The successful signing of the Regional Comprehensive Economic Partnership Agreement (RCEP) led by ASEAN marks the victory of multilateralism. The effect of regionalization on the multilateral trading system has undergone a process from fragmentation to promoting its development. The orientation of multilateralism in the sense of competition includes conforming to the WTO system as a whole, adherence to the neutrality of ownership, and advocating the parallel of fair trade and free trade. RCEP competition rules interprets the orientation of multilateralism appropriately, which presents the appearance of the original Australian competitive neutrality. In the future, RCEP will improve the level of its rules and expand the influence. When China interfaces with higher-level CPTPP competition rules, it should adhere to the neutrality of ownership.