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The Political Economy of China’s Rising Role in the Regional Comprehensive Economic Partnership (RCEP): Strategies and Instruments of Chinese Way

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  • Wayne Tan
  • Jenn-Jaw Soong

Abstract

After eight years of back-and-forth negotiations, the Regional Comprehensive Economic Partnership (RCEP) agreement, was signed in the end of 2020. This mega trade deal is a potential free trade agreement that originally poses challenges for the Trans-Pacific Partnership (TPP) led by US, because a rising China with its economic influence in regional trade threatens the current US hegemony, alienates countries in East Asia from the US, and likely strive to become the leader of RCEP. However, these diplomatic strategies are not truly in line with China’s long-term interests; on the contrary, this paper argues that China should use the platform of RCEP to act as a supporter and promoter. Playing the roles of supporter and promoter is surely wise since it assists the neighboring countries to make economic advantages with China in a more liberalized regional market, while pragmatically reminding the leaders in Beijing that China should address the South China Sea problem with ASEAN countries in a defensive manner. All these relative low profile strategies, based on ‘one political step back for two economic steps forward,’ may consider as Chinese approach or Chinese way in RCEP.

Suggested Citation

  • Wayne Tan & Jenn-Jaw Soong, 2022. "The Political Economy of China’s Rising Role in the Regional Comprehensive Economic Partnership (RCEP): Strategies and Instruments of Chinese Way," Chinese Economy, Taylor & Francis Journals, vol. 55(4), pages 268-281, July.
    • Handle: RePEc:mes:chinec:v:55:y:2022:i:4:p:268-281
    DOI: 10.1080/10971475.2021.1972547
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