APEC Summit: China pledges to lead global trade

Chinese president Xi Jinping vowed on Saturday to open the door even wider to foreign business and play an even greater role in the process of globalization as Beijing moved to take advantage of Donald Trump’s election and fears that he may herald a new era of US disengagement from Asia. Speaking to business leaders on the sidelines of a 21-country Asia-Pacific Economic Cooperation summit in Peru, Mr. Xi offered a vision of a Chinese-led order marked by openness to trade and the free flow of investment. In a thinly-veiled rebuke of US President Barack Obama’s push to create a Trans-Pacific Partnership with Japan and 10 other economies that excluded China he also vowed to pursue trade agreements open to all, according to the Financial Times. “China will not shut the door to the outside world but will open it even wider,” Xi said.