The Rising Influence of Rising Affluence

[DewDiligence]

Xi trade speech calms markets (for now):

https://www.wsj.com/articles/chinas-xi-promises-to-ease-foreign-access-1523332086

In a speech that officials had billed as a major address, Mr. Xi said Tuesday that plans are under way to accelerate access to the insurance sector, expand the permitted business scope for foreign financial institutions and reduce tariffs on imported automobiles and ownership limits for foreign car companies.

…In apparent, if unacknowledged, answer to some of the U.S.’s criticisms, President Xi said China would increase imports, improve the protection of intellectual property and provide a more transparent, rule-based environment for foreign investment. He also pointed to Beijing’s announcement late last year that it would raise foreign-equity caps in the banking, securities and insurance industries, and promised those measures would be implemented.

Xi has previously said these kinds of things with little, if any, real action. Will it be different this time?