Amid a slowing economy, faltering stock markets and an ongoing trade war with the United States, Liu He, President Xi Jinping’s mastermind on economic policy, gave a high-profile interview last week with the state media to boost domestic confidence and send a positive signal to the Americans. Published by Xinhua and People’s Daily just after a rare joint pep talk given by the country’s top financial officials on the same day, the interview with Liu, a member of the powerful Politburo of the Communist Party and vice-premier in charge of economic affairs, offered what amounted to a summary statement and a declaration of intent by the central government.

What was conspicuously missing was any sustained discussion of the escalating trade tensions with America. He referred to them only once, saying the impact so far had been more psychological than actual. But the trade war was clearly the elephant in the room. Crystallised in his remarks was the unstated trillion-dollar question: how committed is Beijing to economic reforms and whether the Americans can ever be satisfied with them?

Liu said the central government fully recognised the importance of the private sector to the economy and was fully committed to supporting it. He criticised “business personnel” at state-run financial institutions for “misunderstandings and deviations” to think it was safe to “provide loans to state-owned enterprises, but politically risky to lend to private enterprises”. He referred to such practices as “political mistakes”, not economic ones, meaning it was against central government policy.

The recent contraction registered in the Caixin China General Manufacturing Purchasing Managers’ Index, which gives weight to small and medium-sized firms, was no doubt on Liu’s mind. And the latest disappointing third-quarter GDP data shows the economy has recorded its lowest growth rate in nearly a decade while the stock market has fallen to a four-year low. Top policymakers clearly see a need to set public discourse on a more positive note as China marks its economic liberalisation started four decades ago while Xi is preparing to meet US President Donald Trump next month.