Economic Watch: RCEP injects new impetus into Canton Fair

GUANGZHOU, Oct. 28 (Xinhua) -- During a livestreaming session, the anchor of a textile company was introducing printed knitwear featuring Southeast Asian styles in front of a smartphone screen, while numerous online viewers from countries of the Regional Comprehensive Economic Partnership (RCEP) were watching closely.

Zhang Jing, deputy general manager of Guangzhou Textiles Holdings, said that ahead of the Canton Fair that kicked off on Oct. 15, 2022, the company had analyzed regional distribution and product preferences of targeted customers, and decided to use livestreaming as a tool to promote cooperation with RCEP countries.

From January to September this year, the company's exports to RCEP countries increased by 23.8 percent compared with the same period last year.

"RCEP countries are not only important Canton Fair participants, but are also major markets served by the fair," said Wen Zhongliang, deputy secretary-general of the Canton Fair.

The Canton Fair Global Partnership Program has covered all RCEP countries and the Canton Fair will continue to provide round-the-clock convenient services for global enterprises, including those from RCEP countries, Wen added.

Gacia Electrical Appliance is one of the enterprises that benefit greatly from the fair.

"Our company has always attached great importance to the ASEAN market, and our exports to ASEAN grew nearly 150 percent last year," said Ying Zhengbei, manager of the company.

"After RCEP came into effect, our company specially set up a business group targeting RCEP countries. We have made preliminary studies at the Canton Fair, hoping to tap more business opportunities," Ying said.

Founded in 1989, Guangzhou Sunny Industrial Co., Ltd. has participated in the Canton Fair 16 times, and its thermal insulation containers sell well in Europe, America, Japan, the Republic of Korea and ASEAN countries.

Ke Bo'er, overseas business development director of the company, said the Canton Fair is not only an important platform to showcase new products, but also a powerful channel to strengthen exchanges with foreign markets and obtain new orders.

"Our company is expected to enjoy more than 400,000 U.S. dollars of RCEP tariff reductions this year, and these policy dividends will help us win more orders from RCEP countries," Ke added.

In the past two years, Chinese home appliance manufacturer Galanz Group has seen the sales of air fryers double in Southeast Asia, Japan and the Republic of Korea. Its microwave ovens also proved popular in RCEP countries. The company unveiled multiple products at the Canton Fair, and has already won the favor of participants from RCEP countries.

RCEP dividends have been released continuously since it came into effect, including tariff reductions for some products exported to countries in the region, which have greatly improved the competitiveness of products, according to an overseas marketing executive of Galanz.