The Best Reads of the Week From Caixin

Washington has given China a list of demands, including cutting its trade surplus with the U.S. by $200 billion by the end of 2020, according to a document sent to Beijing before the talks, which ended on Friday. But Chinese officials said the U.S. proposals were “unfair.”

Smartphone maker Xiaomi Corp. lost a massive 44 billion yuan ($6.9 billion) last year, as it stepped up a global expansion that has made it one of China’s first brands to get more than half of its sales outside its home market, its newly filed initial public offering (IPO) prospectus showed.

North Korean leader Kim Jong Un told a visiting Chinese diplomat on Thursday that he is committed to denuclearization, China's Foreign Ministry said, as diplomatic efforts to bring lasting peace to the Korean Peninsula gather steam.

Lenders are under the gun to comply with rules aimed at bringing risky off-balance-sheet loans back onto their balance sheets, and face a squeeze on funding as deposit growth slows and regulators curb their use of interbank borrowing. They also face further regulatory tightening as they implement new guidelines for the asset management industry.

Apple Inc.’s share of the China smartphone market grew strongly in the first three months of the year on healthy sales for its newest offerings, as the company and other major players continued to put the squeeze on smaller brands in the world’s largest market.

These are the five stories that I don’t want you to miss from last week. Please share your comments on the In Focus section and on our other coverage at news@caixin.com.

And when you’re done perusing these must-read stories, check out Caixin’s weekly digital magazine.

Kind regards,

Doug Young

Managing Editor

Sino-U.S. Trade Talks End With Some Consensus, but Differences Remain

Two-day discussions wrap up as Washington reportedly seeks halving of trade deficit

U.S. Treasury Secretary Steven Mnuchin, a member of the U.S. trade delegation to China, waves to the media as he returns to a hotel in Beijing on Thursday. Photo: VCG

Xiaomi’s IPO Pitch Stresses Global Expansion, Downplays Massive Losses

World’s fourth-largest smartphone-maker posted $7 billion loss last year on 67.5% revenue growth

Xiaomi Corp. smartphones are displayed at a company store in Handan, Hebei province, on March 28. Photo: VCG

North Korea’s Kim Tells China He’s Committed to Denuclearization

Chinese foreign minister says his country supports efforts to put an end to formal state of war

Chinese State Councillor Wang Yi (right) meets with North Korean leader Kim Jung Un in Pyongyang on Thursday. Photo: VCG

Banks Feel the Heat as Regulatory Cleanup Piles On Pressure

Lenders squeezed from all directions as watchdogs strengthen oversight, curb fundraising while deposit growth slows

A bank employee counts money in Harbin, Heilongjiang province on March 29. Photo: VCG

Apple Bites Off Bigger Slice of China Smartphone Pie

iPhone-maker boosts share by more than 4 percentage points in first quarter of 2018

An Apple store in Beijing's Wangfujing shopping district advertises the new red iPhone model on April 21. Photo: Wu Gang/ Caixin