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China Gets a 'C' on Market-Opening Reforms, as Obama Departs Beijing

Chinese President Xi Jinping arrives for a family photo during the APEC leaders meeting on Nov. 11
Chinese President Xi Jinping arrives for a family photo during the APEC leaders meeting on Nov. 11Photograph by Gregg Baker/AFP via Getty Images

China’s hosting of the Asia-Pacific Economic Cooperation forum, which closed yesterday in Beijing, will no doubt be deemed a resounding success. There were the usual declarations of shared goals and strategic partnership by the 21 participating countries, including Russia, Vietnam, Japan, Mexico, Chile, and Australia.

And Presidents Barack Obama and Xi Jinping made global headlines with their announcement of plans to reduce carbon emissions in the world’s two largest economies. “This is a major milestone in the U.S.-China relationship,” Obama said at a news conference with Xi in Beijing. The plan is “an ambitious but an achievable goal,” he said.