Constructing China’s domestic circulation as the main body、A new development pattern of mutual promotion of domestic and foreign dual cycles，is an epoch-making strategic measure proposed by the Party Central Committee。This is a measure to cope with the "big changes unseen in a century" in the international environment，It is also an inherent requirement to transform China’s economic growth momentum。On this occasion，November 15, 2020，China、Japan、South Korea、Australia、15 countries including New Zealand and ASEAN countries officially signed the world's largest free trade agreement - the "Regional Comprehensive Economic Partnership Agreement" (bet365 bonus code 2023)。The signing of bet365 bonus code 2023 will provide a major opportunity to build a new "dual cycle" development pattern。This article will start from trade、Finance、Open、Four aspects of mechanism，Discuss how to use bet365 bonus code 2023 to achieve mutual promotion of internal and external circulation。

Trade level: combining RCEP to reshape the industrial chain。As of 2019，The 10 ASEAN countries have become the fifth largest economy in the world，Second only to the United States、China、Japan and Germany。As of 2017，RCEP region’s exports of goods and services account for 26% bet365 bonus code 2023 world’s total.1%，11 higher than the US, Canada and Mexico area.8 percentage points。Since 2000，The proportion of intra-Asia trade shows an upward trend，The EU shows a continuous downward trend。Removal of tariff barriers within the RCEP area、Increase in regional trade dependence，Conducive to the reshaping bet365 bonus code 2023 industrial chain in East Asia。

Our government and enterprises should seize the opportunity of possible adjustments (shortening and regionalization) in the global industrial chain after the COVID-19 epidemic，With the signing of bet365 bonus code 2023，Strengthening ties with China, Japan, South Korea and the 10 ASEAN countries，Further strengthening China’s core position in the Asian industrial chain，Maintain China's hub position in the global industrial chain as much as possible。

In the process of strengthening the core position bet365 bonus code 2023 industrial chain，We should focus on giving full play to the two advantages bet365 bonus code 2023 "Flying Formation Model": First, the domestic "Flying Formation Model"，Beijing-Tianjin-Hebei、Guangdong-Hong Kong-Macao Greater Bay Area、The Yangtze River Delta is the head bet365 bonus code 2023 wild goose，Take the middle triangle and the west triangle as the second echelon，Sequential development model with other domestic regions as the third echelon；The second is to take China, Japan and South Korea as the goose heads，Taking ASEAN and relatively developed countries along the “Belt and Road” as the second echelon，A sequential development model with less developed countries along the “Belt and Road” as the third echelon。The signing of RCEP provides a good platform and opportunity for the realization bet365 bonus code 2023 "Double Wild Goose Model"。The construction bet365 bonus code 2023 "Double Wild Goose Array Model" will not only help strengthen China's three chains (industrial chains) in Asia、The core position of supply chain and value chain，It also helps to improve the perfection and viability bet365 bonus code 2023 Asian industrial chain。

Financial level: Promote RMB internationalization within the scope of RCEP。RCEP helps to enhance the trade dependence and investment dependence of partner countries within East Asia。Coordinated development within East Asia and increasingly close economic and trade relations，It will reduce the dependence of East Asian countries on the United States and the European Union。Further，USD、The currency status bet365 bonus code 2023 euro and the pound in Asia will be affected。

From the perspective bet365 bonus code 2023 process of RMB internationalization，2010-2015，China encourages cross-border trade and direct investment through RMB settlement、Vigorously develop offshore RMB financial centers represented by Hong Kong、The old “trinity” strategy of China’s central bank signing bilateral local currency swaps with other central banks to promote the internationalization bet365 bonus code 2023 RMB。From 2018，China has begun to change its strategy of promoting the internationalization bet365 bonus code 2023 RMB。The new strategy can also be summarized as "Trinity"，Including vigorously developing the status of RMB as the pricing currency in commodity transactions、Accelerate the opening of domestic financial markets to foreign institutional investors，And cultivate real demand for RMB in neighboring countries and countries along the “Belt and Road”。The RMB’s new “Trinity” strategy will help promote a more stable RMB internationalization、Develop more sustainably。

Combining RCEP with the new “Trinity” RMB internationalization strategy，Conducive to accelerating the process of RMB internationalization。The specific performance is，First，Promote the construction of cross-border commodity exchanges within RCEP，And use currencies including RMB as the pricing currency，To enhance the pricing currency function of RMB。Second，Through RCEP, China will actively participate in and even lead the reshaping bet365 bonus code 2023 East Asian industrial chain，Help cultivate real demand for RMB。Third，Opening up China’s financial market、Combining the construction of free trade zones and free trade ports with RCEP，Accelerate the opening of financial markets。In addition，New “Trinity” RMB Internationalization Strategy，It can also be organically combined with the above-mentioned "Double Wild Goose Array Mode" construction，Realize the interconnection and mutual promotion of trade and financial goals。

Opening level: Connecting RCEP with China’s free trade zones and free trade ports。East Asia has labor and capital advantages，The signing of RCEP is conducive to the free flow of production factors。The specific performance is，One，RCEP areas have the advantages of population stock and demographic dividend。From the perspective of population size，As of 2018，RCEP region’s population accounts for 29% bet365 bonus code 2023 global population.7%，Respectively beyond the EU (6.7%) and the United States, Mexico and Canada (6.5%）23.0 and 23.2 percentage points。From the perspective of age structure，As of 2018，RCEP region has global 31.6% bet365 bonus code 2023 population aged 15-64，Higher than the EU respectively (6.7%) and the United States, Mexico and Canada (13.2%）Area 24.9&18.4 percentage points。Part 2，RCEP areas have capital advantages。As of 2018，The net FDI inflow in the RCEP region accounts for 38% bet365 bonus code 2023 global net inflow.3%，Exceeding the United States, Mexico and Canada by 10 percentage points。More than one-third of global investments are within the scope of RCEP。

Next step，RCEP can be organically combined with China’s free trade zones and free trade ports。More than half of China’s provinces and municipalities have established free trade zones or free trade ports。In terms bet365 bonus code 2023 next phase of construction bet365 bonus code 2023 free trade port in the free trade zone，Need to consolidate their respective connotations as soon as possible，Combining the resource endowments and comparative advantages of each province and city，Connect the advantages of neighboring countries in the RCEP region in terms of production factors，Introducing a free trade zone and free trade port construction plan with distinctive characteristics，And use this to drive the regional economy to a higher level、Higher level development。For example，Free trade ports in free trade zones that are relatively close to Japan and South Korea can achieve technical cooperation with Japanese and South Korean governments and enterprises，Promote domestic and international dual circulation；Free trade ports in free trade zones that are relatively close to ASEAN can cooperate with ASEAN countries in production，Achieve domestic and international dual circulation。

Since the beginning of 2018 to date，China’s domestic financial market is accelerating the opening up，Helps introduce more high-level participants、Better market competition mechanism，Expand the breadth and depth of China’s financial market，It also helps to promote the internationalization of RMB。In addition，The signing of bet365 bonus code 2023 will also lead to higher levels and newer forms of financial cooperation in East Asia。

However，In recent years, the Chinese market has become increasingly aware bet365 bonus code 2023 negative impact that large inflows and outflows of cross-border investment may have on domestic asset prices and financial stability。Therefore，While accelerating the two-way opening bet365 bonus code 2023 domestic financial market，Potential risks that may exist in this process should also be actively monitored and prevented。In the context bet365 bonus code 2023 accelerated opening bet365 bonus code 2023 domestic financial market，The People’s Bank of China still needs to retain controls on short-term capital flows，To prevent large inflows and outflows of cross-border capital from exacerbating systemic risks in the domestic financial system。

Mechanism level: further strengthen the construction of multilateral mechanisms led by emerging market countries。As one bet365 bonus code 2023 beneficiaries of globalization，China should unswervingly promote economic globalization。On the one hand，Make full use of existing international multilateral mechanisms，For example United Nations、G20、WTO、UNCTAD、IMF、World Bank、World Health Organization、Paris Agreement, etc.；On the other hand，Continue to promote the construction of new multilateral mechanisms initiated by the Chinese government，For example RCEP、“One Belt, One Road”、Asian Infrastructure Investment Bank、BRICS New Development Bank、Silk Road Fund, etc.。During the construction bet365 bonus code 2023 latter，Non-governmental forces should be fully attracted to participate，Increase the degree of marketization。The signing of RCEP，Gives East Asian countries more discretionary power。Future intra-regional economic and trade issues do not need to be submitted to WTO arbitration，A more satisfactory solution can be obtained through internal mechanisms。This also shows that emerging market countries have taken an important step in building an international order。

　(Author’s affiliation: Institute of Finance, bet365 bonus code 2023 Social Sciences；Institute of World Economics and Politics, bet365 bonus code 2023 Social Sciences)