Don't be fooled by the Chinese government's recent charm offensive towards foreign business.
President Xi Jinping attends the leaders retreat at the Asia-Pacific Economic Cooperative summit in San Francisco, November 17, 2023. Credit: The Yomiuri Shimbun via AP Images
With China’s economy continuing to face substantial headwinds in 2023, despite signs of stabilization over the last quarter, hopes have emerged that there will be a return to pragmatism in policy making. Over the summer Beijing introduced numerous measures to give more support to the private sector and households. This was complemented by a charm offensive towards foreign companies, including an easing of capital controls and promises to relax cross-border data flow restrictions.
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If Xi Jinping is becoming more preoccupied with internal politics, it could lead to a period of relative calm in China’s relations with the United States.
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