Nation's commitments under RCEP will drive transformation and upgrades

As liberalization of trade in services and openness in the services sector are often at the core of high-level international economic and trade rules, China is expected to further open up the sector to the rest of the world to achieve its goal of basically establishing a new system for higher-level opening up of the economy during the 14th Five-Year Plan period (2021-25), industry experts said.

The nation's openness commitments in the services sector under the Regional Comprehensive Economic Partnership agreement, which has taken effect in 11 of its members, will usher in a new era of liberalization in China's services industry to uplift quality development of its services industry and bolster the nation's overall expansion in high-level opening-up, they said.

Signed by 15 Asia-Pacific countries, composed of the 10 member states of the Association of Southeast Asian Nations and their five major trading partners, namely China, Japan, South Korea, Australia and New Zealand, the RCEP agreement forms the world's largest free trade area that accounts for about one-third of global gross domestic product and population