High-level opening-up

Analysts and business leaders also said the agreement will help China pursue all-around high-level opening-up and accelerate establishment of the new dual-circulation development pattern. This model takes the domestic market as the mainstay while allowing domestic and foreign markets to reinforce each other.

Wang, from the Institute of International Trade in Services, said, "As regional economic and trade cooperation will be continuously strengthened and enhanced under the agreement, China is expected to establish stronger and more comprehensive economic cooperation with other RCEP members."

He added that through wider opening-up in trade and investment, China will see improved performances by industrial and supply chains and better interplay between domestic and foreign markets, which will assist the new dual-circulation development pattern.

Hiroshi Hamaguchi, president of global pharmaceutical company Astellas' Greater China Commercial, said that since entering the country in 1994, the business has witnessed China's significant achievements in economic growth. It is even more confident about business prospects in China now that the RCEP has come into effect, he added.

"Implementation of the RCEP is another milestone for China opening up to the rest of the world, demonstrating the nation's determination to pursue high-quality development and all-around high-level opening-up," he said.

Astellas recently upgraded its corporate structure in China. Astellas China Investment Co and Beijing Astellas Medical Co have been established, based on the existing Astellas Pharma China Inc, to jointly promote robust development for the business overall in China.

"China's improving business environment and high-level opening-up will provide more opportunities for Astellas to turn innovative science into value for patients. We aim to become a leader in oncology and specialty medicine in China," Hamaguchi added.

Zhang Jianping, head of the Center for Regional Economic Cooperation at the Chinese Academy of International Trade and Economic Cooperation in Beijing, said China has made strenuous efforts to create the conditions for implementation of the RCEP.

Compared with many other FTAs, the agreement, which requires a significant level of openness, has high-standard requirements in many new fields, such as government procurement, e-commerce, competition policy and intellectual property protection.