At the high point of Donald Trump’s relationship with Xi Jinping, when they met in Beijing three years ago, the Chinese president responded to his US counterpart’s pressure to liberalise financial services with a pledge: “We will never close our doors. They will only open wider and wider.”
Barely had Air Force One whisked Mr Trump from Beijing than, sure enough, China’s finance ministry announced sweeping reforms to remove ownership limits on foreign financial services companies operating in the country — much to the delight of Wall Street.
