FirstFT: China seeks to join Trans-Pacific Trade Pact
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China has made efforts to strike a Trans-Pacific Trade Pact originally designed by Washington to limit Beijing’s growing economic and political influence in the region.
The Chinese Ministry of Commerce announced yesterday that Beijing’s application for the Comprehensive and Progressive Agreement on Trans-Pacific Partnership had been transmitted by telephone to New Zealand, which is processing membership applications.
The CPTPP’s predecessor was the Trans-Pacific Partnership, a trade agreement signed in 2016 by the United States, Australia, New Zealand, Japan and seven other countries. It was originally negotiated by then-US President Barack Obama to ensure Washington, rather than Beijing, retains control of regional trade and investment rules.
His successor Donald Trump withdrew from the deal in 2017, leaving Japan to lead its reform in CPTPP, which went into effect the following year.
Beijing’s request comes as Australia, the UK and the US have struck a security pact that allows Canberra to purchase nuclear-powered submarines to compensate for an increasingly assertive China. Beijing condemned the move, accusing the three countries of having an “outdated zero-sum cold war mentality.”
Do you think China poses a military threat in the Asia-Pacific region? Write to me at [email protected]. Thanks for reading and here’s the rest of today’s news – Emily
Five other articles in the news
1. The unpublished ECB inflation estimate raises the prospect of an earlier rate hike The European Central Bank expects to hit its elusive 2% inflation target by 2025, according to unpublished internal models that suggest it is on track to raise interest rates in just over two weeks. years.
2. Lachlan Murdoch’s status as a serial negotiator cements Lachlan Murdoch has become a serial negotiator since taking the reins as heir apparent to his father Rupert’s entertainment empire in 2019, overseeing nearly $ 7 billion in acquisitions.
3. Didi loses 30% of daily users after Beijing crackdown China’s leading ridesharing app, Didi Chuxing, has seen its daily user count drop 30% since its New York IPO in June sparked a backlash from Beijing.
4. Laos embarks on crypto by allowing mining and trading The indebted Southeast Asian nation’s policy shift allows it to profit from China’s crackdown on digital currency mining. Analysts said Laos’ move was a logical step for the country, which produces surplus hydroelectric power, but some have warned that criminal gangs may seek to profit from the trade.
Cathie Wood of Ark Invest predicted that the price of bitcoin would increase tenfold in five years. Do you agree? Vote in our poll.
5. MassMutual fined for trading ‘Roaring Kitty’ meme shares The U.S. insurer was fined $ 4 million by the securities regulator in its home state of Massachusetts for failing to properly supervise Keith Gill, a former employee whose videos under pseudonyms such as “Roaring Kitty” have encouraged millions of new day traders to increase GameStop shares. .
China yesterday reported 49 new local cases of Covid-19, including 48 in the Delta variant outbreak in southeastern Fujian province. China said it has vaccinated more than a billion people, or more than 70% of its population.
The biotech start-up that supplied the Covid-19 tests to the English Premier League has merged with a specialist acquisition company listed in the United States, becoming that of Hong Kong first “unicorn” to list.
retail sales in the United States rebounded in August as shoppers stocked up on school supplies and home decor as a sign of their willingness to spend.
The White House offered to call rapper Nicki Minaj with a doctor to answer her questions about vaccine safety after publicly questioning the jab. (FT, Bloomberg, NYT)
The day to come
Manchester United wins The team is releasing its annual results today, including its financial outlook for the coming year. Investors will be looking for the details of the bill for his hit deal for Cristiano Ronaldo, as well as how quickly the club could return to growth as they recover from the pandemic.
EU inflation data Earlier this week, Eurostat reported that Eurozone wages fell for the first time since 2011 in the three months to June compared to a year ago. This report allayed fears ahead of the release of today’s inflation data.
Go further: Ahead of today’s EU Inflation Report, catch up on Rob Armstrong’s latest Unhedged newsletter on why we’re wrong about inflation. Sign up to have it delivered to your inbox here.
FDA Panel on Pfizer Boosters A panel of experts will meet today to give the U.S. drug regulator an official recommendation on whether to allow the company’s booster jab application.
What else do we read
The crackdown on financial bloggers in China Beijing has launched a crackdown on financial blogging and social media, which threatens to exacerbate a chronic problem plaguing the world’s second-largest economy: the lack of reliable data.
The Last Tycoon: Lucian Grainge of Universal Music In an FT interview, the music industry’s most powerful CEO speaks out on defying death, murderous deals and going public with his record company. In an industry that has staged its own unexpected recovery over the past five years, the company’s IPO on September 21 is the ultimate test of the recovery.
Elections in Russia: persecutions and distribution of money The outcome of Sunday’s Duma elections may have been decided in advance: United Russia should retain its constitutional majority. But as soaring food prices and falling real incomes have driven approval rates to record levels, Vladimir Putin is working hard to quell dissent.
Could behavioral nudges help us cope with the climate crisis? How many of our new confinement habits will take root? And can we use this lesson to make other changes in our lives, for example, in relation to the crucial issue of tackling climate change? New research suggests three specific tools that can change habits for the better.
The American Democratic Party’s Double Standards on Wealth Inequality Now is the most ripe opportunity in a long time to redress the inequality in America’s Rome, writes Edward Luce. But the fact that Democrats are so shy says a lot. Read more from Edward in our newsletter on US politics, Swamp Notes. Register here.
Yasuto Kamoshita, co-founder of Japanese clothing brand United Arrows, shares his insider’s guide to Tokyo. “A lot of the best stores are a mishmash of different things, both classic and street, creating a scrambled style,” he writes.
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