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Original title: Eight-year results welcome a great hundred-year opportunity RECP will help double cycle to a new level
News from this newspaper (Liu Hongquan, editor-in-chief of Communication Information News) “Cultivating new opportunities in the crisis, opening new games in the changing situation,” this sentence fully explains the turmoil and change of the world political and economic structure in this special year. On November 15, the Regional Comprehensive Economic Partnership (RCEP) Agreement was signed and the world’s largest free trade zone announced. The RCEP has gone through an eight-year long negotiating process and may usher in a rare centennial opportunity for China and the countries of the Asia-Pacific region. If China’s entry into the WTO allows China to fully integrate into the global trading system and promote the development of the economy by leaps and bounds, then the signing of RCEP will promote China’s dual circular economy strategy to a new level and will promote the economy to move towards a new high-quality development pattern.
What is special about the “largest free trade agreement in history”?
In an environment where the new corona pneumonia epidemic hit the world economy this year and trade protectionism and unilateralism are on the rise, the signing of the Regional Comprehensive Economic Partnership Agreement (RCEP) is a powerful “counterattack”, which reflects the maintenance of multilateralism by the countries of the Asia-Pacific region. The common will of socialism and free trade. More importantly, as the “largest free trade agreement in history”, the economy of the Asia-Pacific region will become an important pole that cannot be ignored in the world economy.
The RCEP is a total of 15 member states, including 10 ASEAN countries and China, Japan, South Korea, Australia and New Zealand, and has been negotiated and negotiated for 8 years.
According to official disclosure data, in 2019, the total population of the 15 member states of the RCEP reached 2.27 billion, GDP reached 26 trillion US dollars, and exports totaled 5.2 trillion US dollars, each representing almost 30% of the world total, with the highest population coverage. Unique development benefits, such as the most diverse membership structure and the highest development potential. Once an integrated market is formed, its potential for development and influence will be staggering.
It is reported that the RCEP Free Trade Agreement includes many contents such as trade in goods, trade in services, temporary movement of natural persons, investment, intellectual property rights, electronic commerce, competition, public procurement, etc.
Among them, the number of final products without tariff in the trade of goods between the member countries of the RCEP will exceed 90%, which is the highlight that draws the most attention.
In addition, in terms of the rules of origin, the RCEP allows the principle of the regional value component and the tax classification to change the standard to choose one, which is more free and flexible for companies in the region, reflects inclusion and integrality, and is adequate for the economic development of the member countries. Diversity Level is a win-win free trade agreement.
The signing of the RCEP proves once again that economic globalization and free trade are historical trends that are in line with the development interests of all countries. Maintaining multilateralism and adhering to open cooperation are the right options to face risks and challenges and promote common development.
What impact will RCEP bring?
What impact will the Regional Comprehensive Economic Partnership Agreement (RCEP) have on the economies of the member countries? What changes will it bring to the world economic landscape? This is the focus of greatest attention in all walks of life.
First, the signing of the RCEP will further promote the high-level opening of trade in goods, trade in services and investment among the countries of the Asia-Pacific region, greatly enhance the level of liberalization and regional trade and investment facilitation and enhance regional attractiveness and competitiveness. This will be more important and urgent in the context of the world economy that is affected by the new corona epidemic. It is expected to promote the deep integration of production capacity and demand among Member States, which will vigorously promote the overall recovery process of the regional economy and also become a driving force for global growth and development. A major driver of recovery.
Second, the signing of the RCEP Regional Comprehensive Economic Partnership Agreement will allow member states to establish closer economic relations, which will help improve the ability to withstand global systemic economic risks, such as the global economic crisis, crisis financial and the new epidemic of the crown. With the impact of natural factors, the ability of a small boat to withstand wind and waves naturally is no match for a huge boat.
Third, the signing of the RCEP will help promote the vitality of regional cooperation and sharing of resources. The RCEP will greatly stimulate the flow and complementarity of goods, technologies, services, personnel and capital between Member States, and will help maintain the stability and smooth flow of the regional industrial chain supply chain. It will play a very positive role in responding to the challenges caused by the current epidemic. .
Fourth, the signing of the RCEP sets a benchmark for openness and cooperation in the world and will play an active role in promoting the development of world free trade and the multilateral trading system. In the context of increasing anti-globalization, unilateralism and protectionism, the RCEP will play a positive role in leading the wave of globalization.
From an industrial development perspective, the RCEP will promote the transfer of industries. Low-level manufacturing and processing industries, such as the textile industry and the electronic information assembly industry, can accelerate the transfer to lower-cost ASEAN countries; in China’s high-end manufacturing industry will also face competition from Japanese and Korean electronic information technology and products, but this is also an opportunity for technology integration and learning. According to data provided by the agency, in the first nine months of this year, China’s total exports to the remaining RCEP member states grew at a year-on-year growth rate of 2.75%. The main industries that accounted for more than 10% of the total value of exports were electrical equipment, black appliances, mechanical equipment and minerals. Means. In September this year, the main industries with a cumulative growth rate of more than 20% were steel, copper and its products, essential oil products and cosmetics.
Of course, in the medium and long term, China’s communications industry, such as 5G, new energy vehicles, electromechanical products, and other industries with technological and manufacturing advantages, will generate more export opportunities. In general, the national labor force, technical resources, capital, etc. they can continue to transfer to medium to high level fields, service industries, etc. This is an inevitable trend for future industrial development, and it is also an inevitable trend for China’s economy to develop towards high quality.
The “dual cycle” economic pattern will reach a new level
Historical experience has shown that only adherence to reform and openness is the right way to promote sustainable economic development. The current “dual cycle” economic development model that is developing at an accelerated rate should pay more attention to the mutual attraction effect of internal and external cycles. Obviously, the signing of the RCEP will allow China’s “double cycle” strategy to wield greater power, and will also help promote the second improvement of the industrial structure.
As the competent person in charge of the Ministry of Commerce said, the achievement of the RCEP will help expand China’s export market space, help meet the needs of domestic consumption of imports, and help stabilize foreign trade and foreign investment. . In order to form an important national cycle, national and international cooperation The new development pattern of cyclical mutual promotion provides effective support. At the same time, it will also promote China’s various industries to participate more fully in market competition and enhance the ability to allocate resources in domestic and international markets. China’s opening-up will boost national innovation, promote reform and promote development, continuously achieve industrial transformation and modernization, and consolidate China’s economy. The position in the supply chain of the regional industrial chain provides effective support to the virtuous cycle of the national economy, accelerates the formation of new advantages in international economic competition and cooperation, and promotes high-quality economic development.
Simply put, if the current domestic circulation market is the demand of 1.4 billion people, after the RCEP is reached, the equivalent potential market size will reach 2.2 billion and consumption will be formed after the circulation of various items. of resources among member states. The power will be more than 2.2 billion. Therefore, in a sense, the signing of the RCEP will take China’s “dual cycle” economic development pattern to a new level.
