurement, market sales more reasonable, strengthen international technology and market cooperation, and establish a community of interests in the region. Third, deepen international cooperation in technology, market, talent, trade, investment and other fields, and expand cooperation within RCEP based on the characteristics of the industry and its own characteristics; Analyze, study and make use of the opening dividend brought by different free trade agreements, optimize the supply chain and capacity layout, promote orders, stabilize foreign trade, and explore new opportunities for international cooperation under the new pattern, Huacheng Import and Export Data Observation Report.