The development and application of innovative new financial technology, or “fintech,” is upending traditional ways of banking and financing, and beginning to transform how businesses, industries and individuals interact. But beyond the multi-million-dollar headline-grabbing investments and acquisitions, what does fintech actually mean for the people of China and the United States?

If China’s moves towards financial opening did not soften the U.S. administration’s stance toward China after President Trump’s visit last year, why would this year’s Boao Forum speech, containing mostly old ideas, be any different?

The escalating trade tensions between the United States and China have grabbed global attention since late March, and many are worried that globalization is being challenged by unilateralism. To tackle this issue, it is necessary to take the road of globalization and openness.

China is determined to build upon its previous success in tax reform by carrying out further tax cuts, which are set to come into effect starting on May 1, in order to “activate the market and boost people’s creativity.” These measures aim to boost economic growth and provide a response to increasing trade tensions with the United States.

China posted stable growth in its fiscal revenue in the first quarter of 2018.

The test is whether the Chinese system adapts to long-term challenges and contributes to national and global wellbeing, not whether it adheres to Western standards.

Policy continuity is one of the main features of this year’s Government Work Report.

China’s aim in the new economy is to better the well-being of people in China and around the world.

Too often, analysis of China underestimates how aware China’s leaders are of the challenges they face and fails to place announcements in the right context. Li’s NPC work report is another sign that the leadership is indeed well-aware and is giving itself the space to tackle these challenges and to steadily make progress on the substance of reform.

China has overcome the predictions of economic doomsayers.