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China promises to borrow more to shore up economy and boost banks

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China promises to borrow more to shore up economy and boost banks

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China said on Saturday it would issue more debt to boost the property market, recapitalise banks and help cash-strapped local governments, as Beijing seeks to reassure investors over its efforts to lift the economy.

Announcing the measures at a briefing in Beijing, Minister of Finance Lan Fo’an gave few details on the amount of funding but suggested that the government plans more stimulus measures to shore up growth.

“Our countercyclical adjustment goes far beyond what I have mentioned,” Lan told reporters, adding that more steps were under discussion. “The central government, when it comes to increasing the deficit and increasing debt, we have significant room.”

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Markets are waiting for signs that Beijing will increase fiscal spending to back up monetary stimulus plans, amid persistent doubts over the strength of the world’s second-largest economy.

Stocks in China plunged this week after state planners held a press conference on the economy but failed to give details of stronger fiscal support.

Lan said Beijing would issue bonds to enable local governments to buy back idle land from developers as well as some of China’s millions of unsold new homes. The government will also issue a special-purpose bond to help large banks replenish their capital, which would enhance their ability to lend.

Beijing would also give more help to groups such as students and low-income earners, Lan said.

The Ministry of Finance cannot announce specific amounts of extra fiscal stimulus until these are rubber-stamped by China’s parliament, the National People’s Congress. Its next standing committee is expected in the coming weeks.

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The government’s stimulus efforts follow declining household and stock market confidence on the back of a prolonged property sector slowdown and state crackdowns on sectors such as ecommerce and finance.

After months of incremental measures to shore up flagging domestic demand, Beijing suddenly changed tack in late September, with the central bank launching China’s biggest monetary stimulus since the pandemic.

The measures, which included extensive support for the stock and property markets, drove the benchmark CSI 300 index up 24 per cent before a week-long holiday. But markets tumbled again on reopening this week after disappointment with the state planners’ briefing.

Alicia García-Herrero, chief Asia-Pacific economist at Natixis, said it was difficult to understand why Beijing was not acting more forcefully or providing more clarity on the spending plans. “I don’t think it will lift the market massively,” she said after Lan spoke on Saturday.

The finance ministry’s policies on reducing local government debt and stabilising the property market were sound from a macroeconomic viewpoint but the market was seeking more, said Raymond Yeung, chief economist for Greater China with ANZ.

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“I think the market will be disappointed,” Yeung said. “Everyone was looking for a number but the finance minister did not give us one.”

He said the ministry could have offered a proposed expenditure figure to be confirmed by the NPC.

Heron Lim, an economist at Moody’s Analytics, said bailing out local governments would help them to increase spending, boosting the economy.

But without a figure for the central government’s stimulus package, investors might take “a step back until they are absolutely certain of the direction fiscal support is taking”, he said.

However, Andy Rothman, an investment strategist at the Matthews Asia fund, said the series of press conferences from economic planners indicated a “fundamental shift” on the economy by China’s leader Xi Jinping.

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“Xi understands that the policy response must be significant if it is to restore confidence among consumers and entrepreneurs . . . It will take time [but] a turnaround in confidence is likely on the horizon,” Rothman said.

Lan said one of the most significant areas of new spending would be easing the debt burden of local governments. Many relied heavily on property and related industries for their revenue.

“This upcoming policy will be one of the largest in recent years in addressing debt risks,” Lan said, adding it would boost confidence by helping local governments to pay salaries and other bills.

Economists have estimated that China needs to spend up to Rmb10tn ($1.4tn) over two years on additional stimulus measures to reflate the economy, adding that much of it needed to be directed at households to shore up domestic demand.

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Arson engulfs Mississippi synagogue, a congregation once bombed by Ku Klux Klan

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Arson engulfs Mississippi synagogue, a congregation once bombed by Ku Klux Klan

A fire damaged the Beth Israel Congregation in Jackson, Miss. The fire department said arson was the cause.

Hannah Orlansky/Beth Israel Congregation


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Hannah Orlansky/Beth Israel Congregation

Authorities have charged one person with arson in a fire that badly damaged Beth Israel Congregation in Jackson, Miss., early Saturday morning. The Jackson Fire Department, the Bureau of Alcohol, Tobacco, Firearms & Explosives, and the FBI are investigating.

Zach Shemper, Beth Israel Congregation president, said he’s stunned.

“Crazy things happen all over the world and nothing really hits home until it actually hits directly home,” he told Mississippi Public Broadcasting. “When it hits home, it’s just hard. Honestly, I’m still trying to wrap my own head around it.”

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Shemper also released a statement saying the synagogue and its 150 families are resilient.

“As Jackson’s only synagogue, Beth Israel is a beloved institution, and it is the fellowship of our neighbors and extended community that will see us through,” he said.

The congregation was founded in 1860, according to Beth Israel’s website. In 1967, local Ku Klux Klan members bombed the place of worship and the home of the rabbi at the time, who had spoken out against racism and segregation. No one was hurt in the civil rights-era bombings or Saturday’s fire.

Charles Felton, Jackson Fire Department chief of fire investigations, told NPR in an interview on Sunday that flames and smoke caused extensive damage and destroyed Beth Israel’s library, where he says the fire was started. The fire was reported to 911 just after 3 a.m.

“All contents in that library are destroyed. There’s not much that can be retrieved from the library area. The other portions of the building do not have actual fire damage, but they have damage as far as smoke and soot,” he said.

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Shemper said the fire destroyed two Torahs, the Jewish sacred texts, and damaged five others. A Torah that survived the Holocaust was protected by a glass display case and was not damaged. The synagogue’s Tree of Life plaque honoring congregants’ meaningful occasions was destroyed. Shemper said the library, administrative offices and the lobby suffered the most damage.

Surveillance video shows a man wearing a hoodie and a mask pouring liquid from a can inside the synagogue, according to Shemper. Felton said Jackson Fire investigators later received information from an area hospital that led them to the suspect, who was arrested Saturday evening.

“There was a suspect possibly burned at a local hospital,” he told NPR. “They did go to the hospital at which point they interviewed the person of interest and that person did confess to having involvement in the fire.”

The Jackson Fire Department’s powers include the authority to charge suspects, according to Felton, who said the department has filed arson charges against the suspect, who authorities have not publicly named. He said federal authorities will make a determination on whether to pursue hate crime charges.

The FBI’s office in Jackson said in a statement that it was aware of the incident and was working with other law enforcement on the investigation.

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Jackson Mayor John Horhn said the city stands with Beth Israel and the Jewish community.

“Acts of antisemitism, racism, and religious hatred are attacks on Jackson as a whole and will be treated as acts of terror against residents’ safety and freedom to worship,” said a statement from the mayor’s office.

Beth Israel is planning to immediately move forward.

“With support from our community, we will rebuild. Beth Israel Congregation has been the Jewish spiritual home in Jackson, Mississippi, for over 160 years,” said Shemper’s statement. “We are devastated but ready to rebuild.”

He said several local churches have offered temporary space for Beth Israel to continue services.

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The attack comes after investigators say a father and son opened fire on Jewish people celebrating Hanukkah on Bondi Beach in Sydney, Australia, last month. Fifteen people were killed and dozens were injured.

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Nationwide anti-ICE protests call for accountability after Renee Good’s death

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Nationwide anti-ICE protests call for accountability after Renee Good’s death

A large bird puppet crafted at In the Heart of the Beast Puppet and Mask Theatre in Minneapolis is carried down Lake Street during a march demanding ICE’s removal from Minnesota on Saturday, Jan. 10, 2026.

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People have been taking to the streets nationwide this weekend to protest the Trump administration’s immigration enforcement tactics following the death of Renee Good in Minneapolis, a 37-year-old woman who was shot and killed by a U.S. Immigration and Customs Enforcement (ICE) officer this week.

At least 1,000 events across the U.S. were planned for Saturday and Sunday, according to Indivisible, a progressive grassroots coalition of activists helping coordinate the movement it calls “ICE Out For Good Weekend of Action.”

Leah Greenberg, a co-executive director of Indivisible, said people are coming together to “grieve, honor those we’ve lost, and demand accountability from a system that has operated with impunity for far too long.”

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“Renee Nicole Good was a wife, a mother of three, and a member of her community. She, and the dozens of other sons, daughters, friends, siblings, parents, and community members who have been killed by ICE, should be alive today,” Greenberg said in a statement on Friday. “ICE’s violence is not a statistic, it has names, families, and futures attached to it, and we refuse to look away or stay silent.”

Large crowds of demonstrators carried signs and shouted “ICE out now!” as protests continued across Minneapolis on Saturday. One of those protestors, Cameron Kritikos, told NPR that he is worried that the presence of more ICE agents in the city could lead to more violence or another death.

“If more ICE officers are deployed to the streets, especially a place here where there’s very clear public opposition to the terrorizing of our neighborhoods, I’m nervous that there’s going to be more violence,” the 31-year grocery store worker said. “I’m nervous that there are going to be more clashes with law enforcement officials, and at the end of the day I think that’s not what anyone wants.”

Demonstrators in Minneapolis on Saturday, Jan. 10, 2026.

Demonstrators in Minneapolis on Saturday, Jan. 10, 2026.

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The night before, hundreds of city and state police officers responded to a “noise protest” in downtown Minneapolis. An estimated 1,000 people gathered Friday night, according to Minneapolis Police Chief Brian O’Hara, and 29 people were arrested.

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People demonstrated outside of hotels where ICE agents were believed to be staying. They chanted, played drums and banged pots. O’Hara said that a group of people split from the main protest and began damaging hotel windows. One police officer was injured from a chunk of ice that was hurled at officers, he added.

Minneapolis Mayor Jacob Frey condemned the acts of violence but praised what he said was the “vast majority” of protesters who remained peaceful, during a morning news conference.

“To anyone who causes property damage or puts others in danger: you will be arrested. We are standing up to Donald Trump’s chaos not with our own brand of chaos, but with care and unity,” Frey wrote on social media.

Commenting on the protests, Department of Homeland Security (DHS) spokesperson Tricia McLaughlin told NPR in a statement, “the First Amendment protects speech and peaceful assembly — not rioting, assault and destruction,” adding, “DHS is taking measures to uphold the rule of law and protect public safety and our officers.”

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Good was fatally shot the day after DHS launched a large-scale immigration enforcement operation in Minnesota set to deploy 2,000 immigration officers to the state.

In Philadelphia, police estimated about 500 demonstrators “were cooperative and peaceful” at a march that began Saturday morning at City Hall, Philadelphia Police Department spokesperson Tanya Little told NPR in a statement. And no arrests were made.

In Portland, Ore., demonstrators rallied and lined the streets outside of a hospital on Saturday afternoon, where immigration enforcement agents bring detainees who are injured during an arrest, reported Oregon Public Broadcasting.

A man and woman were shot and injured by U.S. Border Patrol agents on Thursday in the city. DHS said the shooting happened during a targeted vehicle stop and identified the driver as Luis David Nino-Moncada, and the passenger as Yorlenys Betzabeth Zambrano-Contreras, both from Venezuela. As was the case in their assertion about Good’s fatal shooting, Homeland Security officials claimed the federal agent acted in self-defense after Nino-Moncada and Zambrano-Contreras “weaponized their vehicle.”

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Why men should really be reading more fiction

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Why men should really be reading more fiction

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A friend sent a meme to a group chat last week that, like many internet memes before it, managed to implant itself deep into my brain and capture an idea in a way that more sophisticated, expansive prose does not always manage. Somewhat ironically, the meme was about the ills of the internet. 

“People in 1999 using the internet as an escape from reality,” the text read, over an often-used image from a TV series of a face looking out of a car window. Below it was another face looking out of a different car window overlaid with the text: “People in 2026 using reality as an escape from the internet.” 

Oof. So simple, yet so spot on. With AI-generated slop — sorry, content — now having overtaken human-generated words and images online, with social media use appearing to have peaked and with “dumb phones” being touted as this year’s status symbol, it does feel as if the tide is beginning to turn towards the general de-enshittification of life. 

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And what could be a better way to resist the ever-swelling stream of mediocrity and nonsense on the internet, and to stick it to the avaricious behemoths of the “attention economy”, than to pick up a work of fiction (ideally not purchased on one of these behemoths’ platforms), with no goal other than sheer pleasure and the enrichment of our lives? But while the tide might have started to turn, we don’t seem to have quite got there yet on the reading front, if we are on our way there at all.

Two-fifths of Britons said last year that they had not read a single book in the previous 12 months, according to YouGov. And, as has been noted many times before on both sides of the Atlantic, it is men who are reading the least — just 53 per cent had read any book over the previous year, compared with 66 per cent of women — both in overall numbers and specifically when it comes to fiction.

Yet pointing this out, and lamenting the “disappearance of literary men”, has become somewhat contentious. A much-discussed Vox article last year asked: “Are men’s reading habits truly a national crisis?” suggesting that they were not and pointing out that women only read an average of seven minutes more fiction per day than men (while failing to note that this itself represents almost 60 per cent more reading time).

Meanwhile an UnHerd op-ed last year argued that “the literary man is not dead”, positing that there exists a subculture of male literature enthusiasts keeping the archetype alive and claiming that “podcasts are the new salons”. 

That’s all well and good, but the truth is that there is a gender gap between men and women when it comes to reading and engaging specifically with fiction, and it’s growing.

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According to a 2022 survey by the US National Endowment for the Arts, 27.7 per cent of men had read a short story or novel over the previous year, down from 35.1 per cent a decade earlier. Women’s fiction-reading habits declined too, but more slowly and from a higher base: 54.6 per cent to 46.9 per cent, meaning that while women out-read men by 55 per cent in 2012 when it came to fiction, they did so by almost 70 per cent in 2022.

The divide is already apparent in young adulthood, and it has widened too: data from 2025 showed girls in England took an A-Level in English literature at an almost four-times-higher rate than boys, with that gap having grown from a rate of about three times higher just eight years earlier.

So the next question is: should we care and, if so, why? Those who argue that yes, we should, tend to give a few reasons. They point out that reading fiction fosters critical thinking, empathy and improves “emotional vocabulary”. They argue that novels often contain heroic figures and strong, virtuous representations of masculinity that can inspire and motivate modern men. They cite Andrew Tate, the titan of male toxicity, who once said that “reading books is for losers who are afraid to learn from life”, and that “books are a total waste of time”, as an example of whose advice not to follow. 

I agree with all of this — wholeheartedly, I might add. But I’m not sure how many of us, women or men, are picking up books in order to become more virtuous people. Perhaps the more compelling, or at least motivating, reason for reading fiction is simply that it offers a form of pleasure and attention that the modern world is steadily eroding. In a hyper-capitalist culture optimised for skimming and distraction, the ability to sit still with a novel is both subversive and truly gratifying. The real question, then, is why so many men are not picking one up.

jemima.kelly@ft.com

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