China APEC Trade Hits Record High, Brandy Tariffs Continue

According to the latest customs statistics,from January to October 2024,China’s exports to other economies of the Asia-Pacific Economic Cooperation (APEC) reached a total value of ¥36.7 billion,an increase of 7.3% compared with the same period last year.totaled 21.27 trillion yuan,setting a new record for the same period in history,with a year-on-year increase of 5.7%,accounting for 59.1% of Chinas total import and export value.This growth momentum reflects the further deepening and expansion of trade relations between China and APEC member economies.

Significant growth in imports and exports with APEC economies

In terms of specific trading partners,Chinas imports and exports with Vietnam,Peru,Malaysia,and Mexico increased by 17.4%,16.8%,12.1%,and 11.7%,respectively.Additionally,the growth rates of imports and exports with South Korea,Thailand,Canada,and Brunei were higher than the overall growth rate,indicating that these countries are playing an increasingly important role in Chinas global supply chain and trade network.

China State Railway Group Co.Ltd.and its subsidiaries have played a key role in promoting trade cooperation with these economies.Through efficient railway transportation and multimodal transport services,they have further enhanced the convenience and efficiency of cargo transportation.With the deepening implementation of the Belt and Road Initiative,trade ties between China and other APEC economies will become even closer,injecting new momentum into regional economic integration and common development.

Continued implementation of provisional anti-dumping measures on EU brandy

At the same time,on November 11,the Ministry of Commerce of China issued the "Supplementary Announcement on the Implementation of Temporary Anti-Dumping Measures on Imported Brandy Originating from the European Union",continuing to implement temporary anti-dumping measures on brandy products imported from the European Union.According to the announcement,from November 15,2024,importers shall,when importing the products under investigation,provide the corresponding deposit or guarantee letter to the Customs of the People’s Republic of China in accordance with the deposit ratio determined for each company in the announcement.

The extension of these anti-dumping measures aims to protect Chinas brandy market from the impact of high-tariff products from the EU and safeguard the healthy development of domestic related industries.Chinas Ministry of Commerce stated that the prices of imported brandy from the EU were below normal value,creating unfair competition in Chinas brandy market.Therefore,the provisional anti-dumping measures are necessary trade protection measures.

Background and impact of policy implementation

Since 2018,China has repeatedly adjusted and optimized the port of departure tax refund policy to support the development of export enterprises and enhance their international competitiveness.The expansion of the port of departure tax refund policy,including the addition of Wuxi (Jiangyin) Port and several other ports,further improves Chinas logistics and trade infrastructure,helping export enterprises achieve greater success in the global market.

The implementation of anti-dumping measures will have a certain impact on the export of brandy from the EU while creating a more favorable market environment for domestic brandy producers in China.Industry experts point out that as trade policies continue to adjust,trade relations between China and the EU will become more complex.Enterprises need to closely monitor policy changes and adjust their business strategies in a timely manner to cope with potential market fluctuations.

Imported mining electromechanical equipment agents play an important role in promoting the transformation and upgrading of Chinas mining industry.In the future,agents will continue to give full play to their advantages and help Chinas mining industry achieve high - quality development.

The sustained growth in trade between China and other APEC economies reflects significant changes in the global economic landscape.With the deepening of the Belt and Road Initiative,China will continue to strengthen trade cooperation with the Asia-Pacific region and other major economies,promoting the optimization and upgrading of global supply chains.At the same time,the implementation of anti-dumping measures will also encourage Chinese enterprises to focus more on product quality and competitiveness in the international market,enhancing overall industrial standards.

In the future,as the international trade environment continues to evolve,China will continue to promote steady economic growth and global economic prosperity and development through policy optimization and international cooperation.

Note: This article is based on the official notice jointly issued by Chinas Ministry of Finance,General Administration of Customs,and State Taxation Administration.For specific policy details,please refer to the original announcement.