By Ryan Dube

LIMA, Peru -- Chinese President Xi Jinping said Saturday at a summit of Pacific Rim nations that his government will continue developing trade agreements amid concerns about protectionism in the U.S. and Europe.

In a speech at the Asia-Pacific Economic Cooperation, which accounts for about half of global trade, Mr. Xi said China would support a Free Trade Area of the Asia-Pacific and was pushing forward with the Regional Comprehensive Economic Partnership, or RCEP, a trade pact that includes 16 countries.

"China will not shut its door to the outside...but open even wider," said Mr. Xi. "We will fully involve ourselves in economic globalization."

"We will alsoencourage more Chinese companies to go abroad," he added.

Some countries involved in the U.S.-led Trans-Pacific Partnership say they are now open to joining the Chinese-led RCEP, which includes India and Australia, as an alternative pact following uncertainty over president-elect Donald Trump's policies. The TPP includes 12 countries, including Japan, Mexico, Chile and Peru.

Mr. Trump has pledged to pull the U.S. out of the TPP, which was strongly promoted by President Barack Obama. He has also said he would renegotiate the North American Free Trade Agreement with Canada and Mexico to protect U.S. jobs.

Write to Ryan Dube at ryan.dube@dowjones.com

(END) Dow Jones Newswires

November 19, 2016 11:45 ET (16:45 GMT)

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