For China, the signing of RCEP is at the right time. Since this year, ASEAN has surpassed the EU and become China's largest trading partner. Under the impact of the epidemic situation, the economic and trade cooperation between the two sides continued to rise against the trend. In the first 10 months, the bilateral trade volume reached 3.79 trillion yuan, a year-on-year increase of 7%, accounting for 1 / 7 of China's total foreign trade; in terms of investment, in the first three quarters, China's direct investment in the whole industry of ASEAN reached 10.7 billion US dollars, up 76.6% year-on-year.