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Money Daily Brief: China seeks US commitment on free trade

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Nir Elias/Reuters/File

(Read caption) A broker worked the lines at the Shanghai Stock Exchange last month. The city jumped 25 spots to become the world's 10th most competitive financial center, according to a new survey.

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Not picking a fight: Chinese President Hu Jintao may seek assurances from President Obama that the US isn't backing away from free trade when they meet after each speaks at the United Nations Tuesday. But Mr. Hu won't want to be seen as picking a fight over the recent trade spat over tires. The UN is hoping China and the US will show unity in tackling climate change ahead of negotiations in Copenhagen in December.

Asia rising: Cities around Asia are closing in on London and New York as competitive financial centers, according to a biannually compiled index. Beijing, Shanghai, and Taipei made huge leaps, bringing them into the top 25. Separately, the Asia Development Bank sees the region leading the world out of the financial crisis.

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