Aerial photo taken on Nov. 8, 2019 shows the Nanning Area of China (Guangxi) Pilot Free Trade Zone in Nanning, south China's Guangxi Zhuang Autonomous Region. (Xinhua/Qin Guanghua)
BEIJING, Aug. 24 (Xinhua) -- China is accelerating the negotiation progress of new free trade agreements (FTAs) and is actively considering join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Wang Shouwen, vice Commerce Minister and Deputy China International Trade Representative told at the press conference on Monday.
Noting China's current progress in FTAs, Wang said that China has reached 19 free trade deals with 26 countries and regions in the context of the current vigorous development of international free trade agreement in the world.
Signing FTAs plays an importation role in stabilizing foreign trade and investment in China, according to Wang. For example, the contribution of free trade to China's foreign trade has risen from 12.3 percent in 2012 to 35 percent in 2020, while China's trade with free trade partners has increased by 3.2 percent, bucking the trend amid the COVID-19 epidemic.
In terms of foreign investment relations, nearly 70 percent of China's outbound investment flowed into free trade partner countries last year, while 84 percent of the country's foreign investment was sourced from the partners.
Wang Shouwen noted that the FTAs have also tightened economic and trade cooperation between China and its trading partners. For example, bilateral trade between China and ASEAN has climbed 8.7 times from 78 billion U.S. dollars in 2003 to 685.1 billion U.S. dollars in 2020, and China has been ASEAN's largest trading partner for 12 consecutive years.
Thanks to the FTAs, China has achieved zero tariff treatment on more than 90 percent of its trade with the FTA partners, expanded opening-up in trade in services, and further promoted investment facilitation between China and its FTA partners, added Wang.
Wang also reveals that the MOC pledges to make efforts to build a high-standard free trade system covering the Belt and Road (B&R) countries and regions as well as worldwide, and actively upgrade the development of China's free trade zones (FTZs) to explore new paradigm for China's opening-up and economic development.
(Edited by Jiang Feifan with Xinhua Silk Road, 346129473@qq.com)
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