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1. Lan Foan: Plans to Significantly Increase Debt Ceiling to Aid in Local Debt Resolution link On October 12, Chinese Minister of Finance, Lan Foan, announced during a press conference at the State Council Information Office that the government plans to significantly raise debt limits in a one-time adjustment to restructure local governments’ hidden debts, enhancing efforts to mitigate their financial risks. These policies, pending the completion of legal procedures, represent the most extensive debt relief measures introduced in recent years. The initiative will greatly ease the financial burdens on local governments, freeing up more resources to support economic development. In addition to accelerating the implementation of existing policies, the Ministry of Finance will introduce a package of targeted incremental measures aimed at stabilizing growth, expanding domestic demand, and mitigating risks in the near future. Special government bonds will be issued to bolster the capital of ...

This week in crypto: a top financial services lawyer talked about what kind of businesses would survive the crypto winter, crypto boss Mike Novogratz said its time to cut costs and survive this ‘transition period’, Mark Cuban was looking to buy more bitcoin, Group One Trading took a “beneficial” position representing 13% of bitcoin bull Michael Saylor’s company MicroStrategy, and Ethereum developers planned to launch the Shanghai testnet by the end of February. The former president of FTX US said he would share more details regarding the exchange when the time is right, new revelations suggested close links between FTX founder Sam Bankman-Fried and some of his major backers, a lawyer said  FTX recovered over $5 billion that may be used to repay creditors, and Bankman-Fried continued to blame Binance for the collapse of his crypto empire. In the meantime, Wintermute paid its 36 British staff a total of $83 million in 2021, suggesting...