As per a report in South China Morning Post, China is reconsidering its decision towards the revised TPP, signed by 11 countries, including Australia, in March despite the Trump administration pulling the US out of the deal.
While China originally had no interest in joining the TPP, officials were rethinking their strategy with the possibility of joining the regional trade pact as a counter act to Trump. Besides increasing its anti-Chinese trade measures, the US has forced its two North American trade partners — Canada and Mexico — to agree to a possible veto of any trade deal they make with Beijing.
Wang Huiyao, Director of Beijing-based Centre for China and Globalisation, points out joining the CPTPP could send a strong message to the world that China was serious about further opening up its economy. It could become a tool to hedge against the US and help China establish a new trade circle in addition to the Belt and Road Initiative and the Shanghai Co-operation Organisation.