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Photo: Chukrut Budrul/SOPA Images/LightRocket via Getty Images

Worries are beginning to grow about China's stimulus efforts as the government has pushed new measures designed to offset the impact of the coronavirus.

The latest: Chinese regulators ordered banks to lower interest rates and allow late repayment of loans to help small and midsize companies, but there are worries the program may be ill-advised.

  • "[T]he measures are not working as intended, bankers and analysts say, as the move could heighten financial risk in the banking sector and add to small business debt," Caixin reported, citing unnamed sources.
  • "Under the latest directives, banks heeding Beijing's call to support small and midsize companies could make problematic loans to companies that might not meet standards under normal circumstances."

Of note: China’s fiscal revenues rose just 3.8% in 2019, the slowest growth pace since 1987, largely as a result of wide-ranging tax cuts in response to the country's economic slowdown. That followed 6.2% growth the year prior, according to South China Morning Post.

Why it matters: China has been working to reduce its debt for years as part of a “structural deleveraging” campaign, but had to reverse course as the trade war and now the coronavirus outbreak are pushing the government to increase spending.

Go deeper:

Go deeper

Kellyanne Conway's parting power pointers

Kellyanne Conway addresses the 2020 Republican National Convention. Photo: Nicholas Kamm/AFP via Getty Images

Kellyanne Conway has seen power exercised as a pollster, campaign manager and senior counselor to President Trump. Now that his term in office has concluded, she shared her thoughts with Axios.

Why it matters: If there's a currency in this town, it's power, so we've asked several former Washington power brokers to share their best advice as a new administration and new Congress settle in.

2 hours ago - Politics & Policy

GOP holdouts press on with plans to crush Cheney

Screenshot of emails to a member of Congress from individuals who signed an Americans for Limited Government petition against Rep. Liz Cheney. Photo obtained by Axios

Pro-Trump holdouts in the House are forging ahead with an uphill campaign to oust Rep. Liz Cheney as head of the chamber's Republican caucus even though Minority Leader Kevin McCarthy told them to back down.

Why it matters: What happens next will be a test of McCarthy's party control and the sincerity of his opposition to the movement. Cheney (R-Wyo.) is seen as a potential leadership rival to the California Republican.

Democrats aim to punish House GOP for Capitol riot

Speaker Nancy Pelosi passes through a newly installed metal detector at the House floor entrance Thursday. Photo: Drew Angerer/Getty Images

House Democrats plan to take advantage of corporate efforts to cut funding for Republicans who opposed certifying the 2020 election results, with a plan to target vulnerable members in the pivotal 2022 midterms for their role in the Jan. 6 violence.

Why it matters: It's unclear whether the Democrats' strategy will manifest itself in ads or earned media in the targeted races or just be a stunt to raise money for themselves. But the Capitol violence will be central to the party's messaging as it seeks to maintain its narrow majorities in Congress.