The New York Times writes, "White House officials have lauded President Xi Jinping's anticipated promise of a national market for China in greenhouse gas quotas as a breakthrough in environmental cooperation and reform. But to work well, Mr. Xi's plan, expected to be announced in Washington on Friday, will demand big changes from a government accustomed to heavy-handed intervention and skewed statistics. It will take years of effort to build a substantial market that plays a major role in curbing emissions, and even then it could founder, like similar initiatives elsewhere, experts said."
"China stocks fell on Friday, led by a selloff in small caps, and were on track to end the week flat as volumes continued to slide. Analysts said the market was still seeking a bottom as Chinese investors continued to digest mixed signs on company performance. During the week, a preliminary reading of China industrial activity falling to its weakest level since 2009, but home prices rose for the fourth month, a reassuring sign. The CSI300 index fell 1.8 percent, to 3,225.46 points at the end of the morning session. The Shanghai Composite Index also lost 1.8 percent, to 3,087.32 points," Reuters reports.
The Wall Street Journal reports, "When Chinese President Xi Jinping meets Friday with President Barack Obama, one of the biggest security challenges faced by the White House will be persuading Beijing to stop its rapid expansion of islands in the South China Sea. In Washington's latest attempt to pressure Mr. Xi on the issue, Secretary of State John Kerry has persuaded other governments with claims in the region to agree to stop their own island development-as long as Beijing does. Mr. Kerry's diplomatic maneuvering is part of an Obama administration "name and shame" strategy, publicly calling out Beijing for claims that the U.S. says threaten a major trade route and create instability."