In Defiant Speech, President Xi Declares "No One Can Dictate Reforms To China" | WHAT REALLY HAPPENED


In Defiant Speech, President Xi Declares "No One Can Dictate Reforms To China"

Given that he was speaking to honor the 40th anniversary of the 1978 reforms that set China on the path toward building a modern industrialized state, Xi Jinping - markets had hoped - might announce new reform measures or economic liberalization efforts like certain policy moves that had been teased by the Wall Street Journal last week.

Yet, as we described last night, Chinese stocks slumped as Xi opted not to make "liberalization" and "reform" the centerpiece of his speech (unlike his memorable opening remarks at Davos 2017 where he spoke about "opening up" the Chinese economy, comments that were cheered by international investors). Instead, Xi defended China's embrace of "socialism with Chinese characteristics" and insisted the world's second largest economy would stick to its policy agenda despite pressure from the US, according to Bloomberg.

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