- Title: China's Xi embraces openness, increased profile for Beijing in APEC speech
- Date: 19th November 2016
- Summary: LIMA, PERU (NOVEMBER 19, 2016) (REUTERS) WIDE OF AUDIENCE XI LEAVING STAGE
- Embargoed: 4th December 2016 17:12
- Keywords: APEC Xi Jinping Barack Obama TPP Beijing RCEP
- Location: LIMA, PERU
- City: LIMA, PERU
- Country: Peru
- Topics: Government/Politics
- Reuters ID: LVA0065940BWN
- Aspect Ratio: 16:9
- Story Text: Chinese President, Xi Jinping, embraced economic openness while speaking Saturday (November 19) at the Asia Pacific Cooperation Summit (APEC) even as the philosophy finds itself under unprecedented attacks across the world.
Leaders of Pacific rim nations are scrambling to find new free-trade options on Friday as a looming Donald Trump presidency in the United States sounded a possible death knell for the Trans-Pacific Partnership (TPP).
APEC brings together leaders whose economies represent 57 percent of global gross domestic product.
While campaigning for the presidential election which he won, Trump labeled the TPP a job-killing "disaster" and called for curbs on immigration and steeper tariffs on products from China and Mexico.
"We ought to commit ourselves to build a community with a shared future. And that should oblige us to come closer together than move apart. We ought to continue deepening and expanding the cooperation in our region. We ought to build a common platform, establish common rules and share the results of our development. Any attempt to exclude any of us ought to be rejected," Xi said while speaking in Lima.
Though U.S. President Barack Obama championed the TPP as a way to counter China's rise, his administration has now stopped trying to win congressional approval for the deal that was signed by 12 economies in the Americas and Asia-Pacific, but excluded China. Without U.S. approval the agreement as currently negotiated cannot come to fruition.
China's Xi is selling an alternate vision for regional trade by promoting the Beijing-backed Regional Comprehensive Economic Partnership (RCEP), which as it stands excludes the Americas.
Speaking in Lima, Xi sought to assuage any fears about China's rising profile.
"We are going to give greater access to foreign investment and we are going to continue establishing high standards, pilot zones for free trade in China. We are going to create an environment in line with international standards. We are going to guarantee the existence of an equal playing field for all businesses in China, both domestic and foreign ones," he said.
Mexico, Japan, Australia, Malaysia, New Zealand and Singapore, however, aim to continue with TPP with or without the United States, Mexico's Economy Minister Ildefonso Guajardo said.
Peru and Japan, on the other hand, signed a joint statement pledging to work harder to put into force the 12-nation TPP accord.
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