News
Chinese foreign trade enterprises go all out to expand overseas market
By Luo Shanshan, People’s Daily
China’s annual foreign trade value topped 40 trillion yuan (about 5.94 trillion U.S. dollars) for the first time in 2022, and the country maintained the world’s largest trading nation in goods for six consecutive years.
As the new year has arrived, foreign trade enterprises are going all out to embrace the overseas market.
At the Zhoushan port in Ningbo, east China’s Zhejiang province, containers were unloaded from two 200,000-ton vessels by 45 bridge cranes and 122 gantry cranes.
Such a busy scene at the port was a result of the diligent work of foreign trade enterprises, including Bianfeng Machinery Group based in Jiashan county, Zhejiang province.
“Our new orders have been scheduled to March and April. It’s a bumper year for foreign trade companies,” said Wang Shuangsheng, chairman of board of the company.
According to Wang, the company plans to join over 10 international exhibitions this year and will invite its foreign clients to have investigation tours to the company.
“Meeting clients is meeting opportunities,” the man said.
This year, multiple provinces, including Jiangsu, Guangdong, Zhejiang, and Sichuan, have sent business delegations overseas and invited foreign merchants to China. They have also launched a series of measures to better facilitate the trade sector, which enhanced foreign trade enterprises’ confidence in expanding market.
“Before the Chinese New Year, we had already stocked up our overseas warehouses, so that commodities could be immediately shipped to foreign consumers,” said Zeng Qiuping, who runs an appliance company in Shunde district, Foshan, south China’s Guangdong province.
Though workers were on vacation during the Chinese New Year, the company’s foreign trade business was not suspended, Zeng told People’s Daily.
Compared with the traditional make-to-order strategy, cross-border e-commerce directly faces consumers and production can be scheduled in advance based on previous sales data.
Zeng said the overseas warehouses of his company make logistics more efficient and thus improve consumers’ experience. “The export volume of our capsule coffee machines is expected to rise by over 25 percent this year,” the man noted.
Because of its advantages, such as online transaction and short transaction chain, cross-border e-commerce is favored by foreign enterprises. New business forms of foreign trade services emerged, including overseas warehouses, constantly improving the quality and efficiency of China’s foreign trade sector.
On Jan. 2, 2023, the Regional Comprehensive Economic Partnership (RCEP) agreement took effect in Indonesia. Obtaining the RCEP certificate of origin, a food additive company based in Nantong, east China’s Jiangsu province, enjoyed a tariff reduction of around 42,000 yuan($6,245) for a batch of aspartame it exported to the Southeast Asian country, which was worth $117,800.
“This policy just boosted our confidence,” said Yu Haifeng, executive general manager of the commerce department of the company.
According to him, Indonesia is the company’s regular market. Before the RCEP agreement took effect, the Chinese food additive manufacturer had to pay tariffs at a rate of 5 percent for its exports to Indonesia, and now the tariff stands at zero, Yu said.
In the past year since the world’s largest trade deal came into force, China has further strengthened its cooperation on trade and investment with other RCEP members. Last year, China’s foreign trade with the other 14 RCEP economies grew by 7.5 percent on a yearly basis to 12.95 trillion yuan ($1.93 trillion) , accounting for 30.8 percent of the country’s total exports and imports.
So far, China has signed 19 free trade agreements with 26 countries and regions, with partners covering Asia, Oceania, Latin America, Europe, and Africa.
News
TCN Acknowledges 7th Grid Collapse in 2024
The Transmission Company of Nigeria (TCN) has reported its seventh partial grid collapse in 2024. Despite the recurring issue, TCN’s General Manager of Public Affairs, Ndidi Mbah, reassured the public that efforts to restore power are well underway, with about 90% of substations receiving bulk power.
Mbah noted that the Azura Power Station initiated the grid recovery, although a minor setback occurred. However, power supply has been restored to the Abuja region and other key distribution centers. The Ibom Gas Generating Station remained unaffected, continuing to supply power to the South-South region.
An investigation into the cause of the collapse will commence once full grid restoration is achieved.
News
Jigawa Tanker Tragedy: Shettima, First Lady Mourn Victims, Pledge Federal Support
Vice President Kashim Shettima has expressed deep sorrow over the tragic tanker explosion in Jigawa State, which claimed over 100 lives. In a statement issued by his media aide, Stanley Nkwocha, Shettima, on behalf of President Bola Tinubu, extended condolences to the affected families, praying for strength and comfort in their time of grief.
Shettima assured the public that the federal government is mobilizing resources to support the injured and assist those affected. He has directed the immediate deployment of the National Emergency Management Agency (NEMA) to provide aid. The Vice President also stressed the need for a review of fuel transportation safety protocols to prevent future incidents.
In a separate statement, First Lady Oluremi Tinubu offered her condolences to Jigawa Governor Umar Namadi and the people of Jigawa, praying for peace and comfort for the families affected. She called the incident “unfortunate” and extended prayers for the recovery of the injured and the repose of the souls lost in the tragedy.
News
Nigeria Customs Intercepts Arms, Ammunition Worth N9.5bn Over Six Years
The Nigeria Customs Service (NCS) has revealed that it intercepted a total of 10,598 pieces of arms and 114,929 rounds of ammunition valued at N9.58 billion over the past six years. Comptroller General of Customs, Bashir Adewale Adeniyi, made this disclosure during a press conference on enforcement activities in Zone A.
Adeniyi highlighted that 60% of these seizures occurred in 2023, reflecting the Customs’ increased efforts to curb arms smuggling. He also mentioned that recent operations such as Operation Whirlwind and Operation Swift Sting are part of a strategic response to tackle evolving smuggling tactics.
In addition to arms seizures, the Customs CG announced the largest pangolin scale seizure since 2020, with 9,493 kg of scales confiscated in collaboration with the Wildlife Justice Commission. The joint operation led to four arrests across Kano, Kaduna, and Lagos. The NCS continues to intensify efforts against wildlife trafficking, targeting supply routes in northern Nigeria and border areas.
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