China stresses importance of implementing RCEP trade pact
The State Council, China's cabinet, on Wednesday stressed the importance of domestic efforts to put the Regional Comprehensive Economic Partnership (RCEP) into practice as scheduled.
Further efforts should go into pursuing higher-level opening-up with more emphasis on institutional openness, according to a statement released following a State Council executive meeting chaired by Premier Li Keqiang.
The trade pact reflects the shared will of the Asia-Pacific region, it noted, and building the world's largest free trade zone would help stabilize industrial and supply chains.
The meeting also made arrangements to boost the consumption of bulk consumer goods and major products by listing measures to stabilize and expand automobile consumption, and promote purchases of home appliances, furniture and home decor.
It also called for further steps in boosting the consumption of catering services in the country's urban areas.
To promote the healthy development of the travel industry amid regular epidemic prevention and control, the meeting specified measures to support the building of smart tourist sites and guiding the growth of new business models such as cloud tourism.
The meeting, stressing the importance of reservoirs, also called for the expansion of targeted investment to enhance disaster prevention and water supply capabilities.
By the end of 2025, the country will see all of its reservoirs that currently constitute problems and risks fixed and strengthened, it said.