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This version of the image is from China Economic Herald reporter Miao Lu / Photography.
Reporter for the China Economic Herald | Cheng Hui
Not long ago, the Regional Comprehensive Economic Partnership Agreement (RCEP) was officially signed. In the video conference of leaders from 15 countries, 15 RCEP member countries, 10 ASEAN countries, and the economy and trade ministers of 5 partner countries China, Japan, South Korea, New Zealand and Australia formally signed the agreement. The signing of the “Regional Comprehensive Economic Partnership Agreement” is not only the most important achievement in building East Asian regional economic integration in the past 20 years, but also a victory for multilateralism and free trade.
Is the official RCEP landing an opportunity or a challenge for the construction of the Hainan Free Trade Port? In the “Development and Reform Book Bar, Think and Enjoy Hui”, colleagues from the Hainan Development and Reform Commission asked the experts at the meeting via video.
“The signing of the RCEP does not mean that it will enter into force immediately. It will only enter into force after the final approval of the government of the corresponding country. It may take up to two years,” replied Professor Sang Baichuan, dean of the Institute of International Economics of the University of Economics and International Business.
Sang Baichuan analyzed that the content of the RCEP has 20 chapters, mainly related to border rules and post-border rules. The border rules are mainly to reduce tariffs, that is, after all the agreements are implemented, more than 90% of the goods will have zero tariffs. Post-border rules not only require you to do so, they also have an oversight mechanism and a punishment mechanism.
“Overall, it’s about reducing tariffs and promoting trade facilitation and liberalization. As a free trade port, Hainan’s border rules and RCEP border rules are more similar. For Hainan, the future advantage of zero tariffs will be somewhat different. “Weakened,” Sang Baichuan said: “After the signing of the RCEP, the share of duty-free products in China will increase to around 35%. For Hainan, there are still more opportunities for 2/3 of the products. However, after the RCEP is connected, all parts of the country are also making progress in building the system in accordance with post-border rules related to RCEP, which also puts even greater pressure on Hainan.
Despite this, Sang Baichuan analyzed that Hainan will have a higher degree of freedom and greater convenience in border rules and post-border rules in accordance with the requirements of high-standard free trade ports, so it will have more freedom. in the process of competing with other regions. Corresponding advantages. At the same time, there are more opportunities for trade and investment cooperation between RCEP countries and regions. How to take advantage of trade and investment cooperation with 14 other Member States is very important.
Zhao Jinping, chief economist of the think tank at the National Research Institute, analyzed: “For Hainan, don’t think that signing RCEP creates a competitive relationship with other parts of the country and that its advantages have been reduced. Instead, it should be noted that Hainan has not only the single free trade port. Policies can also be shared at a higher level of openness. In terms of trade and investment liberalization standards, the Hainan Free Trade Port is much higher than the RCEP standards. For example, it takes 10 years to achieve zero tariffs on 90% of commodities in the RCEP. However, except for a very small number of restricted and prohibited imports, Hainan’s free trade port has zero tariffs. Another example is that EU products enter China with zero tariffs, but there is still an import value added tax. As for EU products in the free trade port, not only can they be exempt from tariffs, they can also be exempt from value added tax. “
Furthermore, from the perspective of investment liberalization, the degree of openness of the Hainan Free Trade Port is also above the RCEP. “Many developing countries in the agreement cannot achieve a high level of openness. Therefore, the results of the negotiations are often the result of a compromise. And the free trade port of Hainan, which we emphasize is the highest level. opening high in the world, which can fully bring together all kinds of All kinds of factors come to Hainan and provide opportunities for Hainan’s development, “said Zhao Jinping.
“For Hainan’s own free trade port, on the basis of RCEP, Hainan’s opportunities are actually expanding. Even in the face of competition from other parts of the country, in a sense, it’s actually more conducive for us to roll up our sleeves. Work hard and truly implement the policies of the Hainan Free Trade Port, “emphasized Zhao Jinping.Return to Sohu to see more
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