A week of rare wins for Chinese President Xi Jinping on the geopolitical front has done little to dispel the persistent pessimism that’s gripped the world’s second-largest equities market.

This was seen a crucial period for investors in China, not least because of Xi’s much-awaited meeting with US President Joe Biden. And while the two leaders agreed to restore high-level military communications, combat fentanyl and open a dialogue over artificial intelligence, such developments were written off as small wins by traders, who want to see more progress on bigger issues like US curbs on chip exports and tariffs.