Denton Record-Chronicle (Denton, Tex.), Vol. 111, No. 101, Ed. 1 Tuesday, November 11, 2014 Page: 6 of 16
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6A
Tuesday, November 11, 2014
INTERNA! IONAL
Denton Record-Chronicle
China uses APEC to
boost regional role
Ng Han Guan/AP
U.S. President Barack Obama shakes hands with Chinese
President Xi Jinping during a welcome ceremony for the Asia-
Pacific Economic Cooperation summit at the International
Convention Center in Yanqi Lake, Beijing, China, on Tuesday.
By Joe Mcdonald
AP Business Writer
HUAIROU, China - China
is trying to boost its status as a
regional power during a summit
of world leaders by launching a
rapid-fire series of trade and fi-
nance pacts that might dilute
U.S. influence.
Opening today’s Asia-Pacific
Economic Cooperation summit,
Chinese President Xi Jinping
urged the 21 economies present
to push ahead with regional eco-
nomic integration and other ef-
forts to promote business ties.
“Clarify the goal, the direc-
tion, the road map,” Xi told the
other leaders including Presi-
dent Barack Obama and Rus-
sia’s Vladimir Putin. “At an early
date, let prospects become reali-
ty and make the two sides of the
Pacific highly open and integrat-
ed.”
On the eve of the gathering,
Beijing announced a free-trade
agreement Monday with South
Korea. Also Monday, regulators
approved a plan to open Chinese
stock markets wider to foreign
investors by linking exchanges
in Hong Kong and Shanghai.
That followed the weekend an-
nouncement of a $40 billion
Chinese-financed fund to im-
prove trade links between Asian
economies.
At the summit, China is pro-
moting its own regional free-
trade pact, despite U.S. pressure
to make progress on other initia-
tives. It is the first time Beijing
has taken the lead in promoting
a multinational trade agree-
ment.
The moves reflect Beijing’s
insistence on having a bigger
role in what it sees as U.S.-dom-
inated economic and security
structures to reflect China’s sta-
tus as the world’s second-biggest
economy.
China says its motives are be-
nign. But its growing economic
weight as the top trading part-
ner for most of its neighbors
from South Korea to Australia
could erode U.S. influence.
“We are duty-bound to create
and fulfill an Asia-Pacific dream
for our people,” Xi said Sunday
in a speech at a business confer-
ence ahead of APEC.
APEC is the first major inter-
national gathering in China
since Xi took power, and the
presence of world leaders gives
Beijing a platform to lobby for a
bigger leadership role.
On Monday, Xi met Japa-
nese Prime Minister Shinzo Abe
and shared an awkward hand-
shake seen as a gesture toward
easing two years of tensions be-
tween Asia’s biggest economies.
A spat between China and
Japan over islands in the East
China Sea and other issues has
raised fears of a military con-
frontation, which could draw in
the United States, Japan’s ally.
On Friday, the two sides issued a
joint statement agreeing to
gradually resume political, dip-
lomatic and security dialogues.
Also this year, Beijing joined
20 other Asian countries in
launching a regional develop-
ment bank, despite U.S. objec-
tions that it needlessly duplicat-
ed the World Bank’s work. In
May, Xi called for creation of a
new Asian structure for security
cooperation based on a group
that excludes Washington.
On Monday, Obama insisted
Washington sees no threat from
Beijing’s growing economic and
political status.
“The United States welcomes
the rise of a prosperous, peaceful
and stable China,” the American
leader said in a speech at the
business conference.
Still, American officials chafe
at Beijing’s insistence on pro-
moting its proposed trade pact,
the Free Trade Area of the Asia
Pacific.
It comes at a time when
progress on a U.S.-led initiative,
the Trans-Pacific Partnership,
has stalled. The chief U.S. trade
envoy, Michael Froman, said
Saturday the two pacts are “not
in competition,” but he said Bei-
jing should focus on wrapping
up a U.S.-Chinese investment
treaty and a separate agreement
to lower barriers to trade in in-
formation technology.
The TPP includes the United
States, Japan and 10 other coun-
tries, but excludes China. Few
details have been released but its
promoters say it would reduce
or eliminate tariffs on most
goods among the member coun-
tries. That might hurt China by
encouraging member countries
to trade more with each other.
China’s initiative is much less
ambitious and is aimed at re-
ducing conflict among overlap-
ping trade agreements between
pairs of Asia-Pacific economies.
The U.S.-Chinese rivalry
might help smaller countries in
the region by giving them more
choice among trade initiatives,
economists say. They say, how-
ever, that governments are re-
luctant to take public positions
on either pact to avoid antago-
nizing Beijing or Washington.
On Saturday, APEC trade
ministers issued a cautious en-
dorsement of China’s initiative.
They sent to the leaders’ meet-
ing a proposal to launch a study
of the plan but held off commit-
ting to deadlines or other details.
The Chinese-South Korean
trade agreement calls for the two
nations to remove tariffs on
more than 90 percent of goods
over two decades. That includes
finance, online commerce and
20 other areas but excludes the
sensitive fields of autos and rice.
South Korea said it was the first
time China has included finance
or telecommunications in such
an agreement.
Plans to link the Hong Kong
and Shanghai stock exchanges
could help to attract more re-
gional investors. The Hong
Kong market has long been
open to global investors but
most foreigners have been
barred until now from China’s
mainland exchanges.
BRIEFLY
AROUND THE WORLD
Potiskum, Nigeria
Suicide bomber kills
48 students in Nigeria
Disguised in a school uni-
form, a suicide bomber set off
explosives hidden in a backpack
during an assembly Monday at a
high school in northern Nigeria,
killing at least 48 students and
wounding 79 others.
It was the latest attack by sus-
pected Boko Haram militants
who kidnapped more than 200
schoolgirls earlier this year.
Soldiers rushed to the grisly
scene, spattered with body parts,
but were chased away by a
stone-throwing crowd angry at
the military’s inability to halt a 5-
year-old Islamic insurgency that
has targeted schools and killed
thousands.
Monday’s bombing came one
week after a suicide attack in Po-
tiskum.
— The Associated Press
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Mexico president
faces protests,
ethics questions
By Christopher Sherman
and Mark Stevenson
Associated Press
ACAPULCO, Mexico -
President Enrique Pena Nieto’s
government, which had seen
smooth sailing through its first
year and a half in office, is sud-
denly listing in the face of mul-
tiple crises.
The administration scram-
bled Monday to respond to
growing questions about the
family’s multimillion-dollar
mansion owned by a govern-
ment contractor, even as it tried
to calm continuing protests over
the disappearance — and prob-
able murder — of 43 students.
The president has tried to
shift Mexico’s focus away from a
bloody fight against organized
crime to a series of political and
economic reforms his adminis-
tration successfully pushed
through congress.
But as he attended a summit
in China on Monday, Pena Nie-
to’s aides were trying the quell
doubts about what the adminis-
tration called his wife’s 2012 pur-
chase of a $7 million mansion
from a company that had won
extensive contracts from the
State of Mexico while Enrique
Pena Nieto was governor. Ac-
cording to a story published
Sunday by Aristegui Noticias,
the house was built and is still
owned by Ingenieria Inmobilia-
ria del Centro, a company
belonging to Grupo Higa.
Grupo Higa also owns a
company that was part of the
Chinese-led consortium award-
ed a $3.7 billion high-speed rail
project this year. The consor-
tium was the only bidder. All
other competitors bowed out,
saying they had been given only
two months to put together an
offer on the extremely complex
project.
But three days before the
Aristegui story was published,
Pena Nieto abruptly canceled
the contract, and the govern-
ment announced it would take
new bids in the interest of trans-
parency.
Presidential spokesman
Eduardo Sanchez denied there
was anything improper about
the housing deal in which the
company granted first lady An-
gelica Rivera a loan to buy the
mansion, saying she had money
from her former career as an ac-
tress.
Sanchez said the property
borders Rivera’s existing home.
“She needed to expand her
house, she bought out her neigh-
bor, regardless of who that
neighbor was,” Sanchez said.
“Why is she to blame for being
the wife of the president, being
successful, having savings and,
forgive the expression, spending
it anyway she wants?”
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Parks, Scott K. Denton Record-Chronicle (Denton, Tex.), Vol. 111, No. 101, Ed. 1 Tuesday, November 11, 2014, newspaper, November 11, 2014; Denton, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1125002/m1/6/?q=%22~1~1%22~1: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; .