The trial over Kangmei Pharmaceutical’s financial practices and subsequent mass resignation of external directors from 24 listed companies shows the need for reform. Capital markets remains one area where China can and should emulate the US.

Despite the temptation to see the edtech squeeze as a harbinger of stronger regulatory headwinds, it is in fact more of an epiphany. The merits of entrepreneurship and equity financing will increasingly be judged by how they benefit or undermine China’s development.

The strategist behind China’s ‘peaceful rise’ is back with a new theory: Beijing can seize a ‘great strategic opportunity’ to lead the next phase of globalisation as Donald Trump continues with his trade war.