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