One year ago this week, President Xi Jinping set in motion what’s come to be known as China’s great “common prosperity” rebalancing.

In a move that startled the world, the push started with the November 2020 shelving of an initial public offering by Jack Ma’s Ant Group. It then spread from tech to education to real estate, captivating the globe’s attention. Investors were befuddled.

Now, 12 months on, there’s budding optimism that the worst may be over as Shanghai shares rebound.

Adding to the rays of hope: Beijing is now widening the channels for investors to bet on Chinese stock and commodity derivatives. The move builds on market reforms that, since 2019, have been eliminating investment quotas for foreigners in stocks and bonds.