Chinese president Xi Jinping reiterated his pledge for open trade during APEC summit in Lima, Peru. His comment follows the election of Donald Trump as the next president of the United States. Trump has vowed to re-negotiate or scrap liberal trade deals, posing a threat to free international trade.

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Xi delivered a keynote address at APEC meeting in Peru. He said, "China will not shut its door to the outside world but open more. We're going to... make sure the fruits of development are shared." China sent its biggest ever contingent to APEC this year as the country backs more open trade.

China is likely to emerge as the leader of free trade regime in the near future, following the likely event of the US turning towards protectionist trade policies. China is also expected to strive towards the creation of a Free Trade Area of the Asia-Pacific (FTAAP). Xi said that the country wants to create a level playing field so that domestic and foreign countries may participate in its growth.

China is currently working on finalizing the Regional Comprehensive Economic Partnership. The collaboration will entail a Pan-Asian trade agreement and is expected to provide China a bigger leadership role in drafting and implementing trade policies.

He Weiwen, deputy director of the Beijing-based Center For China and Globalization said, "It's a very good opportunity for China to push RCEP. The uncertain future of the TPP gives momentum to the RCEP, which is an easier-to-do alternative."

The Chinese president said that the country is poised to import $8 trillion worth of goods in the next five years. 

Tagschina, donald trump, APEC, FTAAP