President Xi speech short on policies, disappoints investors

President Xi Jinping struck a defiant tone in his speech today, marking 40 years since China opened-up its economy.

Speaking to party officials, military personnel and businesspeople, President Xi said China’s current policy agenda will not change course, despite growing pressure from the international community and the US in particular to speed up reforms.

“No one is in a position to dictate to the Chinese people what should or should not be done,” he said. “We must resolutely reform what should and can be changed, we must resolutely not reform what shouldn’t and can’t be changed.”

In a speech which had a clear domestic focus, President Xi stressed the importance of the Communist Party’s leadership in “seeking happiness for the Chinese people,” Xinhua reports.

According to CNN, the speech disappointed investors who had hoped for new policies or steps to address trade concerns and China’s slowing economy. But no new policies were forthcoming.

Chinese stocks fell during the speech, Bloomberg reports.