The issue of state-owned enterprises (SOEs) has become one of the most contentious topics in current free trade agreement negotiations. As one of the most comprehensive framework for international SOE rules to date, the Comprehensive and Progressive Agreement for Trans-Pacifi c Partnership (CPTPP) establishes a dual exception system of “general exceptions + country-specifi c exceptions” on the basis of high-standard SOE regulations. This system not only promotes market-oriented reforms of members’ SOEs but also provides policy fl exibility, balancing high-standard obligations with national policy autonomy. However, these rules also impose multiple challenges on members, including reform pressures, legal adjustments, political negotiations, and adaptation to international norms. Accurate interpretation and strategic utilization of CPTPP’s SOE exception rules are critical for China’s successful accession to the CPTPP and its deeper engagement in global economic governance. To harmonize alignment with international rules with the security of core industries, China can, on a benchmarking basis, adopt measures such as negotiating targeted exception arrangements, advancing SOE reforms, improving supporting legislation, and employing fl exible negotiation strategies. By transforming the pressure of CPTPP accession into momentum for domestic reforms, China can turn these challenges into opportunities to deepen institutional openness and contribute a “Chinese approach” to global economic governance.