Xi Jinping will on Tuesday give the most anticipated speech of his already historic presidency. During an address to a Chinese government-hosted forum on Hainan island, Mr Xi’s challenge will be to outline bold new economic reforms and measures to open markets without appearing to bend to US pressure on trade.

With China preparing to mark the 40th anniversary of Deng Xiaoping’s “reform and opening” policies, Mr Xi had hoped to use his address at the Bo’ao Forum for Asia to signal his determination to be as decisive and effective as Deng was in implementing difficult economic and financial reforms.

“How will China further advance reforms? This is a question people want to know the answer to,” Chinese foreign minister Wang Yi said last week, just hours before trade tension between the world’s two largest economies erupted. “At Boao, Xi Jinping will provide the most authoritative answers. Participants will see the new opening and reform measures that China will take.”