As Trump disses TPP, China says to 'play role' in Asia-Pacific integration
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
U.S. President elect Donald Trump reacts to a crowd gathered in the lobby of the New York Times building after a meeting in New York, U.S., November 22, 2016. REUTERS/Lucas Jackson
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
BEIJING (Reuters) - China will "play its role" in promoting economic integration in the Asia-Pacific, the foreign ministry said on Wednesday, after U.S. President-elect Donald Trump said he would kill an ambitious regional trade pact.
Trump's statement appeared to open the way for China to assume the United States' leadership mantle on trade and diplomacy in Asia. The Republican termed the Trans Pacific Partnership (TPP) "a potential disaster for our country".
China, Japan and South Korea are already in the initial stages of discussing a trilateral trade deal, and Beijing has been pushing its own limited Asian regional trade pact that excludes Washington for the past five years.
Asked whether China would be a beneficiary of the U.S. withdrawal from TPP, Foreign Ministry spokesman Geng Shuang said China had an open attitude towards any arrangement that promoted regional free trade.
China is willing, with other parties, to promote the economic integration process in the Asia-Pacific for the benefit of the peoples of the region, he told a daily news briefing.
"I think that in this process, China will make its own contribution and play its own role," Geng added, without elaborating.
Japan and Australia, Washington's closest allies in Asia, pledged after Trump's announcement to push ahead without the United States, although removing the largest market for goods and services would shrink it dramatically.
China has pushed its own Regional Comprehensive Economic Partnership (RCEP), which notably excludes the United States. It is a more traditional trade agreement, involving cutting tariffs rather than opening up economies and setting labor and environmental standards as TPP would.
China has tended to see the TPP as part of U.S. efforts to exclude it from setting global rules and to rally others against Beijing.
Geng said all parties in the Asia-Pacific should have a say in regional matters, rather than just one country setting the agenda, and repeated that the issue of free trade should not be politicized.
"That is to say, we hope that all sides do not consider or interpret free trade arrangements from the perspective of geopolitics," he added.
"There is no zero sum relationship between the various free trade arrangements, and they should not be mutually exclusionary, but rather should promote each other."
(Reporting by Ben Blanchard; Editing by Nick Macfie)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- LPL Financial (LPLA) Said to Decide to Stay Independent After Reviewing Options - Bloomberg
- Islamic State militants enter Palmyra city after surprise assault - monitor
- Cadillac disavows casting call for 'neo-Nazi' character in brand ad
Create E-mail Alert Related CategoriesReuters
Related EntitiesDonald J. Trump
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!