China urges domestic preparations for RCEP implementation

BEIJING -- China urges domestic preparations for the implementation of the Regional Comprehensive Economic Partnership, according to a State Council executive meeting.

Promoting the implementation of the RCEP is an important step for the country to expand opening-up and advance reforms, said the meeting, which was chaired by Premier Li Keqiang on Wednesday.

Efforts should be made to facilitate China's industrial upgrading through deepening reforms and opening-up, the meeting said.

The meeting noted that substantive progress has been achieved in technical preparations for implementing the cumulation provisions of the rules of origin. As much as 85 percent of the 701 binding obligations stipulated in the agreement are ready to be enforced.

The implementation of the cumulation provisions of the rules of origin is conducive to lowering the threshold for enjoying tariff preferences, promoting intra-regional trade cooperation, and stabilizing and strengthening the regional industrial and supply chains, according to the meeting.

The meeting called for pushing forward reforms of the relevant domestic management systems, formulating management regulations and implementation guidelines on origin to ensure the trade pact can be implemented soon after it takes effect.

The meeting highlighted the importance of adapting to a more open and competitive environment after the implementation of the pact, promoting the movement of the manufacturing industry toward the medium-high end, and further opening up the country's services sector.

Efforts should also be made to help enterprises, especially small and micro ones, to become familiar with the rules of the agreement and the tariff concessions of member countries, to enhance their ability to participate in international cooperation and competition.

Wednesday's meeting also underscored improving the exit policies for enterprises involved in bankruptcies.

The simple cancellation system for micro, small and medium-sized enterprises should be improved to optimize the structure and enhance the vitality of market entities, the meeting said.