Deeper supply-side structural reform will be pursued as China enjoys early benefits of steps taken in 2016 despite downward pressure on the nation’s economy.

This is the first time that “seeking progress while maintaining stability” was upgraded to an unprecedentedly high status, that is, from a methodology for economic work to an important principle for governance.

Shelving the TPP could create opportunity to accelerate the FTAAP, working in line with high-standard trade rules, committing to new international trade rules and basing the FTAAP on the next trade mode.

Despite recent divesting, China holds a dangerously high share of outstanding US Treasury bonds. Beijing should continue the reduction of these bonds, leaving Japan as the first biggest creditor for the US.

Singles' Day in China began as a clever counter to Valentine's Day. It takes place each year on Nov. 11, or 11/11, signifying four singles. Originally a celebration for young single people, Alibaba has turned it into a shopping bonanza since 2009. This year’s tally more than doubled what Americans spent online on Thanksgiving Day, Black Friday, and Cyber Monday combined. Additionally, shipping to rural areas will be at an all-time high. But, this record breaking shopping event, largely driven by marketing pressure, should not be misread as a signal that China’s economy is not stagnating.

The loss of momentum for the Trans-Pacific Partners agreement has diminished the US’ standing as a global power, and taken the wind out of the sails of President Obama’s Pivot to Asia strategy. The result is a brighter prospect for a more regional partnership and China’s push to establish a Free Trade Area of the Asia-Pacific (FTAAP).

In today’s world trade, the production process — from product design, raw material procurement, financing, manufacturing, final assembly, marketing and logistics — normally stretches across many countries. Many products in international trade are known as “global products”. Globalization has produced huge cost-savings on industrial and consumer goods at every level, and any effort to restrict American businesses to sourcing and production in the US will shrink the domestic economy instead of expanding it.

In view of Washington and Brussels, much of China’s slowdown could be overcome with the privatization of state-owned enterprises. However, Beijing believes in evidence-backed gradual pragmatism.

China is not the only Asian country looking to the ancient Silk Road as a path to greater economic and political influence. Both Japan and South Korea have their own, albeit more modest, versions of Xi Jinping’s Belt and Road Initiative. While Seoul and Beijing have expressed public interest in collaborating along the Silk Road, Tokyo remains silent. Will the BRI be a driver for greater integration in Northeast Asia, or will these three nations prefer to follow their own paths eastward?

It is too early to say what the Trump administration’s trade policy will look like – but a total cut-off from Asian partners is unlikely. It would harm the US economy, and offer China even more scope to cement its position in Asia. Nevertheless, with TPP and TTIP both looking unlikely, the EU should move fast to build relationships with China and ASEAN countries.