Last month, on his inaugural visit to the U.S. as China's president, Xi Jinping stopped in Seattle to meet with the cream of the U.S. technology sector, including the CEOs of Amazon, Apple, Facebookand Microsoft Corp., and to promote his country's tech champions, such as Alibaba Group Holding and Baidu. So it was something of a surprise that when he addressed a banquet of business and political leaders during his Pacific Northwest visit, he made a point of defending Beijing's con-troversial stock market rescue. "This time the Chinese government took steps to stabilize the market and contain panic in the stock market, and thus avoided a systemic risk," Xi told the audience. "Mature markets in various countries have tried similar approaches. Now China's stock markets have reached the phase of soft recovery and self-adjustment."
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