Help China build a new development pattern of "double cycle"
The signing of RCEP agreement is also the driving force for China's stable development under the new development pattern of "double cycle". Luo Huanjie, a senior researcher at Zhixin Investment Research Institute, said in an interview with Shanghai Securities News that the signing of RCEP will not only promote China's consumption growth, but also further deepen China's opening-up level.
The person in charge of the International Department of the Ministry of commerce also said that RCEP will help China to form a new "double cycle" development pattern, which will be conducive to China's opening-up to drive domestic innovation, promote reform and development, continuously realize industrial transformation and upgrading, consolidate China's position in the regional industrial chain supply chain, and provide effective support for the virtuous cycle of the national economy.
"The other 14 RCEP countries have different commodity endowments, including the source of raw materials and commodities, the holders of core technology and industrial capital, and the developing countries whose demographic dividend has yet to be released." Luo Huanjie said, "more than 90% of the products and services in the region will gradually enter the Chinese market with zero tariff, and cross-border e-commerce will become more vigorous. There will be new opportunities to expand the scale of consumption, promote the development of new formats and cultivate medium and high-end consumption."
Data shows that after RCEP is signed, China will sign 19 free trade agreements and 26 free trade partners. According to the Ministry of Commerce, the signing of RCEP will increase the trade coverage between China and its free trade partners to about 35%, greatly enhance the "gold content" of China's free trade zone network, and help China build a new open economic system with a higher level.
Enhance the level of regional economic integration in East Asia
In the context of the global epidemic and the resurgence of trade protectionism, the signing of RCEP is a milestone for the whole East Asia regional economic integration. "The signing of RCEP helps to harmonize and unify regional economic and trade rules, effectively reduce the compliance costs of traders and investors in the region, improve the transparency and predictability of policies, and improve the overall business environment of the region," Chen Liang said
"The regional economic integration of North America and the European Union has finally ushered in an overall free trade agreement in East Asia, which is conducive to the division of labor among countries within the region and the expansion of the free flow of goods, capital and other elements in the region," Bai Ming said
Wang Shouwen once pointed out that the formation of a unified free trade area in the region is conducive to the formation of supply chain and value chain in the region according to its comparative advantages. It will have great benefits to the flow of goods, technology, services, capital, including the cross-border flow of people in the region, forming the "trade creation" effect.
"RCEP has deepened the value chain of regional industrial chain by adopting regional cumulative rules of origin; promoted the development of new cross-border logistics by using new technologies to promote customs facilitation; and promoted the investment liberalization and transparency of investment policy by adopting negative list, which will promote the optimization and integration of regional economic and trade rules." The person in charge of the International Department of the Ministry of Commerce said.
RCEP was initiated by ASEAN in 2012 and has gone through 8 years and 31 rounds of formal negotiations. Since this year, RCEP member states have finally completed the legal review of more than 14000 pages of texts and signed the agreement as scheduled. According to the person in charge of the International Department of the Ministry of Commerce, this is the most important achievement of East Asian economic integration in the past 20 years. According to the calculation of international well-known think tanks, by 2025, RCEP is expected to increase the export, foreign investment stock and GDP of member countries by 10.4%, 2.6% and 1.8% respectively compared with the base line.
