Guizhou's trade with RCEP members booms in Q1

According to Guiyang customs, Southwest China's Guizhou province saw 3.78 billion yuan ($587.78 million) in foreign trade with members of the Regional Comprehensive Economic Partnership (RCEP) in the first quarter of this year, an increase of 47.2 percent year-on-year.

This included 2.3 billion yuan in exports, an increase of 25.3 percent year-on-year, and 1.48 billion yuan in imports, an increase of 102 percent year-on-year.

In recent years, Guizhou has maintained strong development momentum in trade with RCEP members. Its trade with RCEP members made up 27 percent of the province's total foreign trade, making the RCEP the province's second largest trade partner.

The RCEP also made up 20.2 percent of Guizhou's total foreign investment, making it the second-largest source of foreign investment. Meanwhile, Guizhou's direct investment in RCEP countries made up 60.3 percent of the provincial total, which means RCEP members are the largest destination of Guizhou's outward foreign direct investment.

At a China-ASEAN food industry cooperation meeting recently held in Guiyang, See Chee Kong, minister of economic affairs at the Malaysian embassy in China, said that Malaysia's trade with Guizhou in 2020 was 2.5 times more than in 2019.

As the RCEP will take effect next year, Malaysia looks forward to enhancing cooperation with Guizhou in various areas, including the food industry, See added.

Guizhou's government has been learning about the policies and benefits brought about by the RCEP for local economic development.