China edging toward membership of Trans-Pacific Partnership framework

China attaches great importance to joining the framework of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and is actively advancing relevant efforts, the Ministry of Commerce said on Thursday.

Against the backdrop of unilateralism and protectionism, which is severely impacting the international economic and trade order, China's accession to the CPTPP will help safeguard multilateralism and free trade, a spokesman for the ministry said during a news conference in Beijing.

China's entry into the framework will deliver economic dividends to all members, regional and international cooperation, and ensure mutually beneficial and win-win results for all parties, according to recent research by the State Council's Development Research Center and the Chinese Academy of Social Sciences, which conducted analysis and calculations on the macroeconomic impacts of China's accession to the CPTPP.

China's super-large-scale market will offer broader development space for CPTPP members and significantly boost the partnership's global influence.

China's accession to the CPTPP will drive a GDP growth of 0.2 percent to 1.1 percent and an export growth of 2.5 percent to 11.8 percent for its members. It will also foster the development of a larger-scale and more closely integrated regional industrial and supply chain system, which helps enhance industrial cooperation and bring new growth opportunities to sectors such as oil, agriculture and educational services in member countries, according to the China Academy of Social Sciences.

Research by the Development Research Center of the State Council shows that China's accession to the CPTPP will drive a 0.2 percent increase in global real GDP and a 2.8 percent growth in global trade value.

"China will unswervingly advance high-level opening-up," said ministry spokesman He Yadong.

"We hope all CPTPP members will fully recognize the positive significance of China's accession, work with us to accelerate the process, and inject stronger impetus into Asia-Pacific economic integration and the development of an open world economy."