Since the official entry into force of the Regional Comprehensive Economic Partnership (RCEP), especially since its full entry into force for 15 signatories in June this year, China has attached great importance to and vigorously promoted the implementation of the RCEP. This has not only promoted China's trade in goods and investment cooperation with RCEP partners, but also played a positive role in stabilizing foreign investment and foreign trade in China and stabilizing the chain.

As a free trade agreement with the largest population, the largest economic and trade scale and the greatest development potential in the world, the RCEP's entry into force and implementation will bring major opportunities for China's development. In the face of the complex and grim international situation, RCEP has provided a strong impetus for China to build a new pattern of high-level opening up, and has also provided strong support for enterprises to expand export markets, increase trade opportunities, improve the business environment, and reduce the trade costs of intermediate and final goods.

From the perspective of trade in goods, RCEP has become an important force to stimulate the growth of China's foreign trade. In 2022, the contribution rate of China's trade growth with RCEP partners to the foreign trade growth of the year reached 28.8%, of which the contribution rate of exports to RCEP partners to the foreign trade export growth of the year reached 50.8%. In addition, the central and western regions showed stronger growth vitality, and the growth rate of goods trade between the central region and RCEP partners was 13.8 percentage points higher than that of the eastern region last year, which shows the important role of RCEP in promoting the coordinated development of China's regional economy.

From the perspective of investment cooperation, RCEP has become an important help to stabilize foreign investment in China. In 2022, China's actual use of RCEP partners of foreign investment reached 23.53 billion US dollars, an increase of 24.8 percent year-on-year, far higher than the world investment in China growth rate of 9 percent. The RCEP region contributed 29.9 percent to the growth of China's actual utilization of foreign investment, 17.7 percentage points higher than in 2021. The RCEP region is also a hot spot for Chinese enterprises to invest abroad. In 2022, China's non-financial direct investment in RCEP partners totaled 17.96 billion US dollars, a net increase of about 2.5 billion US dollars over the previous year, an increase of 18.9%, accounting for 15.4% of China's foreign non-financial direct investment, an increase of 5 percentage points over the previous year.

RCEP also plays a prominent role in stabilizing the chain. RCEP has promoted China's cooperation with ASEAN countries such as Vietnam and Malaysia, as well as members such as Japan and South Korea, in many fields such as electronic products, new energy products, automobiles, textiles and other fields, and formed a positive interaction between trade and investment, which has played a positive role in stabilizing and strengthening China's industrial chain and supply chain. In 2022, China's trade in intermediate goods within the RCEP region will reach 1.3 trillion US dollars, accounting for 64.9% of the intra-regional trade with RCEP and 33.8% of the world's intermediate goods trade.

In addition, RCEP e-commerce, trade facilitation and other rules provide a good development environment for China to expand digital economy cooperation with RCEP partners. Cross-border e-commerce has become an important new form and model of trade between China and RCEP partners, forming a new growth pole of regional trade, and further increasing consumer welfare.

During the 20th China-Asean Expo, the Research Institute of the Ministry of Commerce issued the "RCEP Regional Cooperation Effectiveness and Development Prospects Report 2023", which pointed out that since the implementation of RCEP, the industrial chain and supply chain cooperation between members has shown strong resilience, promoting regional economic and trade cooperation and the initial release of economic growth dividends, not only ASEAN and other RCEP members have benefited significantly. It has also produced positive spillover and demonstration effects, and has become a favorable factor for the growth of global trade and investment under multiple crises.

At present, the global economy is facing considerable downward pressure, and the surrounding geopolitical risks and uncertainties have posed great challenges to regional cooperation. However, the RCEP regional economy has maintained a good growth momentum on the whole and still has great potential for growth in the future. All members need to work together to make good use of the RCEP as an open cooperation platform, fully release the dividends of RCEP opening-up, and make greater contribution to regional economic growth.

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