Xi Jinping will address the World Economic Forum on Tuesday in Davos, the first time a Chinese leader has done so. Chinese state media tells us he will speak strongly in favor of globalization. Xi’s general approach is embodied in his signature phrase, “Chinese dream.” That dream, unfortunately, contemplates a state-dominated society, and a state-dominated society does not sit easy with the notions of an open economy. Last fall, Xi began applying those restrictions in earnest to foreign companies. For instance, multinationals can no longer “sweep” $50 million worth of currency out of the country using expedited procedures.

Source: Forbes January 15, 2017 05:02 UTC