Taking the high road, for the most part

WSJ:

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 a world aspiring for peace and development, the Cold War and zero-sum mentality look even more out of place.” Mr. Xi told the Boao Forum, a government-backed gathering of business and political leaders on the tropical island of Hainan. “Putting oneself on a pedestal or trying to immunize oneself from adverse developments will get nowhere,” he said. In apparent, if unacknowledged, answer to some of those 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. “We have every intention to translate the measures into reality sooner rather than later, Mr. Xi said

Pretty smart speech, mostly taking the high road. Asia markets up. But gee, who was on that pedestal?

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