Look at the meaning of RCEP from the background of internal and external double cycles and from the perspective of asset allocation.

If the ASEAN economy takes the initiative to get closer to China, then the economic take-off of ASEAN (Southeast Asia) countries will be a more certain thing. If the economic exchanges between China, Japan and South Korea become closer, the acceleration of China's industrial transformation and upgrading will be a certainty. These two definite things are superimposed on each other. From the perspective of asset allocation, according to the logic of China's industrial development in the past two decades, it is overmatched by the broad categories of assets and industries in core Southeast Asian countries (with the exception of India). The allocation of China's industries in accordance with the logic of China's consumption sinking and industrial upgrading is the main theme of asset allocation in the next 10 years under the internal and external dual cycle thinking.