Four arrested in India on alleged links to Vivo money laundering investigation, Golden Week tourism revenues top pre-pandemic levels, but just barely, and China set to sell a record amount of offshore yuan sovereign debt.

In addition, Kelsey Cheng talks about Nio's challenges in China's competitive EV market.

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This week on the Caixin-Sinica Business Brief: U.S. firms reported falling optimism for their China operations amid concerns over Sino-U.S. tensions, but many are still planning to boost investment in the country; Chinese steelmakers come out strong despite property slump; and troubled Zhongzhi-linked financial institution asks two state-owned companies to help manage its business.

Plus, Yukun Zhang joins to talk about local government debt and the proposals being floated to address this potentially dangerous issue.

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This week on the Caixin-Sinica Business Brief: The EU says it will launch an investigation into Chinese subsidies for electric vehicles in a bid to ward off cheap imports, a move Beijing says could negatively impact trade ties. Beijing denies that it has banned Apple iPhones in government agencies. And the PBOC lowers reserve requirement ratios to juice lending.

In addition, Kelsey Cheng explains what's happening with China's offshore wind sector.

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