On the eve of the summit, Beijing announced a free-trade agreement with South Korea. Also on Monday, regula tors approved a plan to open Chinese stock markets lvider to foreign investors by linking exchanges in Hong Kong and Shanghai. That followed the weekend' announcement of a $40 billion Chinese:'· financed fund to improve trade links between Asian economies.
Earlier this year, Beijing launched a regional development bank lvith 20 other governments. In May, Xi called for a new Asian structure for security co-operation based on a group that includes Russia and Iran but excludes the United States.
China says its motives are benign, but its growing economic weight as the top trading partner for most of its neighbors from South Korea to Australia could erode US influence.
The Asia-Pacific trade pact was first proposed by an Apec business panel but China took the lead in promoting it. It marks the first time Beijing has played a leading role in a multinational trade agreement.