The Best Reads of the Week From Caixin

Several high-end car companies have announced they will lower the reference prices for their vehicles in China, following the government’s upcoming reduction of import duties for select cars to 15% from 25%.

The Pearl River Delta has been a shining example of China’s economic success over the past four decades of reform and opening-up. Now, leaders want the region to continue to glow with an ambitious plan to make it even bigger and stronger, expected for release by the end of May.

China’s state-owned aircraft-maker said it has received bids from seven foreign and local manufacturers looking to supply the engine for its first wide-body plane, jointly developed with Russia and slated for commercial launch as soon as 2025.

Tropical Hainan island’s plans to build racecourses will not be the first in modern China — but they may become the first successful ones. To become profitable, long-term ventures, they must escape the problems that have plagued China’s other horse-racing hubs so far.

A Chinese energy conglomerate became the latest to rock financial markets after it defaulted on $350 million in offshore bonds, underscoring the pressures choking debt-driven companies amid China’s deleveraging campaign.

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

Foreign Automakers Cut Suggested Retail Prices by 7.5%

Move comes after China says it will cut import duties on select models from July

Imported cars are inspected at a Qingdao port. Photo: VCG

China’s Great Ambition in Greater Bay Area

Connecting Guangdong-Hong Kong-Macau dots in Pearl River Delta, China aims to rival famous bay areas in Tokyo, New York, San Francisco

The 55-kilometer Hong Kong-Zhuhai-Macau Bridge that is set to be open this year. Photo: VCG

Seven Firms Bid to Supply Engine for China’s First Wide-Body Jet

State-owned company building CR929 says it will choose supplier by end of year

COMAC and its Russian partner plan to have China’s first wide-body jet, the C929, flying commercial flights as early as 2025. Photo: VCG

Is Hainan’s Horse Racing Boom Another False Start?

China hopes industry will finally take off in tropical province

Kaiwei Ecosystem City was a proposed 115-acre racecourse in Hainan province, but it remains unfinished, more than a quarter-century after the project was launched. Photo: Wang Di

Murky Picture Behind China’s Bond Defaulter

Market rattled by bond defaults of energy concern with ambiguous ownership and affiliate network

China Energy Reserve has $1.8 billion of offshore debts outstanding, which will be affected by cross-default provisions. Photo: IC