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Weekly Must-Read: China’s Proposed New Curbs on Private Securities Funds Spark Controversy

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

# Finance #

In Depth: China’s Proposed New Curbs on Private Securities Funds Spark Controversy

Draft rules tightening control of fundraising, investment and management have triggered concerns they will constrain securities funds’ freedom to execute their investment strategies

Disappointing Returns Cool China’s Infrastructure REIT Craze

The publicly offered trusts have fallen out of favor as performance waned, with the CSI REITs (closing) Index hitting a record low on Friday

# Cover Story #

China’s Tobacco Monopoly Is Swept Up in Corruption Probes

Investigations have ensnared nearly 20 senior officials in an industry that supports the habits of 300 million smokers

# Business #

Analysis: China’s Holiday Spending Boom Masks Patchy Recovery

Disappointing economic data, including an unexpected contraction in manufacturing activity and high youth unemployment highlight uneven recovery from the pandemic

Shein Marches Into Amazon-Like Platform to Compete With Temu

Chinese Fast-fashion giant gears up for head-to-head competition in the U.S. and Mexico after using Brazil as a test bed

Related In Depth: Chinese Fast Fashion Platforms Could Be Next U.S. Target

# Tech #

Chinese ChatGPT Rival Mobvoi Files for Hong Kong IPO

Google-backed AI business may raise $200 million to $300 million to fund further R&D and potential expansion investments

Iflytek Stock Plunges After Chatbot Cries Foul

A viral AI-generated article made unsubstantiated claims that the company had violated user privacy, further fueling public and investor concern over the potential misuse of the technology

# Economy #

Exclusive: Scandal-Plagued Parking Manager Rekindles Government Debt Concerns

State-owned firm raises 2 billion yuan from banks based on a 7.2 billion yuan valuation of its right to collect fees over 25 years

China’s Services Sector Continues to Rebound Faster Than Industrial Sector

Profits of state-owned enterprises diverge sharply over the year’s first four months, based on data from the NBS and the Finance Ministry

China’s Factory Activity Gets Back to Growth, but Recovery Remains Patchy, Caixin PMI Shows

The manufacturing gauge rises to 50.9 as both supply and demand pick up, but a shrinking job market, waning optimism and low price levels pose headwinds

# China #

In Depth: The Teething Problems of China’s Schools for Troubled Students

The central government is trying to revamp ‘specialized education,’ but the effort has suffered from a lack of teachers and guidance, and mistrust from parents

# World #

China Denounces Washington’s Fentanyl Sanctions

Chinese Embassy says the measures have ‘eroded the foundation’ of counter-narcotics cooperation between the two countries

China, U.S. Commerce Chiefs Hold ‘Constructive’ Talks on Trade Amid Growing Tensions

Wang Wentao expressed concerns about U.S. semiconductor policy and export controls, while his American counterpart Gina Raimondo flagged China’s recent actions against U.S. companies operating in the country

# Opinion #

Problems and Opportunities Emerge From Shifts in China’s Exports

The country will no longer be able to chiefly depend on electronics and light industrial products to maintain its status as a trade powerhouse, but EVs and batteries could become powerful new drivers of growth

Analysis: Four Takeaways From China’s Declining Industrial Profits

While the decline in the profits of the sector’s major companies has moderated, price factors and costs still weighed on performance

# Weekend Long Read #

Five Tasks for China’s Next Stage of Opening-Up

The country’s strategy has evolved from setting up special zones in coastal areas to a more advanced level that focuses on its domestic circulation and expanding institutional opening-up

# Gallery #

Gallery: China’s Homegrown Jet Begins Regular Route

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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