Steps Toward Central-Local Fiscal Reform; Beijing Overhauling Ministry of Foreign Affairs To Better Capitalize On Global Opportunities?; Lobbying Weakens CFIUS Reform; Pankaj Mishra Declares The End of The "China Fantasy" and the "Free Trade Myth"

Good Morning. I plan to take a personal day Monday as we have movers coming that day. I will try to get a newsletter out Sunday evening but that depends on how the packing goes. Things should be back to normal Tuesday. Thanks for your patience.

The Essential Eight

1. Steps Toward Central-Local Fiscal Reform

China to clarify fiscal power of central and local governments - Gov.cn:

China is planning to reform the division of fiscal power and expenditure responsibilities between central and local governments in basic public services, according to a circular recently issued by the General Office of the State Council.

The reform is aimed at establishing a basic public service system featuring well-defined rights and responsibilities, coordinated financial powers and a reasonable standard. It should also be a safeguard mechanism to ensure its operations.

It was decided that 18 items under eight categories are included in the shared fiscal responsibilities between central and local governments, inc…