China issues guideline to promote high-quality RCEP implementation

China will push for the high-quality implementation of the Regional Comprehensive Economic Partnership (RCEP) pact and deepen reform via high-level opening-up, stated a guideline from the government released Wednesday.

The country will align the opportunities provided by the trade pact with local development strategies, and help enterprises adapt to a more open and competitive environment, according to the guideline issued by the Ministry of Commerce and other five departments on high-quality RCEP implementation.

The guideline outlines measures in six areas -- high-quality development in trade and investment, manufacturing upgrade, standards cooperation, financial support, business environment and supporting services for enterprises.

China will further improve trade and investment facilitation, boost the role of RMB settlement in supporting trade and investment, and strengthen cooperation in high-end industrial chain and manufacturing projects to foster a diversified global supply chain network, the guideline stated.

The country will also help the relatively backward central and western regions become more competitive in the international market and allow the RCEP agreement and the Hainan free trade port policies to reinforce each other, according to the guideline.

The RCEP agreement, the world's largest free trade agreement, entered into force on Jan. 1. After it took effect, more than 90 percent of merchandise trade among members that have approved the accord will eventually be subject to zero tariffs.

The RCEP was signed on Nov. 15, 2020 by 15 Asia-Pacific countries -- ten members of the Association of Southeast Asian Nations and China, Japan, the Republic of Korea, Australia, and New Zealand -- after eight years of negotiations that started in 2012.