CPTPP photo: VCG

China has assessed and researched about 2,300 terms of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to Wang Shouwen, China's International Trade Representative and Vice Minister of Commerce on Saturday.

China is sorting out reform measures that need to be carried out and amending regulations and laws for joining the CPTPP, Wang said during the APEC China CEO Forum 2023, the China News Agency reported on Saturday.

Wang said that China has taken the initiative to meet the high operational standards of the CPTPP and implemented pilot reforms and opening-up in related fields.

"China has the willingness, capability to join the CPTPP, meet its high standard, which will bring benefit to all members and further facilitate the free trade and investment in Asia-Pacific region," he said.

Wang reaffirmed that China will continue to uphold a high-level opening-up for development. At present, China has basically opened the market access to manufacturing sector for foreign enterprises, and is expanding its service sector access.

In the future, the negative list of foreign investment access will be further shortened, and China will launch a negative list targeting the cross-border service trade at a national level and free trade zone scope, Wang noted.

According to data released by China's Ministry of Commerce on Thursday, China's foreign direct investment in the first five months had reached 574.81 billion yuan (84.35 billion yuan), up 0.1 percent year-on-year.

During this period, investment from France saw a 429.7 percent increase year-on-year. Investment from the UK, Canada and Japan increased by 179.2 percent, 170.1 percent and 63.3 percent year-on-year, respectively.

Wang pledged that China will enhance efforts to attract foreign investment and welcome foreign enterprises into China. "Investing in China means the accessibility to the huge market with 1.4 billion population and a safe, stable and efficient supply chain, as well as more convenient investment service and a transparent business environment," said Wang, noting that an increasingly open Chinese market will improve the global competitiveness for international enterprises.

China officially filed an application to join the CPTPP in 2021. If China were to join, the gains would quadruple to $632 billion, or one-quarter more than in the original TPP with the US, according to a report by the Peterson Institute for International Economics.

Global Times