20240110-东吴证券-固收深度报告_服务经济系列（四）-中国对接CPTPP进度研究（上）_24页_847kb

Summary of China's Alignment with CPTPP

Overview of CPTPP

• CPTPP is a free trade agreement signed in 2018 by 11 countries after the US withdrawal from TPP, covering 30 chapters with over one-third on services.
• It sets high standards in services trade, investment, and rules, reflecting the global economy's increasing reliance on services, as they contribute significantly to GDP in developed and many developing economies.

China's Efforts and Progress

• China formally applied for CPTPP membership in 2021 and has accelerated policy developments in 2023, including reforms in free trade zones (e.g., Shanghai, Beijing, and others).
• Key measures include the 2023 policy framework for international standards, supporting Beijing's service expansion, and upgrades to existing agreements like the China-Singapore accord, demonstrating commitment through domestic reforms and pilot projects.

Key Focus Areas and Challenges

• Investment Chapter: Challenges involve negotiating negative lists for foreign investment access and dispute resolution mechanisms.
• Cross-Border Services Trade: Difficulties include adapting to negative lists format and address local presence requirements.
• Financial Services: Requires refining negative lists for specificity, particularly for cross-border operations.
• Telecom Services: Main hurdles are regulatory independence, transparency in decision-making, and updating negative lists to conform with CPTPP standards.

Conclusion and Risks

• China's alignment could boost service sector growth and economic innovation, but faces risks from geopolitical tensions and slow negotiation progress in sensitive areas like dispute resolution.
• Overall, it represents a path toward deeper reform, though full integration may extend due to domestic regulations and international pressures.