Nothing New In President Xi’s Speech

President Xi said nothing in his address to the Boao Forum that hasn’t been said before. Therefore markets must be lathered up (S&P futures up as high 40 points) over Xi positioning himself as “the grown up in the room.”

If only markets were that rational and efficient.  If only.

Mr Li [Keqiang] told the audience of nearly 3,000 lawmakers that China will “actively expand imports” and lower tariffs on cars, and some everyday consumer goods, but did not elaborate on what these goods are.

“We will open our market wider to promote industry upgrading and more balanced development of trade, and to provide Chinese consumers with a broader range of choices,” he added. – The Straits Times, March 5, 2018

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