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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 […]

In China Stocks, a $2.3 Trillion Rebound Is Giving Way to Gloom Shanghai Composite endures its worst week since October Beijing’s shift in stimulus tone has undermined confidence Shanghai stocks lost 5.6 percent, the most since October, after the government signaled it will pare back support for the economy amid evidence of a recovery. Sovereign […]