The timing is particularly tricky as China juggles an economic slowdown, a sweeping crackdown on the private sector and rising tensions with Washington.
Huarong ultimately proved too big to fail, but its protracted bailout process demonstrates Beijing’s determination to punish creditors who ignore risks in heavily indebted companies.
Over the past year, Xi Jinping’s government has sought to gain control of the vast amounts of data held by large tech firms.
China is resorting to increasingly forceful measures to contain risks to the financial system, in moves that could undermine Xi’s pledge to give markets greater freedom.
Last month alone, Beijing canned Ant Group’s share sale, issued rules to root out monopolies in the internet sector and began scrutinizing investments in new energy vehicles.
For global investors, the episode is likely to reinforce the notion that the Communist Party calls all the shots when it comes to major business decisions.
HONG KONG — With air travel peaking next month in Asia and Europe for Christmas and New Year after going into overload in the United States over the Thanksgiving weekend, governments should re-examine the costs and inefficiencies of security that add tens of billions ...
