Since the Regional Comprehensive Economic Partnership (RCEP) trade pact, the world's largest free trade deal, entered into force a year ago, many Chinese companies have strengthened cross-border trade and investment with reduced costs and higher efficiency.
In the first 11 months of 2022, Nanning Customs in south China's Guangxi Zhuang Autonomous Region issued 1,696 certificates of origin under the RCEP, with a value of 754 million yuan.
As the RCEP reduces the export costs, enables products to have greater price advantages, and increases the number of overseas orders, it has brought tangible benefits to many companies in Guangxi.
The RCEP also facilitates construction of overseas entities.
In the first 11 months of 2022, China's trade with the other RCEP signatories expanded 7.9 percent year on year to 11.8 trillion yuan (about 1.69 trillion U.S. dollars), accounting for 30.7 percent of China's total foreign trade value.
Produced by Xinhua Global Service