China resumed purchases of US soybeans this week and pledged to cut auto tariffs. But to clinch a lasting trade deal, it will need to convince the US that it is moving ahead with long-promised structural reforms. There are some signs that a renewed reform push is in the works as officials prepare to celebrate 40 years since the start of Deng Xiaoping’s “reform and opening up” policy. This should be treated with scepticism. While it may reflect a genuine reassessment of industrial policy, it may just be window-dressing to try to avoid further tariffs.
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