During the 14th Five-Year Plan period (2021-2025), Hubei will strive to meet an average annual growth of 16 percent in trade with members of Regional Comprehensive Economic Partnership (RCEP) and reach a total trade volume of 280 billion yuan by 2025, according to a notice issued by general office of Hubei provincial government recently.

  In the meantime, Hubei also expects an average annual growth rate of 10 percent in service outsourcing with RCEP members, 10 percent in actual use of investment and 8 percent in foreign direct investment.

  The document proposed Hubei's imports and exports targets for pillar industries during the 14th Five-Year Plan period: an average annual growth of 16 percent in exports of new-generation information technology to RCEP members, 20 percent in imports and exports of automobile manufacturing, modern chemical and energy industries, 10 percent in exports and imports of big health industry, and 10 percent in exports of modern agricultural product processing industry.

  With a total of 20 specific measures, the notice clarified seven major tasks, including expanding the capacity and quality of trade in goods, strengthening the trade industry, and efficiently improving trade facilitation.

  RCEP entered into force on January 1, 2022. It covers a market of 2.2 billion people, nearly a third of the world's total population, and is worth more than 26 trillion U.S.dollars, about 30 percent of the global gross domestic product.

  Customs data showed that the imports and exports between Hubei and RCEP members stood at 160.2 billion yuan in 2021, a year-on-year increase of 19 percent, and the average annual growth posed 15.6 percent in the past three years.

  (Source: en.hubei.gov.cn)