Common Prosperity of China and ASEAN in Manufacturing through RCEP: A New Strategy

Abstract

RCEP will have a significant impact on ASEAN, China and other contracting parties, significantly enhancing the cooperative levels between ASEAN and other essential economies in the region. It can develop the manufacturing industry in ASEAN and China with higher quality. First of all, this study used the Strengths (S), Weaknesses (W), Opportunities (O) and Threats (T) (SWOT) model to analyze the specific impacts of China’s participation in RCEP on the development of ASEAN’s manufacturing industry. Subsequently, strategic recommendations were put forward for the high-quality development of ASEAN’s manufacturing industry under the RCEP cooperation mechanism from four aspects of SO, WO, ST and WT. As the signing of RCEP provides an excellent development opportunity, the ASEAN member countries should carry out deeper cooperation with China; create new strengths for high-quality development of the manufacturing industry; erect a closer regional industrial chain and the supply chain; and promote the realization of a higher level of regional economic integration between ASEAN and China.