APEC meeting: China wins support for Asia-Pacific trade proposal

Leaders of Asia-Pacific economies agreed Tuesday to begin work toward possible adoption of a Chinese-backed free-trade pact, giving Beijing a victory in its push for a bigger role in managing global commerce.

In a joint statement after a two-day Asia-Pacific Economic Cooperation summit, the leaders including U.S. President Barack Obama and Russia's Vladimir Putin agreed to take a first step by launching a two-year study of the initiative...

China is promoting the proposed Free-Trade Area of the Asia Pacific despite U.S. pressure to wrap up other trade negotiations. Analysts see it as a response to a U.S.-led initiative, the Trans-Pacific Partnership, which includes 12 countries but excludes China.

The APEC leaders also promised to work more closely to combat official corruption. That is a special concern for Beijing, which is stepping up efforts to pursue officials who flee abroad with stolen public money.

Beijing has launched a series of trade and finance initiatives in pursuit of a bigger role in U.S.-dominated economic and security organizations to reflect Beijing's status as the world's second-biggest economy...

This has been excerpted from 11 November 2014 article by CBC News.