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RCEP Aids Dual Circulation

Jan 07-2021   



Joining the Regional Comprehensive Economic Partnership (RCEP) aids China in its implementation of the Dual Circulation, which in turn affords it with great growth prospects, said Prof. Yu Miaojie of the NSD in a lecture for Fudan University Finance Open Class. He’s PKU Bo Ya Distinguished Professor and Deputy Dean of the NSD, specializing in international trade, international economics, and development economics.

 

Of all the changes faced by China, that of the Sino-US relations occupies the most prominent position. The US government has made fair comments on the efforts by China to expand imports from the US, despite the disruptions by the pandemic. Trade relations have acted as a backstop for bilateral relations.

 

Multilateral trade cooperation such as the WTO has got stuck in limbo; by contrast, regional partnerships have picked up the steam. As the global economic value chains risk being shredded in tatters, China has rolled out a range of policy measures – spearheaded by the Dual Circulation – to cope with such new situations.

 

China’s economic external circulation comprises three major components: implementing the Belt and Road initiative, inking the RCEP, and working actively to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP).

 

The RCEP covers 47.4% of global population, 32.2% of world GDP and 32.5% of global investments. After signing up to the RCEP, China now counts 19 free trade pacts and 26 free trade partners. The RCEP also enables China to build free trade relations with Japan.

 

The RCEP will spur China’s economic external circulation in such areas as export, import and investment. It will also propel the economic internal circulation, not least by offering paradigms and rules that China can adopt to help build a unified domestic market.

RCEP Aids Dual Circulation

Jan 07-2021   



Joining the Regional Comprehensive Economic Partnership (RCEP) aids China in its implementation of the Dual Circulation, which in turn affords it with great growth prospects, said Prof. Yu Miaojie of the NSD in a lecture for Fudan University Finance Open Class. He’s PKU Bo Ya Distinguished Professor and Deputy Dean of the NSD, specializing in international trade, international economics, and development economics.

 

Of all the changes faced by China, that of the Sino-US relations occupies the most prominent position. The US government has made fair comments on the efforts by China to expand imports from the US, despite the disruptions by the pandemic. Trade relations have acted as a backstop for bilateral relations.

 

Multilateral trade cooperation such as the WTO has got stuck in limbo; by contrast, regional partnerships have picked up the steam. As the global economic value chains risk being shredded in tatters, China has rolled out a range of policy measures – spearheaded by the Dual Circulation – to cope with such new situations.

 

China’s economic external circulation comprises three major components: implementing the Belt and Road initiative, inking the RCEP, and working actively to join the Comprehensive Progressive Trans-Pacific Partnership (CPTPP).

 

The RCEP covers 47.4% of global population, 32.2% of world GDP and 32.5% of global investments. After signing up to the RCEP, China now counts 19 free trade pacts and 26 free trade partners. The RCEP also enables China to build free trade relations with Japan.

 

The RCEP will spur China’s economic external circulation in such areas as export, import and investment. It will also propel the economic internal circulation, not least by offering paradigms and rules that China can adopt to help build a unified domestic market.