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U.S. President Donald Trump has good reason to be skeptical about China’s willingness to live up to its commitments in any trade deal. Seasoned foreign business executives on the mainland know that any agreement there represents the start of a bargaining process, not the end. Nor is it uncommon for Chinese officials to unpick terms […]

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Five years ago, China’s Xi Jinping rocked the Communist Party establishment by pledging to let markets play a “decisive role” in decision-making. Reformists rejoiced as President Xi signaled a revival of Deng Xiaoping’s pro-capitalism revolution. Things haven’t gone as planned. First, Xi slow-walked steps to reduce China’s reliance on runaway credit, debt and an antiquated […]

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