China aims for FTAs to contribute 40% of foreign trade by 2030

China will strive to ensure its network of free trade areas (FTAs) can contribute about 40 percent of the total foreign trade by 2030, an official said Friday.

Li Yongjie, deputy international trade representative of the Ministry of Commerce, told a press conference that China will further expand its globally-oriented network of high-standard FTAs to cover more countries and regions while fostering broader opening up and deeper reforms.

China has so far signed 22 free trade agreements with 29 countries and regions, accounting for a third of its foreign trade.

Li pledged to work toward joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), conclude negotiations on Version 3.0 of the China-ASEAN FTA at the earliest, and promote the FTA among China, Japan, the Republic of Korea, and others.

When establishing new FTAs, China will expand the tariff-free product list, further open the telecom, medical care and tourism sectors, and include rules involving the digital economy, the green economy, intellectual property rights, and mutual recognition of standards, Li said.

To align with high-standard international economic and trade rules, the country will advance reforms in property rights protection, industrial subsidies, environmental protection, labor protection, government procurement, e-commerce, the financial sector, and other areas, she added.