Since the implementation of the Regional Comprehensive Economic Partnership (RCEP) on Jan 1, 2022, Quzhou's foreign trade enterprises have seized upon the RCEP as an opportunity to promote the city's export-oriented economy.

According to Quzhou Customs, in the first half of this year the city's trade with RCEP member countries were valued at 14.18 billion yuan ($1.95 billion), a year-on-year surge of 47.9 percent and accounting for 43 percent of the city's total.

The city's imports from RCEP member countries saw a whopping increase of 95.4 percent year-on-year to 6.58 billion yuan in the first six months, while the city's exports to such countries were valued at 7.6 billion yuan, a year-on-year increase of 22.2 percent.

During this period, the city's trade with ASEAN's 10 countries amounted to 8.41 billion yuan, accounting for 25.5 percent of the city's total foreign trade, an increase of 9.2 percentage points.

Among RCEP member countries, Indonesia, South Korea, and Japan emerged as Quzhou's top three trade partners. Together, these countries contributed 78 percent of the city's total trade with RCEP members.

The city's trade with Indonesia, Laos and Brunei saw the fastest growth, increasing by 161.8 percent, 144.4 percent and 109.0 percent, respectively.

In addition, the city's trade with Vietnam and the Philippines maintained rapid growth, with growth rates of 77.6 percent and 92.8 percent.