The China 2025 Bugaboo

Yes--but it's far from enough to satisfy China hawks like U.S. Trade Representative Robert Lighthizer. Markets clearly recognize this: The S&P 500 ended up only 0.5% Wednesday after the news broke. Moreover, the China 2025 plan itself--despite all the attention it has received--may be less menacing than it seems. What's really needed to take negotiations to the next level, and assuage market concerns, is for China to enact a few big-bang reforms to convince foreigners that Xi Jinping's administration is committed to level dealing. Doing away entirely with most joint-venture requirements--instead of endless foot-dragging and qualifications--is one possibility.