China’s perspective on applying for the CPTPP: enhancing economic interdependence as a hedging approach in great power rivalry

The Chinese government has formally requested to join the CPTPP, making a critical step in China’s FTA strategy. By summarizing the policy debate in China about the TPP/CPTPP and analyzing the motivations behind China’s CPTPP bid, this article argues that outward-oriented considerations are more important than inward-oriented ones. China’s decision to pursue membership in the CPTPP is primarily driven by its strategic goal to strengthen foreign economic relations, rather than focusing on domestic economic reform and growth. Under mounting pressure from strategic competition with the US, China needs to hedge against the risks of the US’s attempt to develop exclusive economic coalitions that target China. Because of the dual challenges from diplomacy and compliance, China’s accession process would be contentious and time consuming. Nevertheless, China has an indispensable opportunity to reassure its major trading partners by implementing high-standard trade rules through the CPTPP accession.