A truce in a U.S.-Chinese tariff war and Beijing's promises to open more of its state-dominated economy are raising investor hopes. In exchange, Trump said Beijing would buy up to $50 billion of American farm goods, a pledge China has yet to confirm. Foreign companies are frustrated Beijing is moving so gradually 17 years after joining the free-trading World Trade Organization. Beijing allowed full foreign ownership of electric car producers starting last year. Foreign banks are applying to set up shop in China following an August 2018 pledge to allow full foreign ownership.

Source: ABC News October 15, 2019 07:25 UTC