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Weekly Must-Read: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy

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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 ‘Hidden Debt’ of Local Governments Threatens National Economy

Property slump is undermining borrowers’ ability to repay

# Finance #

Country Garden’s Plan to Extend Bond Repayment Meets With Resistance

Bondholders will vote later this week on whether to approve the developer’s proposed three-year extension on a $541 million bond, or demand payment in full by Sept. 2

Texas Hold ’Em Gives Way to ‘Throwing Eggs’ as China’s PE Funds Woo Yuan Investors

As U.S.-dollar investors turn their backs on Chinese mainland startups, private equity and venture capital funds are courting Chinese institutions who have very different requirements

# Business #

In Depth: China’s Auto Exports Belie Roadblocks to Conquering Europe, U.S.

Chinese firms are buying foreign brands or investing in overseas assembly as a workaround to protectionism and growing competition

Analysis: China’s Updated Green Power Market Guidelines Set to Drive Interprovincial Trading

The rules clarify the trading process and propose a method to spur participation by companies with more modest electricity needs

Energy Insider: China’s Solar Capacity Eclipses Hydro, Green Power Trading Gets a Rule Update

Beijing pushes to get foreign firms to use renewable power, NEV production and sales grow

# Economy #

New Indicator Shows China’s Consumers Are Spending — on Services

As the structure of Chinese household spending changes, the statistics bureau has started a new indicator to measure the growth of services consumption

Chart of the Day: China’s ASEAN Exports Stumble as Global Growth Wanes

Shipments to the region have declined for three straight months and imports from the bloc have been falling since March

# China #

China’s Pension Growth Dwindles as Population Ages, Workforce Shrinks

The government has raised basic pensions for retired urban employees every year for nearly two decades, but the size of the increases is slowing as a pension shortfall looms

The Charge of ‘Picking Quarrels and Provoking Trouble’ Has Been Abused, China’s Top Court Says

A survey by a senior judge at the Supreme People’s Court found a ‘clear tendency’ among local courts to generalize when ruling on cases involving the crime

# World #

Xi Calls for More Cooperation Between China and South Africa

Chinese president meets with South African president on state visit ahead of BRICS summit, where leaders will weigh bloc expansion

# Opinion #

The Benefits of Stabilizing Foreign Investment in China

Driving high-quality development and building an innovative nation cannot proceed without the involvement of capital from abroad

Wang Tao: UBS Downgrades China 2023 GDP Forecast

Growth has been lowered from 5.2% to 4.8%, given the deepening property downturn, softening external demand, and weaker-than-expected policy support

# Weekend Long Read #

A Road Trip to Nelson Mandela’s Hometown

A 2018 winter visit to Mandela’s birthplace and burial site in South Africa would leave a lasting impression on Hu Shuli, founder and publisher of Caixin Media, about the man and the country he led

# Gallery #

China’s MMA Champ

# Podcast #

Caixin Biz Roundup: China’s Anti-Graft Dragnet Sweeps Health Care Industry

Country Garden plans to extend bond repayment, and Zhongzhi-linked trust company defaults

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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