As of Aug 31, some 121.3 billion yuan ($16.62 billion) worth of imported goods had benefited from tax reductions totaling 3.04 billion yuan since the implementation of the Regional Comprehensive Economic Partnership (RECP) in January 2022, according to data from the General Administration of Customs.

The value of exported goods that benefited from the pact was 419.5 billion yuan.

Imported goods that benefited from the pact were mainly steel, plastic and plastic products, organic chemicals, and mechanical appliances and their components. Exported goods that benefited from the pact were mainly clothing and clothing accessories, plastic and plastic products, and leather products.

The value of imported and exported goods under the RCEP agreement so far this year stands at 56 billion yuan and 181.7 billion yuan respectively, year-on-year increases of 53.6 percent and 20.2 percent.

Chinese enterprises have imported goods worth 68.55 million yuan under the RCEP back-to-back certificate of origin, a 16-fold year-on-year increase.

The back-to-back certificate of origin system is an innovative initiative under the RCEP. Goods can be repackaged, re-labeled, and reconsolidated in member countries while maintaining their original production qualifications. They can then be transported in batches to different member countries for preferential clearance.