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Chinese President Xi Jinping, center, has had to adjust his Shanghai-first economic policy amid the U.S.-China trade war. (Photo sources by Getty images and Reuters)
China up close

Xi reverses Hong Kong policy with Alibaba and North Korea in mind

Grand strategy of making Shanghai a financial center paused amid trade war

KATSUJI NAKAZAWA, Nikkei senior staff writer | China

TOKYO -- Chinese President Xi Jinping's flip-flop on Hong Kong's highly controversial extradition bill was as quick as the traditional Chinese art of face changing.

It was, in effect, the first major concession the leadership under Xi has had to make since coming to power six years ago.

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