As China's leaders gather, market reform hopes fade

Beijing

PRESIDENT Xi Jinping's rule in China has been marked by a muscular stance in many areas - from corruption to foreign policy - but investors and business leaders hoping that the nation's most powerful leader in decades will drive market reforms are girding for disappointment.

As he gears up for his second term, hoped-for market liberalisation is increasingly being viewed as secondary to Mr Xi's state-centred approach to economic policy and his focus on stability. The Communist Party Congress beginning on Wednesday in Beijing is expected to see Mr Xi consolidate his power and is unlikely to see a change in his priorities. "I don't see market opening coming. It's all about discipline and control," said a senior China-based American executive, who declined to be identified.