Abstract: The “Belt and Road” Initiative is significant for constructing a new regional competition order. This initiative presents itself as a regional cooperation mechanism， but its ultimate goal is to build a multilateral mechanism and serve the liberalization of global trade and investment. Although the “Belt and Road” Initiative is based on the principles of extensive consultation， joint construction， and sharing， it does not exclude competition. With the multilateral features of this initiative gradually emerging， a fair market will become an important part of this grand pattern. The ASEAN-led Regional Comprehensive Economic Partnership(RCEP) covers a number of countries along the “Belt and Road”. Its competition rules fully consider the dialectical relationship between competition and cooperation， and basically continue the behavioral orientation of existing arrangements at the multilateral level. At the regional level， the policy contents of the “Belt and Road” Initiative related to a fair market can be transformed into rules， which will promote the construction of a new regional competition order. We should further promote the construction of the rule of law in the “Belt and Road” Initiative， adhere to the behavioral orientation when docking with higher-level regional free trade agreements， and promote the multilateralization of a new regional competition order.

Key words: a new regional competition order; multilateralization; the “Belt and Road” Initiative; Regional Comprehensive Economic Partnership