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Do not be fooled by China's COVID policy reversal

Xi's change of course a tactical retreat rather than an embrace of pragmatism

| China
Xi Jinping after his speech at the Great Hall of the People in Beijing on Oct. 23: No one can challenge the Chinese leader.   © Reuters

James Stent is author of "China's Banking Transformation: The Untold Story" and a former director of China Everbright Bank.

The world's most draconian COVID-19 containment policy has been reversed overnight. Strident "wolf warrior" diplomats are suddenly turning on the charm. Private enterprise is back in favor.

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