On Monday, October 5, 2015, the Trans-Pacific Partnership (TPP) was officially signed into existence by the twelve Pacific Rim nations.The countries involved in the deal include the United States, Japan, Canada, Mexico, Australia, New Zealand, Chile, Peru, Malaysia, Vietnam, Singapore, and Brunei. China, the world's second-largest economy and the biggest trading partner for over half of the countries involved in the TPP, was not included in the list, and they are hesitant about showing support for the new deal.
Officials in Beijing have been reluctant to embrace the ratification of the TPP, and have announced that they have no current plans to sign the agreement. On Tuesday, China's Ministry of commerce commented that "China hopes the TPP pact and other free trade arrangements in the region can boost each other and contribute to the Asia-Pacific's trade, investment and economic growth." The fact that China was excluded from the pact is seen by some observers in Beijing as the United State's effort to economically contain China, but Xiang Songzuo, chief economist of the Agricultural Bank of China, expressed that "in the near future, I don't think [the TPP] will have a large impact on China's competitive advantage."
China is expected to join the TPP eventually, but there is no telling when.