Even as Beijing strives to rein in financial risks and improve market order, it continues to promise market openings for foreign financial services companies.

Recent statements by China and the United States suggest the two countries may be viewed as swapping places as the global leader on free trade policies, but the actions that both sides take in the coming months will provide the best assessment about the roles each government intends to play.

The Trump administration is expected to take a less patient and conciliatory approach to US-China trade relations than has been the norm in recent years; but with its own significant political transitio