Three-year-old RCEP boosting Asia-Pacific economic integration

China

Three-year-old RCEP boosting Asia-Pacific economic integration

2025-01-01 19:59 Last Updated At：20:37

Three years since it came into force, the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade pact encompassing 15 Asia-Pacific nations, has contributed significantly to regional economic integration.

Entering into force on Jan 1, 2022, the free trade agreement, the world's biggest of its kind in terms of population, economic scale, and growth potential, has partially offset the adverse impacts of fluctuating global demand and growing trade barriers. The pact comprises 10 member states of the Association of Southeast Asian Nations (ASEAN), China, Japan, the Republic of Korea, Australia, and New Zealand. Together, they cover about 30 percent of the world's population and 30 percent of global economic and trade volume.

In 2023, the RCEP member countries' contribution to global trade reached 13 trillion U.S. dollars, up 200 billion dollars from 2021, according to a report from the Chinese Ministry of Commerce.

The region also attracted 2,340 greenfield investment projects in 2023 with a combined investment of 243.09 billion dollars, representing a 33.9 percent increase in project numbers and a 120 percent surge in investment value compared to 2021, official data showed. Renewable energy, electronic component manufacturing, and telecommunications sectors were among major sectors that spurred this investment boom.

In addition to the growth of traditional trade, emerging sectors such as digital trade and green trade have gained significant momentum. The RCEP has created a favorable institutional environment for developing advanced fields, including next-generation information technology, artificial intelligence, clean energy, and biopharmaceuticals. These advancements have not only boosted regional economic integration but also served as a key driver of global investment growth.

Spokesman confirms commissioning of 'five essentials' for carriers

China's commissioning of "five essentials for aircraft carriers" marks a a significant achievement of the People's Liberation Army (PLA) Navy’s accelerated transformation and development, said Jiang Bin, spokesman for the Ministry of National Defense, at a press conference in Beijing on Saturday.

The "five essentials" refer to stealth carrier-based fighters, multirole catapult-assisted carrier-based fighters, fixed-wing carrier-based early warning aircraft, fixed-wing electronic warfare aircraft, and anti-submarine helicopters.

"The package, or what media have dubbed the 'five essentials for aircraft carriers,' is a vital link in forming the systematic combat capability of aircraft carrier formations and a significant achievement in the PLA Navy’s accelerated transformation and development. Building a strong PLA Navy embodies the Chinese nation's long-cherished aspiration of striving to be a strong naval power and serves as an important guarantee for realizing national rejuvenation. In the new era, under the firm leadership of the CPC Central Committee, the Central Military Commission and President Xi, the modernization of the PLA Navy has become increasingly solid and powerful. From the air to the sea, from coastal waters to the open ocean, the types and functions of various weapons platforms have been continuously improved, achieving leapfrog development and innovative breakthroughs, providing stronger guarantees for safeguarding national sovereignty, security and development interests," he said.