China’s debt relief campaign for local governments, launched last year, has delivered its first major success story after Inner Mongolia exited the central government’s high-risk list. Advertisement The autonomous region was among 12 province-level jurisdictions flagged by Beijing for risky debt levels, with its exit revealed in a local budget review discussed internally in late July but only released to the public earlier this week. “[We must] consolidate the progress made in exiting the list of key high-debt regions and guide local authorities to continue debt resolution efforts based on…
Day: August 6, 2025
India’s central bank holds rates amid rising Trump tariff tensions
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. India’s central bank held its key interest rate as Donald Trump’s planned increase to tariffs on the country’s exports to the US threatens to send its economy into turmoil. The Reserve Bank of India’s decision on Wednesday to keep the repo rate at 5.5 per cent was in line with most economists’ expectations. The central bank cut the rate by a higher than expected half percentage point in June to…
Handling of bullying case sparks tension, arrests in southwestern Chinese city
The handling of a school bullying case by local authorities in a southwestern Chinese city has sparked outrage among locals, according to residents and mainland media, leading to police arrests for “blocking traffic”. Advertisement Chinese outlet iFeng.com posted a video on its social media account showing hundreds of people gathering inside a government building in Jiangyou, Sichuan province, on Monday to help the parents of a teenager who had been bullied at school negotiate with officials and express their dissatisfaction with the government’s handling of the incident. The Public Security…
China tests out stablecoins amid fears of capital outflows
Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. China plans to allow the launch of its first stablecoins in a bid to internationalise the renminbi and compete against the dollar, but concerns about capital flight are slowing the technology’s growth in the country. Hong Kong — China’s test bed for cryptocurrency as the industry is banned on the mainland — recently passed a law allowing licensed businesses to issue tokens backed by any fiat currency. But the territory’s…
China rocket shortage means it may have to pick a favoured Starlink challenger
As China scrambles to build massive internet networks in space to rival Starlink, a growing divide is quietly emerging on the ground between national priorities and local ambition. Advertisement The country appears to be fast-tracking the roll-out of Guo Wang, a state-run 13,000-satellite constellation slated for completion within a decade, tightening control over launch resources and leaving other projects in limbo. Often known as Beijing’s answer to SpaceX’s Starlink, Guo Wang has launched three batches of satellites in the past week alone – a sharp jump from its earlier pace…