On January 8, 2014, China Review News Agency published an article on how to deal with a new round of Asia-Pacific regional trade negotiations. As China is not one of the Trans-Pacific Strategic Economic Partnership [TPP] countries (Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam), China is worried about the negative impact of the TPP on China’s exports to those countries. Therefore, China will make a good effort to make up the loss in the Regional Comprehensive Economic Partnership (RCEP) trade negotiations. RCEP is a Freed Trade Agreement among Australia, China, India, Japan, Korea and New Zealand.
Asia-Pacific countries do not really trust China, which may have a negative effect on China’s economics. According to the article, in order to avoid such a negative impact, China should take the following actions:
- Support the WTO reform and make the multilateral trading activity operate within the framework of the WTO;
- Actively promote the eventual establishment of the Asia-Pacific free trade zone;
- Promote frequent communication among Asia-Pacific countries during the APEC summit next year when China is the host;
- Conduct domestic economic reform in the Shanghai Free Trade Zone, the Shenzhen Qianhai Experiment area, and other reform testing regions;
- Get ready to deal with any negative impact from the changes in the future Asian-Pacific trade rules and further promote the domestic reform of state-owned enterprises.
Source: China Review News Agency, January 8, 2014