As leaders from member countries gather in Beijing for the APEC summit, China is reportedly taking advantage of the opportunity to promote its plans for a Free Trade Area of the Asia Pacific (FTAAP) as an alternative to the Trans-Pacific Partnership (TPP) being negotiated by the United States which excludes China. However, Beijing's attempts to include calls for an FTAAP feasibility study (with a target date of 2025) in the communiqué to be distributed to leaders at the end of the session was thwarted by the US, with a US trade representative spokesman announcing that the two countries will be working on a proposal for APEC to further FTAAP in a 'long-term vision' building on other trade deals. Analysts note that Washington wants to avoid distracting attention from the TPP which has already been battling to overcome obstacles related to intellectual property, agriculture, services and investments, as well as objections by various advocacy groups related to the expansive scope and lack of transparency of the agreement. Currently twelve countries are involved in TPP negotiations, being Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.
Established in 1989, APEC (Asia-Pacific Economic Cooperation) includes 21 economies from the Pacific Rim region which promote free trade and economic cooperation between members. APEC members are Australia, Brunei Darussalam, Canada, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, United States, Chinese Taipei, Hong Kong, People’s Republic of China, Mexico, Papua New Guinea, Chile, Peru, Russia and Vietnam.
The APEC program kicks off with the Concluding Senior Officials' Meeting (CSOM) and Fourth APEC Business Advisory Council Meeting, followed by the Apec Ministerial Meeting (AMM) and the APEC CEO Summit, concluding with the APEC Economic Leaders' Meeting (AELM).
When asked whether the United States was attempting to stop the formation of the proposed FTAAP, assistant minister with China's Ministry of Commerce, Wang Shouwen, was reported as saying that there are no blocks or conflicts, noting that the APEC gathering is a forum and not a platform for negotiation. However, China will be seeking to establish which APEC countries would support a free-trade zone with China, just not at the upcoming APEC summit.
Financial TimesDraft EU rules pose threat to London's China finance ambitionsFinancial TimesConcerns are mounting in the City of London that proposed European rules will stymie efforts to make Britain the principal offshore base for Chinese finance. Europe's banking and markets watchdogs are set to present an updated version of the draft ...
The Straits TimesUS Fed should not raise interest rates just yet, says China's Finance MinisterThe Straits TimesSHANGHAI (REUTERS) - Now is not the right time for the US to raise interest rates, given the global economic situation, China's Finance Minister Lou Jiwei said. Speaking on the sidelines of the annual meeting of the World Bank and International ...Fed should not raise interest rates just yet: China FinMinCNBCUS Shouldn't Raise Rates Yet :China's Finance MinisterCRIENGLISH.comChinese Finance Minister's Advice to US Fed: Keep Interest Rates at ZeroForeign Policy (blog)South China Morning Post (subscription)all 44 news articles »
Chinese finance minister says US shouldn't raise rates yetMarketWatchIt's not yet a good time for the U.S. to hike its interest rates as the global economy is still sluggish, said Chinese Finance Minister Lou Jiwei over the weekend at the International Monetary Fund's annual meeting, according to a South China Morning ...
South China Morning Post (subscription)Three big China finance firms set to list in Hong Kong as stock market pickup eyedSouth China Morning Post (subscription)Benny Mau, managing director of China Securities (International) Finance said the three companies are good representatives of China's finance service industry, and are with ?relatively ideal (for) development?. ?More importantly, for funds who need ...and more »
Xinhua: China finance minister Lou says US does not meet condition for rate hikeForexLiveEducate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. ADVISORY WARNING: FOREXLIVE? provides references and links to selected blogs and other ...and more »
ReutersWorld finance leaders upbeat on China, may be ignoring risksReutersLIMA Global finance leaders believe China will weather its slowing growth and manage a successful transition from an export to a consumer economy despite a huge buildup of internal debt in the world's second largest economy. The International Monetary ...China's credit-fuelled expansion 'unsustainable' as country faces delicate ...Telegraph.co.ukUK's Osborne sees global risks rising but sanguine on ChinaLondon South East (registration) (blog)all 1,393 news articles »
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Held twice a year in the city of Guangzhou, capital of the Guangdong province, the Canton Fair has been running since 1957 and is considered to be the largest trade fair in China. The Canton Fair (full name being China Import and Export Fair) is organized by China Foreign Trade Center and supported by the Ministry of Commerce of China and People’s Government of the Guangdong Province. To accommodate the more than 150,000 different products showcased by more than 55,800 exhibitors, the Canton Fair is split into three sessions. Phase 1 of the current Canton Fair took place on October 15-19 and included Electronics & Household Electrical Appliances; Lighting Equipment; Machinery, Vehicles & Spare Parts; Hardware & Tools; Chemical Products; Energy Resources; and Building Materials. Phase 2 is set to take place on October 23-27 featuring Consumer Goods; Gifts; and Home Decorations. Phase 3 on October 31 to November 4 includes Office Supplies; Recreation Products; Cases & Bags; Food; Textiles & Garments; Shoes; and Medicines, Medical Devices & Health Products.
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