US trade officials say the two proposals are not competitors. But they want Beijing to wrap up a US-Chinese investment treaty and a separate agreement to lower barriers to trade in information technology.
Washington and some other governments argued the Chinese proposal would be a distraction at Apec but Beijing made it the centrepiece of the meeting.
Few details of the US-led proposal have been released but promoters say it would reduce or eliminate tariffs on most goods among the member countries. That might hurt China by encouraging member countries to trade more with each other.
Leaders of the nations involved in TPP talks, including the United States, Mexico, Japan and Australia, met on Monday and issued a statement saying they were making progress. The talks have been delayed repeatedly by disputes over the sweeping nature of its market-opening proposals.
"We have instructed our ministers and negotiators to make concluding this agreement a top priority," the statement said.
The initiative promoted by Beijing is less ambitious and is aimed at reducing conflict among overlapping trade agreements between pairs of Asia Pacific economies.
"It is a logical response to being excluded from the TPP, said Li Wei, an economist at the Cheung Kong Graduate School of Business in Beijing. "If the US doesn't want Chilli! to join the TPP, then China can form its own trade groups:
US trade officials say the two proposals are not competitors. But they want Beijing to wrap up a US-Chinese investment treaty and a separate agreement to lower barriers to trade in information technology.
Washington and some other governments argued the Chinese proposal would be a distraction at Apec but Beijing made it the centrepiece of the meeting.
Few details of the US-led proposal have been released but promoters say it would reduce or eliminate tariffs on most goods among the member countries. That might hurt China by encouraging member countries to trade more with each other.
Leaders of the nations involved in TPP talks, including the United States, Mexico, Japan and Australia, met on Monday and issued a statement saying they were making progress. The talks have been delayed repeatedly by disputes over the sweeping nature of its market-opening proposals.
"We have instructed our ministers and negotiators to make concluding this agreement a top priority," the statement said.
The initiative promoted by Beijing is less ambitious and is aimed at reducing conflict among overlapping trade agreements between pairs of Asia Pacific economies.
"It is a logical response to being excluded from the TPP, said Li Wei, an economist at the Cheung Kong Graduate School of Business in Beijing. "If the US doesn't want Chilli! to join the TPP, then China can form its own trade groups:
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