[Trade] Guangdong's ongoing processing trade evolution
2012-May-9 Source: Newsgd.com
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Last year, Guangdong's processing trade booked an import and export value of 507.75 billion USD, up 13.8 percent. The provincial Foreign Trade and Economic Cooperation Department announced six points of progress that the processing trade industry made last year.

Foreign invested processing trade enterprises' turnover in domestic markets rocketed 24.2 percent to 1.25 trillion RMB in the first eleven months of last year. Provincial deep processing transit value exceeds 120 billion USD, with about 70 percent of foreign processing trade enterprises involved in two to five transits before exportation.

A total of 501 research and development units have been established by foreign processing trade enterprises throughout the province. From January to November in 2011, a total of 4,390 unincorporated business entities carried out transformation measures.

From January to November 2011, electronic & machinery products and hi-tech products accounted for 77.2 percent and 47.5 percent of the total export value of the provincial processing trade enterprises. Meanwhile, a monitoring platform co-run by the Foreign Trade and Economic Cooperation Departments, customs offices and processing trade enterprises now covers 1,141 relevant enterprises.

Director General of Guangdong Foreign Trade and Economic Cooperation Department Liang Yaowen said the upgrade and transformation of processing trade is one of the province's key works in the current economic development mode.

Last year, provincial officials signed a memorandum on co-building the Pearl River Delta as China's Processing Trade Upgrade and Transformation Demonstration Zone with the State Ministry of Commerce, State General Administration of Customs and State General Administration of Quality Supervision, Inspection and Quarantine.

Liang added that Guangdong will continue to push the processing trade enterprises to develop their own innovation capacity and that the province will also make efforts to narrow the development gaps of its processing trade regions. The current monitoring system will be improved, added Liang.

(By Wing)

Editor: Miranda
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