A depressing lesson on free trade from Beijing

Flicking through China’s People’s Daily, as one does, I read this extract from a speech by Li Qiang, second-in-command to President Xi: “Protectionism is not a panacea for solving problems. We should uphold openness and a pioneering spirit, expand free trade and actively promote innovation … Benign competition and co-operation can bring mutual benefit and win-win outcomes. Only by viewing competition with a positive mindset … can parties empower each other and learn from each other’s strengths.” Deeds, of course, matter more than words. Nevertheless, it’s depressing when the Chinese leadership starts talking — at least talking — more sense…