Beijing Bailout and E-Commerce Troubles Hit China
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Chinese President Xi Jinping has wielded an economic chainsaw this year, cutting through industries from entertainment to education to tech to real estate in an unprecedented regulatory reset. Billionaires have been brought to heel and celebrities the government didn't like wiped from the internet. The consequences have been dramatic, to say the least.
But Xi applied a band-aid on Thursday, announcing a multibillion-dollar bailout for China's largest bad-debt manager just as e-commerce titan Alibaba reported a weak showing in the third quarter and substantially lowered its earnings forecast.
Source Fool.com
