On January 1, 2022, the Regional Comprehensive Economic Partnership (RCEP) came into effect as scheduled, and the world's largest free trade zone officially set sail.

For the world economy under the haze of the new crown pneumonia epidemic, this news is tantamount to a ray of sunshine, melting the bitterness of winter and bringing light and hope.

　　As the member with the largest economic scale in RCEP, China has always worked with member states to actively participate in and support the construction of the RCEP mechanism, and is committed to building it into the main platform for economic and trade cooperation in East Asia.

　　As early as March 2021, China completed the approval of RCEP, becoming the first non-ASEAN member state to formally complete the approval process.

After RCEP came into effect, the proportion of China's trade with free trade partners increased from 27% to about 35%, and more than one-third of foreign trade achieved zero tariffs.

In terms of trade in goods, the zero-tariff level has increased from 8% to 90%, covering China's trade volume of about US$1.6 trillion.

In terms of trade in services, China's commitment to opening up trade in services has reached the highest level in existing free trade agreements.

For the first time, China has included a negative list of non-service investment in an international agreement, and made high-level liberalization commitments in five sectors: manufacturing, agriculture, forestry, fishery, and mining.

Various actions show that RCEP is a milestone in China's opening to the outside world.

China has taken firm steps to safeguard the multilateral trading system and promote the process of regional economic integration.

　　In times of adversity, positive energy is especially valuable.

In recent years, undercurrents of protectionism and unilateralism have been surging, and economic globalization has encountered adverse currents.

The COVID-19 pandemic has led to sluggish global economic growth and a severe recession in international trade.

Hundred years of changes are superimposed on the epidemic of the century, and the chaos in front of the world is intricate and complicated. "Building walls", "decoupling" and "retreat" are rampant, and hegemony, bullying, and domineering are rampant. Power politics, zero-sum mentality, and Cold War mentality continue to impact the international order. All kinds of "pseudo-multilateralism" are rampant.

　　Facing severe challenges, China has never wavered in its belief in safeguarding multilateralism, never stopped the pace of opening up and cooperation, and never gave up its efforts to build an open world economy.

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.

So far, China has 26 free trade partners, and the trade volume with free trade partners accounts for about 35%. The level of goods, services, investment and institutional opening has been comprehensively improved.

　　RCEP is the 19th free trade agreement signed by China.

After the RCEP comes into effect, it will greatly promote regional economic integration and boost regional trade and investment growth.

According to estimates, by 2025, RCEP is expected to drive member countries' exports, foreign investment stock, and GDP to increase by 10.4%, 2.6%, and 1.8%, respectively, compared with the baseline.

This will greatly boost the confidence and determination of member states to work together to achieve post-pandemic economic recovery, and inject strong impetus into regional and even global economic growth.

Within the cooperation framework of RCEP, China will further provide a broad market space and diversified industrial system support for regional economic development, and better participate in the integrated development of regional industrial chains and supply chains and the construction of an integrated large market, so as to promote regional prosperity and global prosperity. Economic recovery contributes to China's strength.

　　Historical experience shows that no matter what risks, disasters, or adverse currents it encounters, human society always has to move forward, and it will surely continue to move forward.

The general trend of countries toward openness and cooperation has not changed.

The entry into force of RCEP once again proves that seeking common development is a historical trend, and mutual benefit and win-win results are the aspiration of the people.

　　In the keynote speech at the opening ceremony of the 4th Shanghai International Import Expo in 2021, Chinese President Xi Jinping solemnly promised: "China's determination to expand a high level of opening up will not change, and its determination to share development opportunities with the world will not change, so as to promote economic globalization. The determination to develop towards a more open, inclusive, inclusive, balanced, and win-win direction will not change." The three "unchangeables" demonstrate China's commitment to sharing opportunities with the world, mutual benefit and win-win results. The world of sex infuses certainty.

It is believed that with the official entry into force of RCEP, China will continue to work with all member states to move forward hand in hand to promote regional economic integration of higher quality and deeper level, and inject more vitality into the building of an open world economy.

(Yan Yu)

　　"People's Daily Overseas Edition" (06th edition on January 8, 2022)