The view that the Chinese leadership was desperate to negotiate a trade deal, to avoid economic pain that could destabilize Chinese society and threaten the Chinese Communist Party’s monopoly on power, is common among China hawks in the United States. This analysis is partly accurate, but it has led many to draw false conclusions.

By Laurie Chen, Michael Martina BEIJING/WASHINGTON (Reuters) -When the leaders of some of the world's largest companies flocked to Beijing for a business forum last month, their main purpose was a coveted meeting with Chinese leader Xi Jinping.