East China’s Jiangsu province has stepped up its efforts to promote comprehensive opening up so as to tap the overseas market and shore up the competition strength. Let’s take a close look.
With China's automotive market consistently ranking first in the world for 14 consecutive years and the growth of global procurement of automotive parts, China has become an important production and supply base for global automotive parts.
Changzhou Tenglong Automotive Parts Co., Ltd. has made great strides in overseas markets in recent years. Changzhou Tenglong Malaysia Co., Ltd., established in 2019, is engaged in the production and manufacturing of automotive components such as aluminum tubes for automotive air conditioners.
“At present, the company has built its own factory in Poland and has acquired a company in France. Its main investments have achieved good results and have received some relatively large orders”, said Dong Xiaoyan, Vice Chairman of Changzhou Tenglong Automotive Parts Co., Ltd.
In recent years, Changzhou has focused on building a new development pattern with services in a bid to create a domestic major circulation center and an international domestic dual circulation strategic link by successively introducing multiple new policies and measures to support private investment and assist enterprises in overseas investment and enhancing market-oriented, professional, and internationalized services so as to further boost corporate confidence and release corporate vitality.
“The Commerce Bureau has cooperated with relevant departments to introduce professional services to enterprises, helping them solve practical problems. In the next step, we plan to build a network-based comprehensive service platform so as to ensure that various departments will play a comprehensive service role for the smooth progress of overseas investment”, Zhao Hongbing, Director of the Foreign Economic Department of Changzhou Municipal Bureau of Commerce, said.
Since the RCEP came into effect last year, Wuxi Richang Clothing Co., Ltd., a private foreign trade textile and clothing enterprise, has seized the favorable situation of the free trade agreement and made every effort to expand the market. As of the end of July, the company had applied for a total of 827 RCEP certificates of origin totaling 18.3 million US dollars, helping Japanese customers save 276000 US dollars in tariff costs.
“The import tariff rate in Japan has decreased from the initial 7.4% to 6.0%, with a significant decrease. RCEP has greatly expanded our cooperation space with Japanese customers. In the first half of this year, our exports to our main customers in Japan increased by over 30% year-on-year”, said Gu Wei, Director of the Import and Export Department of Wuxi Richang Clothing Co., Ltd.
Statistics show that from January to July, Wuxi Customs issued 38200 certificates of origin for local enterprises under RCEP, China ASEAN, China Pakistan, and China South Korea free trade agreements, with a value of approximately 2.586 billion US dollars. Nearly 7000 RCEP certificates of origin were issued, with a value of 285 million US dollars, a year-on-year increase of 41.07% and 23.38%, respectively.
“Wuxi Customs will continue to promote the country-of-origin policy, provide enterprises with the best "customized" preferential solution, and improve the convenience level of certificate issuance, including intelligent review and self-service printing, to help enterprises seize opportunities and enjoy dividends”, Cheng Keke, Chief of the Comprehensive Business Department of Wuxi Customs Office in Xinwu, said.
