Based on the contents of Regional Comprehensive Economic Partnership (RCEP), this paper points out the characteristics of RCEP, and combines the trade data of China and other RCEP members since 2001 to explore the regional trade foundation and characteristics of RCEP members. Besides, this paper analyzes economic and trade effects of RCEP on China. Research shows that: (1) on the whole, the more inclusive RCEP not only reduces trade barriers on the border but also is an active attempt reached by members on emerging economic and trade issues such as intellectual property and e-commerce; (2) the overall foreign trade of RCEP members is increasing in the proportion of global trade, but most members are in the middle-lower stream of global value chain, RCEP will increase the region’s upstream competitiveness through cumulative rules of origin; (3) RCEP will deepen China’s trade with most members through trade complementarity, but in the future, it may intensify trade competition with countries which have similar trade structure like Japan and South Korea; (4) numerical simulation results show that RCEP is beneficial to China’s output, foreign trade, income, social welfare, and other aspects. At the specific industry level, RCEP will bring challenges to auto and accessories sectors, in addition to strengthening representative industries such as textiles, clothing, and agricultural products.