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Caixin Global
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Weekly Must-Read: China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

Land sales, the main revenue source for local governments, have continued to slide

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The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors.

# Cover Story #

China’s Effort to Move Mountain of ‘Hidden Debt’ Faces Uphill Climb

Local governments’ invisible debt could be as high as almost $10 trillion, double Japan’s GDP, posing a risk of destabilizing the banking and financial sector

Related Kunming Scrambles to Pay Off $170 Million of Financing Vehicle Debt

# Finance #

China Complicates UBS’ Acquisition of Credit Suisse

If the deal were completed today, the combined bank would be in violation of Chinese regulations governing the ownership of securities firms

Three Things to Know About China’s New Financial Commissions

Two new commissions under the supervision of the ruling Communist Party have kept a low profile. Here’s what we know so far

Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets

The industry, long a source of shadowy funding for property developers, faces a reckoning now that the real estate industry is in crisis

In Depth: Court Ruling Sets Off Debate About Bond Fraud Compensation

The decision offers more clarity to how judges are interpreting a set of 2022 supreme court provisions about lawsuits over ‘misrepresentation’ in the securities market

# Economy #

China Revises 2022 Economic Data Downward Including Real Estate

Adjusted figures provide a more favorable comparison for the shaky property sector as authorities cite distortions in originally reported figures

# Business #

Alibaba Kicks Off Overhaul With Spinoff and Share Sale Targets

E-commerce giant to spin off Cloud Intelligence Group through a stock dividend while exploring IPOs for the logistics and grocery arms

China’s Battery-Makers Carve Out Growing Share in Overseas Markets

Firms including CATL and BYD have accelerated their global expansion as they pursue opportunities in countries where governments are pushing for the auto industry’s electrification

# Tech #

Prepare Now for the Impact of Artificial Intelligence, AI Pioneer Urges

Venture capitalist Kai-Fu Lee predicts which jobs AI does and doesn’t threaten and calls for regulation of the emerging technology at a Caixin forum

# China #

China Punishes 66 Public Servants for Deadly Changsha Building Collapse

The city’s mayor was removed from office and several government officers were transferred to judicial authorities for suspected corruption following the disaster that led to 54 deaths

# World #

British Firms ‘Conditionally Optimistic’ About Their China Operations in 2023

The resumption of international travel, the country’s market potential and economic prospects have buoyed business sentiment, but challenges remain, the British Chamber of Commerce in China says

# Opinion #

Fixing China’s Jobless Youth Problem Hinges on Restoring the Economy’s Vitality

It is crucial to eradicate institutional restrictions and structural distortions that hinder the economic development needed to create jobs

# Weekend Long Read #

Five Shifts in China’s Opening-Up Strategy

Since 2012, the Communist Party has adjusted its goals for international investment, trade and its approach to the global economic governance system

# Gallery #

Gallery: Hats Through History

# Podcast #

China Bans U.S. Chipmaker Micron

Alibaba kicks off overhaul with spinoff and IPO targets, and Hong Kong rolls out digital currency trial

Caixin Global’s Top Stories of the Month newsletter brings you the most popular news coverage over the past month. You may opt in now and get handpicked news coverage delivered to your inbox each month for free.

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