Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Charlotte news in your inbox

Catch up on the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Liu He speaks during a special session on day two of the World Economic Forum in Davos, Switzerland. Photo: Jason Alden/Bloomberg via Getty Images

Liu He, a Politburo member who's perhaps Chinese President Xi Jinping's most trusted economic policymaker and likely vice-premier, led the PRC delegation to the World Economic Forum in Davos, Switzerland.

What they're saying: In his speech on day two, Liu reiterated Beijing's focus on cleaning up the financial system and declared that the government would get control of the massive debt problem within three years.

What to expect in 2018, per Caixin magazine's "China’s Financial Crackdown: What You Need to Know":

1. More attention to corporate governance -- who’s in the firing line?

"The short answer is: everyone. Securities companies, banks, insurance firms, non-bank financial institutions, traders, trust companies, peer-to-peer and micro-lenders, asset managers — the list is extensive..."

2. Another top priority is putting a further squeeze on the interbank market.

"This year, regulators have signaled they will pay more attention to corporate governance and financial conglomerates..."

3. There will be a crackdown on corruption.

"The Central Commission for Discipline Inspection (CCDI), the corruption watchdog, signaled its intention to target banks in a communique dated Jan. 14 that highlighted four key areas of investigation, including 'financial credit.'"

Go deeper: Fang Xinghai, vice chairman of the China Securities Regulatory Commission, tried to reassure the Davos audience at the “The Next Financial Crisis?” panel that China can prevent a systemic collapse, Caixin reported. He said:

"[I]n the Chinese system if something happens to certain small financial institutions, what we will do – and this is a lesson we learned from the U.S. financial crisis – is that we will move very swiftly to contain that risk to make sure that whatever panic is caused by this small institution does not spread into the entire system quickly.”

Be smart: The Chinese government has talked for years about getting the debt problem under control but has always wavered at any sign of significant stress. The authorities keep signaling that this year will be different — but if they do keep their resolve, expect the financial system to come under significant stress before things improve.

Editor's note: The 3 points were changed to clarify the interbank market squeeze is separate from the corruption crackdown.

Go deeper

Schumer's m(aj)ority checklist

Senate Minority Leader Chuck Schumer. Photo: Tasos Katopodis/Getty Images

Capitalizing on the Georgia runoffs, achieving a 50-50 Senate and launching an impeachment trial are weighty to-dos for getting Joe Biden's administration up and running on Day One.

What to watch: A blend of ceremonies, hearings and legal timelines will come into play on Tuesday and Wednesday so Chuck Schumer can actually claim the Senate majority and propel the new president's agenda.

The dark new reality in Congress

National Guard troops keep watch at security fencing. Photo: Kent Nishimura/Los Angeles Times via Getty Images

This is how bad things are for elected officials and others working in a post-insurrection Congress:

  • Rep. Norma Torres (D-Calif.) said she had a panic attack while grocery shopping back home.
  • Rep. Jim McGovern (D-Mass.) said police may also have to be at his constituent meetings.
  • Rep. Adam Kinzinger (R-Ill.) told a podcaster he brought a gun to his office on Capitol Hill on Jan. 6 because he anticipated trouble with the proceedings that day.
Off the Rails

Episode 3: Descent into madness ... Trump: "Sometimes you need a little crazy"

Photo illustration: Sarah Grillo/Axios. Photos: Tom Williams/CQ-Roll Call, Chip Somodevilla/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 3: The conspiracy goes too far. Trump's outside lawyers plot to seize voting machines and spin theories about communists, spies and computer software.

President Trump was sitting in the Oval Office one day in late November when a call came in from lawyer Sidney Powell. "Ugh, Sidney," he told the staff in the room before he picked up. "She's getting a little crazy, isn't she? She's really gotta tone it down. No one believes this stuff. It's just too much."