Twelve countries, including the United States, Japan, Singapore and Vietnam, signed the Trans-Pacific Partnership Agreement on Oct 5 after five years of negotiations. Since the countries together make up 40 percent of the world GDP, the TPP will have a big influence on China and the global economy.

This has left the international community wondering whether the TPP is a success for the "pivot to Asia" strategy of the US, and whether it will boost Vietnam's economic growth while slowing down that of China. Some even see the TPP as China's greatest economic challenge in the making.

Perhaps the TPP is the US' alternative to the existing trade rules dominated by the World Trade Organization, and it can indeed improve certain rules to the benefit of the US, but cannot solve all its problems. Besides, since its member countries have disputes in many fields, such as agricultural products, automobiles and intellectual property rights, the TPP has to consistently evolve to resolve them.