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Work is expected to begin in 2015, the CNPC said in Beijing on Thursday.
The Chinese Vice Finance Minister said Beijing is aware that the US would like to keep the TPP closed to its current members.
Li said last year that the two countries, the world’s top two exporters, could be an “economic dream team”.
BRICS member, Brazil will also be covered, at a later stage, by the reciprocal arrangements.
During the leadership of its late iconic leader Hugo Chavez, Venezuela expanded its use of loan-for-oil agreements with China.
The Chinese government has set an official growth target of 7.5 per cent for 2014.
The annual Russia-China Prime Ministers summit will be held on 13 October.
The Occupy protestors in Hong Kong are threatening to occupy government buildings if the current chief executive does not resign.
The yuan is now the second most-used currency in international trade after the US dollar.
The HSBC China manufacturing PMI, a key measure of factory activity in China, posted at 50.2 in September.
