On November 8, China's National People's Congress Standing Committee (NPCSC) approved a proposal to refinance local government debt aimed at addressing the significant “hidden debt” incurred by provincial governments burdened by large unfunded mandates.

With President-elect Donald Trump returning to the White House, China faces a familiar yet unpredictable challenge. During his first term, Trump’s hardline stance reshaped U.S.-China relations, pivoting to a more confrontational approach centered on trade imbalances, tariffs, and restrictions on technology.

As President-elect Trump reenters office, China will be one of his foreign policy centerpieces. And no one should doubt his intentions. While often candidates’ tough rhetoric is softened upon taking office, in his first term, Trump managed to change both the narrative and the policy toward China away from engagement and integrating them into the global community to a limited containment approach.