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Economy

'New Silk Road' to stand as China's answer

BEIJING -- While the Trans-Pacific Partnership meandered toward Monday's broad agreement, China was busy working on its "New Silk Road" framework to rival the U.S.-led trade pact.

     President Xi Jinping's "One Belt, One Road" initiative comprises two routes extending China's economic sphere of influence, one reaching Europe by land, and the other stretching to the Middle East and Africa by sea. While the TPP will streamline trade and investment rules among several Asian countries, the Xi government reacted by going after infrastructure investment where Asia's actual demand lies, according to Li Xiangyang of the Chinese Academy of Social Sciences.

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