China Will 'Strive' To Meet CPTPP Admission Rules - MOFCOM

China will "strive" to meet the requirements of a Trans-Pacific trade bloc as it eyes increased high-growth exports, a Ministry of Commerce spokesperson said on Thursday.

China views joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) as an important step in delivering on the government's "dual circulation" strategy, which involves higher exports and increased domestic demand.

“Joining promotes high-quality opening up, international circulation, and economic development”, a MOFCOM spokesperson said in response to an MNI question on China’s CPTPP plans following the Party Congress, which strongly focused on enhanced international economic cooperation.

Australia has opposed China’s entry given ongoing tensions between the two countries. The MOFCOM spokesperson said, “China is willing to work with all parties to actively promote regional economic integration”.

Singaporean Prime Minister Lee Hsien Loong said recently he believed China can meet the requirements for joining CPTPP. “China will continue to deepen reforms, and strive to fully meet the CPTPP requirements”, the MOFCOM spokesperson said.

China will ensure foreign trade is kept at a “reasonable level to help the economy recover” in Q4, the MOFCOM spokesperson said. Trade is being hit by slowing external demand for exports and imports have been impacted by high inflation and commodity prices abroad, they said, adding “China’s foreign trade has shown resilience and performed well this year despite various unfavourable factors”.