Yang Zhengwei, deputy director general of the Department of International Organization of the Ministry of Commerce, revealed on December 16 that China has initiated the domestic approval process for the Regional Comprehensive Economic Partnership (RCEP) and will strive to complete the preparations for its entry into force within six months. It is expected that the RCEP will be approved at the end of May or early June 2021. It is reported that the 15 member states of RCEP have a total population of 2.27 billion, a GDP of US$26 trillion and a total export volume of US$5.2 trillion, accounting for about 30% of the global total. The conclusion of the RCEP will bring about huge trade creation and investment promotion effects. Through the RCEP, China has established a free trade relationship with Japan for the first time, which has raised the trade coverage rate between China and its free trade partners from 27% to 35%. Recently, Shanghai’s free trade zone launched a "Global Operation Program (GOP)", proposing to help a group of high-quality enterprises in the zone to become global operators that can gather and allocate global resources in trade, investment, supply chain and R&D in 3 to 5 years, and take the lead in implementing the RCEP related opening up measures. Many foreign companies have expressed that they will move global functional departments and projects to China. Tetsushi Takada, vice-president of Panasonic's Global Procurement Co., for example, said the company would transfer some of the functions of its Japanese headquarters to its Chinese purchasing center after joining the Global Operating program. 41 companies, including Mitsubishi Corp and Carl Zeiss, have signed a memorandum of understanding with the Shanghai Free Trade Zone Administration on strategic cooperation on Global Operation Program. At a time when the global economic recovery is slowing down and overseas markets and supply chains have been hit by COVID-19, China's active efforts to implement the RCEP may attract more international capital into the Chinese market, which will not only bring development opportunities but also pose new challenges to China's business environment governance.