Skip to content

Xi’s Three Big Pivots Rescue China Markets From Downward Spiral

  • Housing and Covid policies have been sources of social unrest
  • Pragmatic measures extend stock-market rally, yuan strength
Bloomberg business news
Kissinger: More Optimistic on US, China Relations Than in Past
Updated on

After Chinese President Xi Jinping set himself up to rule for life last month, markets plunged as investors braced for years of more ideological rule. Since then, however, he’s displayed a newfound pragmatism.

Over the past week, Xi has made his biggest moves in years to stabilize the world’s second-biggest economy, which is growing near the slowest pace in four decades. He delivered a plan to rescue the battered property sector, provided a potential exit ramp from his costly Covid Zero policy, and improved ties with the US during a meeting with Joe Biden at the Group of 20 summit, where the Chinese leader mingled maskless.