China submits papers for CPTPP accession after deciding about reforms

19 Jun '23

1 min read

China submits papers for CPTPP accession after deciding about reforms

Insights

China has submitted documents for its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
It has exhaustively assessed all CPTPP clauses and sorted out the reform measures and laws and regulations that need to be modified.
It has relaxed the access of foreign investment in the domestic manufacturing industry.

China has submitted documents for its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) after exhaustively assessing all CPTPP clauses and sorting out the reform measures and laws and regulations that need to be modified, vice commerce minister Wang Shouwen recently said.

He was addressing the Asia-Pacific Economic Cooperation China CEO Forum in Beijing.

China has decided to align with CPTPP standards and implemented reforms in related fields. Its accession will benefit all CPTPP members and add fresh impetus to trade and investment liberalisation in the Asia-Pacific, Wang said.

"China will continue to open its doors for development and actively promote high-level opening-up. China has basically relaxed the access of foreign investment in the manufacturing industry, and is comprehensively and orderly opening up the service sector," he weas quoted as saying by official media outlets.

China will next reasonably reduce the negative list of foreign investment access, introduce a negative list for cross-border trade in services at free trade zones, and a similar nationwide negative list, he added.

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