RCEP will help promote high-quality economic development in China

Source: People's Daily

RCEP will help stabilize the industrial chain and supply chain, improve the level of participation in global and regional value chains, and accelerate the formation of a new development pattern with domestic circulation as the main body and domestic and international dual circulation promoting each other.

On January 1, the Regional Comprehensive Economic Partnership (RCEP) came into effect for six ASEAN member states including Singapore, Thailand and Vietnam, as well as China, Japan, New Zealand and Australia. This will help reduce the uncertainty faced by the regional economic recovery and help promote the high-quality development of China's economy.

The multilateral trading system and regional free trade agreements are the two wheels that drive economic globalization and the liberalization and facilitation of international trade and investment. The 20 years of China's accession to the World Trade Organization and its continuous expansion of opening up are also the 20 years of exploring the signing of free trade agreements with foreign businesses and actively promoting the construction of free trade zones. In order to promote high-level opening to the outside world, China proposes to implement the strategy of upgrading free trade zones and build a high-standard free trade zone network facing the world. RCEP is the 19th free trade agreement signed by China and the largest free trade agreement in the world. It will play an important role in expanding China's high-level opening to the outside world.

China has achieved many breakthroughs in RCEP. In the field of investment, for the first time, under the free trade agreement, the negative list plus pre-establishment national treatment was used to make open commitments; in the field of e-commerce, for the first time, regulations on data flow and information storage were made; in the field of trade remedies, for the first time in the field of free trade The agreement includes a "prohibition of zeroing" clause; in the field of intellectual property rights, for the first time, infringements in the digital environment are included in the implementation procedures of civil and criminal remedies. China's simultaneous establishment of free trade relations with Japan and South Korea under the RCEP framework not only lays the foundation for higher-level negotiations on the China-Japan-South Korea Free Trade Area, but also helps to actively promote access to higher-standard trade agreements such as the Comprehensive and Progressive Trans-Pacific Partnership Agreement. Free Trade Agreement.

RCEP member countries are China's important economic and trade partners. In 2020, China's exports to and imports from RCEP member countries accounted for about 27% and 38% of China's total exports and imports, respectively. During the same period, investment from RCEP member countries accounted for more than 10% of China's foreign capital utilization. By reducing tariffs, expanding market access, and adopting trade and investment facilitation measures, RCEP promotes the free flow and efficient agglomeration of production factors, which will promote the formation of a large integrated market, make trade and investment between China and RCEP member countries closer, and help build an integrated market. A benign and sustainable international economic cycle system.

The characteristics, high-quality products, advanced technologies, and services of RCEP member countries can enter the Chinese market more freely and conveniently, becoming an important boost to meet the needs of domestic consumption upgrades and promote industrial transformation and upgrading. Through RCEP’s higher standards and wider opening-up, it is possible to accelerate domestic reforms and further unblock the bottlenecks that affect the domestic economic cycle. RCEP applies the rules of accumulation of origin, which allows the accumulation of origin value components within member countries, which greatly reduces the threshold for enterprises to enjoy preferential tax rates, and helps enterprises to flexibly purchase production materials and develop investment layouts in the region relying on the comparative advantages of various countries. Improve international competitiveness. RCEP creates a favorable environment for e-commerce facilitation, builds a platform, and supports and helps SMEs to make better use of the outcomes of the agreement.

Looking forward to the future, RCEP will become an important platform for the integration of China's domestic and foreign trade, the introduction of foreign capital and the coordinated development of foreign investment, further enhancing the connectivity of markets, resources and factors between China and RCEP member countries, stabilizing the industrial chain and supply chain, and enhancing global and regional value. The level of participation in the chain will accelerate the formation of a new development pattern with the domestic cycle as the main body and the domestic and international dual cycles promoting each other.

(The author is the president of the Institute of International Trade and Economic Cooperation of the Ministry of Commerce)

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