Research On Influencing Factors Of China’s Export Trade Of Mechanical And Electrical Products To RCEP Partners

RCEP,The world’s largest free trade agreement,was formally signed on November 15,2020,and took effect on January 1,2022 for the member countries that have submitted the approval letter.Against the background of rising global trade protectionism and the negative impact of the COVID-19 pandemic on trade,China is striving to build a new development pattern and actively promote the implementation of the agreement.RCEP can expand and deepen China’s production cooperation and trade flow in the regional market,and accelerate the development of domestic and international dual-circulation with a more unimpeded regional industrial chain and value chain.In China’s mechanical and electrical products trade,RCEP partners composed of ASEAN,Japan,South Korea,Australia and New Zealand occupy an important position.The effective implementation of RCEP can promote the high-quality development of mechanical and electrical product trade by promoting the investment cooperation of the industry and the integration of the industrial chain in the region.It has brought a lot of opportunities and positive impacts to China’s mechanical and electrical industry in terms of value chain integration and upgrading,development of regional markets in advantageous industries,cross-border e-commerce,and settlement of trade frictions and trade disputes.China should make full use of the RCEP agreement,accelerate the implementation of trade facilitation policies,and create a high-quality and efficient trade environment for exporters of mechanical and electrical products.Starting from the status of China’s export of mechanical and electrical products to RCEP member countries,it analyzes trade scale,commodity structure and market distribution,and points out prominent problems in the export trade by collating relevant data.It turns out that there are problems in the trade,such as unreasonable structure of commodities,over-concentrated market in export countries,and low degree of internationalization of manufacturing standard system.In addition,the influencing factors of this trade are analyzed from the perspectives of supply,demand,transaction cost and international market situation.Then,the trade gravity model is used to empirically test the relevant influencing factors and their influence degree.By collating various data of the 15 member countries of RCEP from 2007 to 2020,selecting China’s export trade volume of mechanical and electrical products to each RCEP partner as the explained variable,the total GDP of China and the RCEP partners,the distance,exchange rate,and China’s outward foreign direct investment are used as explanatory variables.The results show that the economic development level and foreign direct investment have a positive effect on China’s export trade of mechanical and electrical products;variables such as distance and exchange rate hinder the development of this trade.Based on the above research and empirical analysis results,some suggestions are put forward for the government,industry and enterprises from the perspective of main influencing factors,such as improving the standardization and certification system of mechanical and electrical products,implementing trade facilitation and investment liberalization rules,adjusting and optimizing the export structure of mechanical and electrical products,and promoting the diversified development of exporting country markets.