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Latest Orient International News
Mar 7, 2022
(Yicai Global) March 7 -- Chinese textile producers should actively take part in supply chain-based international cooperation under the Regional Comprehensive Economic Partnership, Wang Wei, a deputy to China’s National People's Congress, proposed during the Two Sessions. The RCEP has removed trade and investment barriers and promoted cooperation between its member countries, said Wang, who is also deputy general manager of Orient International Enterprise under Orient International Holding. Countries in the Association of Southeast Asian Nations have the potential to cooperate with China’s textile sector in spinning, weaving, clothing, and home textiles because of their complementary advantages, she noted, suggesting that Chinese firms should participate in cross border cooperation based on multiple-level mechanisms. Textile manufactures in China’s Yangtze River Delta region, the Pearl River Delta region, Shandong and Fujian provinces, where the textile industry is well developed, should also invest in border areas and set up offices in cross-border economic cooperation zones, Wang suggested. Among RCEP members, Australia and New Zealand have advantages in wool and cotton, while Japan and South Korea have technical advantages in chemical fibers and functional fabrics. Wang suggested the government could issue policies encouraging companies to integrate high-quality raw materials and build global centers for research, development, design and innovation. China should improve the cross-border e-commerce development environment and policy system, including experimenting with overseas public warehouses to pool resources and cut costs, she proposed, adding that the country should support state-owned capital enterprises, financial institutions and national policy banks in providing overseas warehousing firms with financial assistance. China should also make more trains available to meet the demands of RCEP members and nations along the route of the Belt and Road Initiative for economic and trade exchanges, Wang proposed. The RCEP, a multilateral trade grouping, came into effect on Jan. 1. Editor: Tom Litting
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