China is looking for a regional free trade deal

China is looking into the possibility of forming a trade block consisting of India, China, Japan, South Korea, Australia and New Zealand. China wants to sign Regional Comprehensive Economic Partnership (RCEP). China wants to make it a free trade deal between these countries.

China will look towards this trade deal more enthusiastically, after the US decision to pull out of TPP trade deal. China will try to lure the Asian countries to sign the free trade deal in near future as an alternate to the TPP. China is pushing more aggressively to enter into more Asian and Latin American markets. China wants to invest in Asia and Latin America as Americans retreating. China signed 40 projects and deals worth 250 billion US dollars with Latin American countries during the visit of Chinese president to Latin American countries.