When President Joe Biden took office in 2021, his first message to the rest of the world was: "America is back". Having assumed his third term as general secretary of the Communist Party of China (CPC) in October, President Xi Jinping appears to be issuing a similar proclamation.
Over the past two months, China's leadership has announced or signalled a series of major policy reversals, abruptly ending nearly three years of severe zero-Covid restrictions, easing the crackdown on tech companies and the real-estate sector, reaffirming its commitment to economic growth, and extending an olive branch to the United States at the G20. With the world's second-largest economy apparently re-opening its doors for business, investors are reacting with enthusiasm.
