Last week US executives were treated to an impressive display of Chinese Communist party willpower as they gathered for a summit on the sidelines of the annual Asia Pacific Economic Co-operation meetings in Beijing. In an address to the heads of some of the world’s largest multinationals, Chinese president Xi Jinping unveiled a $40bn Silk Road Fund to promote ever closer integration of the world’s second-largest economy with its central Asian neighbours.
Later in the week, the Chinese government confirmed the launch of a trading link between the Hong Kong and Shanghai stock exchanges – ending speculation that the scheme had been delayed to punish Hong Kong for its pro-democracy demonstrations. It also agreed to ambitious carbon reduction targets in a bilateral deal with the US.
While the US Senate’s incoming majority leader, Mitch McConnell, immediately criticisedPresident Barack Obama for signing the environmental agreement, there was no such domestic sniping at Mr Xi. The Chinese president does not have to worry about opposition parties holding up his agenda in the National People’s Congress.