Abstract: RCEP agreement has been an important breakthrough in regional economic and trade governance in Asia. Compared with WTO-related agreements and the "10 + 1" free trade agreements of 15 member states, RCEP has reached a higher level of openness, involving a wider range of topics and being more inclusive. There exists practical basis for the reconstruction of East Asia's industrial chain. Under RCEP, the industrial chain of East Asia will present new trends such as optimization and upgrading of production layout, deepening of labor division, regionalization, digitization and service orientation. In order to realize mutual benefit and win-win situation with other countries in promoting the construction of RCEP and the reconstruction of East Asian industrial chain, China should take the initiative to boost industrial chain upgrading by optimizing the layout of the industrial chain, enhance the regional influence based on the advantages of super-large-scale market, promote the digital transformation of the industrial chain, enhance the level of domestic institutional openness by benchmarking RCEP rules, actively promote the negotiation over the China-Japan-South Korea Free Trade Zone, and deepen the economic and trade cooperation between China, Japan and South Korea.