The establishment of the Asian Infrastructure Investment Bank, and the proposals of the Silk Road Economic Belt and the 21st Century Maritime Silk Road for integration with economies along the two roads are bold but not challenging moves by China. Yet they are not intended to rewrite established rules of global economic governance.

The China-ASEAN Free Trade Agreement covers the world's largest free trade area in terms of population and is the third-largest in terms of nominal GDP. China is indeed moving fast in upgrading its trade ties with major economies. And the fact that its three FTA partners - Australia, Canada and the Republic of Korea - are strategic allies of the United States suggests China doesn't consider the US-led security alliance as an obstacle to trade liberation and investment protection.

These may be China's geo-strategic moves, but of all the FTAs in the Asia-Pacific, the Trans-Pacific Partnership Agreement is by far the most geo-strategic in nature. The irony is that despite not being part of the TPP, China doesn't differ that much with the US in terms of the texts of the treaties under negotiation. The China-US Bilateral Investment Treaty is envisioned to include all sectors and all stages of investment. Plus, the BIT's contents are similar to those in the TPP's investment chapter.