China committed to upholding global stability

China is working to steel its economy from a hostile external environment, as it engineers a transition to a more innovative, inclusive and sustainable growth model. To advance this effort, China's leaders are engaging the private sector, which, as Vice-Premier Liu He recently acknowledged, accounts for more than 50 percent of tax revenues, 60 percent of GDP, 70 percent of technological innovation, 80 percent of urban employment, and 90 percent of new jobs and companies.

China's leaders finally seem to have recognized that unless the country ends up in a full-blown war that threatens its national security, they have little reason to continue to subsidize State-owned enterprises at the expense of private companies.

In terms of limiting the potential for further instability, China's approach makes sense. The problem is that for many countries, domestic concerns - think of Brexit - are increasingly at odds with global imperatives.