October 6 - China brings business to heel

[yum]

Evergrande, China’s largest developer, is on the verge of collapse. Gilles Sabrié for The New York Times

China brings business to heel

Chinese tech companies are reeling from regulation. Nervous creditors are hoping for a bailout for China’s largest developer. Growing numbers of executives are going to jail. For China’s leader, Xi Jinping, it’s all part of the plan.

- bring somebody/something to heel

1. ~을 굴복하게[말을 듣게] 만들다

2. (개를) 가까이 오게 하다

- reel

1. (실·전선·필름 등을 감는) 릴, 얼레

2. 릴(스코틀랜드·아일랜드·미국에서 보통 2명이나 4명이 추는 빠른 춤. 또는 그 춤곡)

3. 비틀[휘청]거리다 (=stagger)

4. (몹시 충격을 받거나 화가 나서) 마음이 어지럽다[크게 동요하다]

- bailout : (심각한 재정 위기에 처한 기업·국가 등에 대한) 긴급 구제

Under Xi, China is reshaping how businesses work and limiting executives’ power. The policies are driven by a desire for state control and self-reliance as well as concerns about debt, inequality and influence by countries like the U.S.

“The very definition of what development means in China is changing,” said Yuen Yuen Ang, a political science professor at the University of Michigan. “In the past decades, the model was straightforward: It was one that prioritized the speed of growth over all other matters.”

- prioritize 1. 우선순위를 매기다 2. 우선적으로 처리하다

Details: There’s been no word from officials about a bailout for Evergrande, the troubled property giant; the central bank announced that transactions using unapproved cryptocurrency would be illegal; and authorities have cracked down on corruption and bribery.

- Evergrande : https://en.wikipedia.org/wiki/Evergrande_Group

- cryptocurrency : 암호화된 화폐, 가상화폐

- crack down : 엄중히 단속하다

Related: A Chinese real estate developer, Fantasia Holdings Group, missed a key payment to foreign bondholders this week, heightening fears of a coming crisis in the property sector.

- bondholder : 증서[회사 채권] 소유자