Aligning with high-level global trade rules
According to the Ministry of Commerce, China has made the highest level of openness commitments for trade in services in the RCEP agreement among all the FTAs it had signed. The country has signed 19 FTAs with 26 economies.
China has promised to open up 22 more segments in the services sector, like senior care, professional design, management and consulting, manufacturing services, sports and entertainment, and market research, in addition to its commitment to open up 100 subsectors under nine industries to join the World Trade Organization in 2001.
It has also made higher-level openness commitments to 37 services subsectors, including legal services, construction and engineering, insurance, banking, securities, ocean freight and related services, translation and interpretation, and advertising.
Stephane Mascarau, general manager of Servier China, said pharmaceutical companies such as Servier see growing opportunities in introducing innovative medicines to China and reaching out to more Chinese patients with medical needs.
"The higher life expectancy and ongoing medical system reform in China have provided consistent growth potential for multinational pharmaceutical companies in the healthcare market," he said.
The advancement of medical reform policy is expanding demographic coverage of primary healthcare, which is essential, especially for remote areas. The aging population is escalating the demand for treatment of chronic illnesses, he said.
Wang with the China Center for International Economic Exchanges said the accelerated opening-up of professional producer services in the RCEP region, like research and development, professional design and information services, will usher in more cooperation impetus for sectors such as digital economy, pharmaceuticals, healthcare and new energy.
He said China's expanding consumption and imports will create better conditions for other RCEP member economies to increase exports, as well as help improve regional economic and trade cooperation.
According to the MOC, tariffs on more than 65 percent of goods traded between China and Australia, China and New Zealand, and China and ASEAN member states were to be abolished immediately upon the agreement becoming effective.
China has promised tariff elimination on a range of more ASEAN products, including some chemical products, paper products, diesel engines and some auto parts, apart from items included in the FTA between China and ASEAN.
Forming direct free trade relations with Japan for the first time, China removed tariffs on 25 percent of Japanese exports to China on Jan 1, while 57 percent of Chinese exports to Japan are tariff-free now. Tariff concessions on agricultural products have also been arranged for the first time between the two nations.
With South Korea, China has promised tariff concessions and removals on imports of goods, such as textile products and stainless steel, while South Korea made tariff commitments on Chinese products like antler and dextrin, apart from items already included in their bilateral FTA.
Zhu with CEIBS said as the largest economy in the RCEP region, China should play a key role in further enhancing the level of trade among Asian economies.
Wu, who is also general manager of the local subsidiary of BeiGene, suggested China should strengthen regulatory coordination and communication in the field of innovative medicines with other RCEP countries, as well as promote nongovernmental collaboration on science and technology, economics, trade and production capacity, to gather related experience for similar cooperation with more economies.
