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Anxious investors, employees and suppliers describe a scramble inside teetering Chinese property giant Evergrande, in a crisis that has shaken public trust as it struggles to tide over a liquidity crunch.

Every once in a while a company grows so big and messy that governments fear what would happen to the broader economy if it were to fail. In China, Evergrande, a sprawling real estate developer, is that company.

為何中國科企更容易走入惡性競爭？港大亞洲環球研究所所長、金融學講座教授陳志武接受本刊專訪時，便拆解中美分別。首先，美國勞工成本高，科企不希望浪費資源模仿別人產品。其次，美國擁有完善保護知識產權、專利的法律，加上法院享有獨立地位，就算總統出手也難以干預。相反，如果中國政府希望發展高科技，法官為免違反中央鼓勵政策，通常不會受理相關案件。「在這個環境下，有時便出現浪費、重複的低階惡性競爭。」

A whistleblower from one of China’s most powerful banks says its shady dealings highlight how Hong Kong’s financial system is increasingly at the mercy of Beijing.

HSBC Holdings Plc is shipping senior executives from its London headquarters to Hong Kong to seal a pivot by Europe’s largest lender to Asia. The moves are also stoking some discontent. Already smarting from a cut to the bonus pool after losses in Europe, some senior executives in Greater China worry their push into the world’s second-largest economy could be slowed by added bureaucracy and blurred reporting lines, according to people familiar with the discussions who asked to remain anonymous discussing a sensitive issue.

山雨欲來風滿樓。繼螞蟻集團世紀IPO臨時叫停，中國互聯網民企再遇「黑天鵝」！話說去年「雙十一」前夕，國家市場監管局發布《關於平台經濟領域的反壟斷指南（徵求意見稿）》，投資界憂慮新監管對相關企業的影響，兼且遇上新舊經濟股輪動，一眾平台經濟股立即插水。

Zhiwu Chen, director of the Asia Global Institute, shares his views on what the incoming Biden administration could mean for US-China relations and the trend of secondary listings of Chinese companies in Hong Kong at Bloomberg Markets: China Open Full Show.

“It is not new that the party regulates everything, including private businesses and especially private financial businesses, as this had been … explicitly stated in China’s constitution,” says Zhiwu Chen, a finance professor and director of the Asia Global Institute at the University of Hong Kong. “But many private businessmen did not take this seriously. The recent Ant episode was a wake-up call.”

It has not taken long for the wheels to come off the Belt and Road Initiative. As recently as May 2017, China’s leader Xi Jinping stood in Beijing before a hall of nearly 30 heads of state and delegates from over 130 countries and proclaimed “a project of the century”.