Caixin

Third, a reminder that AI has office hours.

DeepSeek, the Chinese AI lab, went down for nearly five hours on October 15th, one of its worst outages this year, according to Caixin.

It gave developers a week of usage back as credit.

Its own status page shows eight incidents in September, and Nicky suggests it simply does not have enough computing power.

Last year's holiday lasted eight days and included the Mid-Autumn Festival.

Across those respective holiday periods, emissions fell by roughly 18 million to about 32 million, according to Caixin, a Chinese financial news outlet.

The result extends the decline from the 2023 holiday rebound when cinemas collected more than twice this year's holiday total.

It is also below the roughly 1.5 billion RMB or approximately 224 million US dollars collected in 2022 during the COVID-19 pandemic.

Huang's ability to emerge relatively unscathed distinguished him from many officials associated with those disgraced leaders.

According to Chinese financial media outlet Caixin, his investigation may involve problems with mixed ownership reforms of Chongqing's state-owned enterprises during his time as mayor.

These reforms introduced private investment into state businesses, creating opportunities for restructuring, but also potential conflicts over valuations, ownership transfers, and preferential treatment.

The reported connection has been publicly established by investigators.

Scrutiny has also intensified around financial institutions associated with Huang's tenure.

Former Chongqing Yufu chairman Xia Wenhui was placed under investigation in September, followed by former Southwest Securities chairman Wu Jian.

Caixin reported that eight senior Chongqing officials have fallen since the Communist Party's 2022 Congress.

The case comes amid General Secretary Xi Jinping's sweeping anti-corruption campaign, launched after he took power in 2012.

The victims had sought English law because it could have allowed a direct ownership claim.

rather than a claim as creditors caixin has reported that about 16 000 chinese victims joined the proceedings here is our view the judgment is a narrow choice of law decision with large financial consequences the central question is still open can victims prove ownership under chinese law and do they or the state end up with the proceeds for bitcoiners it shows what happens when you are defrauded in an incident involving bitcoin that has appreciated in value It also shows what happens to the funds recovered from the fraud.

Transactions within the network are final and cannot be reversed.

The legitimacy of those transactions is the central question here.

Cross-regional passenger trips reached 2.14 billion during the October 1-7 holiday, according to the Ministry of Transport.

Caixin reported growth of just 0.6%, sharply below last year's 6.2% increase.

Comparisons require caution because the 2025 holiday lasted one day longer.

Railways performed strongly, with passenger trips rising 12.7% year-on-year.

In this environment, you would think that the thing Beijing would be doing is looking to ramp up borrowing to sort of get the economy going, and yet some of the l- levers it would traditionally have pulled, we're seeing a pullback, a contraction of debt, or far less debt being deployed than would otherwise be the case, normally be the case.

And now, thank you for laying that out, but now you feel vindicated because of what Pan just said in this Caixin article.

Walk us through that again.

I know you've touched on it, but maybe tell us a little bit more about Pan's side and why do you think he's coming out saying this now?

We need to be focusing on, on efficiency.

We need to squeeze out inefficient and misused leverage." It seemed to be laying the philosophical foundations for why credit growth not just is slowing, but why it should be even slower.

And so when a few months later he comes out with this Caixin article, which pretty much makes all the same points, but then goes specifically to the debt to GDP issue, talking about how it's rising, talking about how we can't continue to let, let it rise, I'm like, "Okay, this is clearly what they've been building towards."

Yeah.

By moving fiscal support directly towards home buyers, Beijing is signaling that stabilizing housing remains central to sustaining broader economic momentum.

For further information, see Ministry of Finance slash People's Bank of China, National Financial Regulatory Administration, Caixin Global, and South China Morning Post.

Australia's central bank looks beyond housing to global AI and debt risks.

Australia's Reserve Bank says the country's financial system remains resilient despite a continuing housing downturn, with national home values falling for a sixth consecutive month.

And whether it was the expansion of the universities, the expansion of environmental groups, civil society, arts groups, the sense of Cantonese as a language and a culture, it all really had been developing and then really blossomed in that post '89, and Patten came in '92, that run-up to '97.

So Nanfang Zhoumo, I mean I've-- and Caixin and Caijing, I mean, they were always more cautious.

They were, my reading, you know, they were much more focused on economic and business issues, although clearly they d- did get into some of the rights and the labor issues, and that incident that you mentioned obviously was, was very important.

But I just think that things were more rooted in, in Hong Kong.