RCEP seen as key anchor for Asian growth

Agreement set to help global economy cope with geopolitical shifts, growing challenges

HAIKOU, China, May 11, 2026 /PRNewswire/ -- A news report from China Daily: As the world's largest free trade agreement, the Regional Comprehensive Economic Partnership is set to play an even more prominent role in anchoring Asian economic integration and helping the global economy navigate geopolitical shifts and mounting challenges, officials and experts said.

Highlighting the RCEP's role as a powerful counterweight to trade unilateralism, they called for it to evolve from one of "scale advantage" to one of "functional and quality enhancement" — while also urging greater efforts to leverage Hainan Free Trade Port as a key gateway connecting China with other RCEP member economies.

The remarks were made at the 2026 RCEP Media and Think Tank Forum, which opened on Saturday in Haikou, Hainan province. With the theme of "Working Together to Address Challenges and Promote Development", the forum was hosted by China Daily and the China Institute for Reform and Development.

Liu Xiaoming, governor of Hainan, said covering 30 percent of the world's population and economic output, the RCEP is the free trade agreement with the greatest potential. It has played an irreplaceable role in maintaining global economic stability and has also become a key driver of Hainan's export-oriented economy.

"Hainan Free Trade Port demonstrates China's resolve to expand opening-up and advance economic globalization. We stand ready to work with all RCEP parties to jointly forge a new pattern of regional development through closer coordination," Liu added.

Liu said that Hainan has seen growing economic vitality since the island-wide special customs operations were launched in December, offering favorable trade policies such as tax reduction and duty-free measures.

Qu Yingpu, publisher and editor-in-chief of China Daily, said over the past year, Asia has contributed over 60 percent to global economic growth, a result of joint efforts by China and other Asian nations.

"China has always championed open regionalism and true multilateralism, and the construction of the Hainan Free Trade Port stands as a vivid example of this commitment," Qu said.

He said that China Daily has been deeply engaged in the building of the Hainan Free Trade Port International Services portal.

"Confronted with high walls of trade barriers, what we need is not to build walls to protect ourselves, but to pave roads and build bridges," he said, calling on media and think tanks to use professional insights to dispel misinformation and to tell authentic stories of regional economic cooperation.

Qu also highlighted the China-ASEAN Free Trade Area 3.0 Upgrade Protocol, which, for the first time, includes emerging areas such as digital economy, green economy, and industrial and supply chain connectivity. "With everyone's efforts, I believe the fruits of technological innovation will cross borders and benefit all."

The RCEP, which is aimed at gradually eliminating tariffs on over 90 percent of goods traded among its 15 members, has delivered tangible results since coming into effect four years ago. Intra-regional trade surged from $4.9 trillion in 2021 to $6.1 trillion in 2025, a 24 percent increase, while its share of global trade rose from 27.2 percent to 29.1 percent.

Yose Rizal Damuri, executive director of the Centre for Strategic and International Studies in Indonesia, said: "Geopolitical competition is becoming more intense and more varied. Emerging industries are reshaping global landscapes, and contradictions in energy and food markets are worsening.

"This means that regional integration — such as the RCEP — is precisely what the current moment calls for. The institutional framework is providing member economies with a combination of growth opportunities, policy predictability and supply chain resilience."

Chi Fulin, president of the China Institute for Reform and Development, said, "China's vast market has become the largest source of certainty for RCEP's development."

"The next five years are crucial for China to build a strong domestic market. The efforts to accelerate China's tariff reduction commitments under the RCEP framework, especially on intermediate goods, and to further open up services trade will provide enormous new growth engines for RCEP cooperation," Chi added.

Chi also highlighted the strategic role of the Hainan Free Trade Port. "As a major gateway, Hainan is well-positioned to pioneer breakthroughs in finance and data flows, and serve as a vital platform linking the Chinese market with ASEAN, thus better safeguarding regional industrial and supply chain stability."

Lyu Bin, president of the China Oceanic Development Foundation, said, "Most RCEP members are ocean-based economies, and the ocean plays a vital role."

He called for more efforts to expand RCEP cooperation in mariculture, marine ecotourism and disaster prevention, as well as leveraging digital technologies to build smart ports and offshore new energy supplies.

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SOURCE China Daily