The West does not understand China's economic success

China and another 14 countries in the Asia-Pacific region have signed one of the biggest free trade agreements in history to form the world’s largest trading bloc. The free trade agreement covers 2.2 billion people and encompasses about a third of the world’s economic output.

The agreement reduces customs tariffs, establishes common trade rules, and supports open and connected supply chains. It has chapters on trade, services, investment, e-commerce, telecommunications, and copyright. The new agreement is known as the Regional Comprehensive Economic Partnership.