RCEP to Facilitate China’s Dual Circulation Strategy

On 15 November, Chinese Premier Li Keqiang attended, via video link, the fourth summit of the Regional Comprehensive Economic Partnership (RCEP) comprised of China, 10 ASEAN nations, South Korea, Japan, Australia and New Zealand. The commerce ministers of these 15 countries signed the RCEP trade pact at the summit. During the meeting, Li Keqiang said: As a free trade bloc with the largest participating population in the world, the most diverse membership and the greatest development potential, RCEP will help realise a high-level opening-up for trade in goods and services as well as investments among countries in the region, greatly lift the level of regional trade and investment liberalisation and facilitation, and strengthen the attractiveness and competitiveness of the region.

According to the director of the Department of International Trade and Economic Affairs of the Ministry of Commerce, RCEP will facilitate China’s endeavour of a new dual circulation development pattern, promote fuller market competition for all industries and improve the country’s resource allocation capacity in domestic and overseas markets.

Source: Ministry of Commerce