Entering a new stage of development，China will quicken its pace in fostering a new development paradigm with domestic circulation as the mainstay and domestic and international circulations reinforcing each other. This policy has been formally stated by the Fifth Plenary Session of the 19th CPC Central Committee. In this policy frame，international economic cooperation plays a key role in building a stronger circulation between domestic and international circulation and domestic circulation will be as the mainstay. In 2020，China and 14 other Asia-Pacific countries signed the world’s largest trade agreement-- the Regional Comprehensive Economic Partnership (RCEP). This is a great move for China to better be integrated into the regional cooperation and upgraded to an economy of better quality.

It is worthy of being noted that the failure of WTO Doha Round negotiations has hindered the process of world trade and investment liberalization. However，some countries began to build trade barriers and adopted one-sided industrial return policies，which has intensified the uncertainty of the global economic and trade system and objectively enhanced the necessity and urgency of signing regional free trade agreements. The US-China trade friction since 2018 and the global epidemic of COVID-19 further severely damaged the globalization of trade and investment aimed at improving the efficiency of resource allocation. Many countries have begun to realize that the global value chain and supply chain should give attention to both efficiency and safety. In this context，RCEP is more realistic and feasible in the Asia-Pacific region.