Last night in San Francisco's Chinatown, "A person jumped on the hood of a Waymo driverless taxi and smashed its windshield..." reports the Verge, "generating applause before a crowd formed around the car and covered it in spray paint, breaking its windows, and ultimately set it on fire." The fire department arrived minutes later, according to a report in The Autopian, but by then flames had already fully engulfed the car.... Waymo representative Sandy Karp told The Verge via email that the fully autonomous car "was not transporting any riders" when it was attacked and fireworks were tossed inside the car, sparking the flames...

The fire takes place against the backdrop of simmering tension between San Francisco residents and automated vehicle operators... Just last week, a Waymo car struck a cyclist who had reportedly been following behind a truck turning across its path.
The "burnt-out husk of the electric Waymo Jaguar" appears in a video posted on YouTube, according to the article. "Another set of videos posted by software developer Michael Vendi gives a view into the scene as it played out and the fire grew."

San Francisco's 49ers play in the Super Bowl this afteroon, so last night's celebrations for Chinese New Year could be followed by additional celebrations tonight. Police Chief Bill Scott is already urging residents to behave responsibly. "Please don't light anything on fire."

An anonymous reader shared this report from the Associated Press: An abrupt shutdown of Atlantic Ocean currents that could put large parts of Europe in a deep freeze is looking a bit more likely and closer than before as a new complex computer simulation finds a "cliff-like" tipping point looming in the future. A long-worried nightmare scenario, triggered by Greenland's ice sheet melting from global warming, still is at least decades away if not longer, but maybe not the centuries that it once seemed, a new study in Friday's Science Advances finds.

The study, the first to use complex simulations and include multiple factors, uses a key measurement to track the strength of vital overall ocean circulation, which is slowing. A collapse of the current — called the Atlantic Meridional Overturning Circulation or AMOC — would change weather worldwide because it means a shutdown of one of key the climate and ocean forces of the planet. It would plunge northwestern European temperatures by 9 to 27 degrees (5 to 15 degrees Celsius) over the decades, extend Arctic ice much farther south, turn up the heat even more in the Southern Hemisphere, change global rainfall patterns and disrupt the Amazon, the study said. Other scientists said it would be a catastrophe that could cause worldwide food and water shortages.

"We are moving closer (to the collapse), but we we're not sure how much closer," said study lead author Rene van Westen, a climate scientist and oceanographer at Utrecht University in the Netherlands. "We are heading towards a tipping point." When this global weather calamity — grossly fictionalized in the movie "The Day After Tomorrow" — may happen is "the million-dollar question, which we unfortunately can't answer at the moment," van Westen said. He said it's likely a century away but still could happen in his lifetime. He just turned 30.

"It also depends on the rate of climate change we are inducing as humanity," van Westen said.

The French offices of Chinese tech giant Huawei were raided by financial prosecutors this week, the company confirmed Friday. CNN reports: A French judicial source told CNN Thursday that the raid had been carried out as part of a preliminary probe launched by the financial prosecutor's office over alleged "breach of probity," a broad term concerning offenses such as acts of corruption, favoritism and influence peddling. The source did not provide any further details about the investigation. A preliminary investigation does not imply any wrongdoing.

"Huawei has been in France for over 20 years, and has been in compliance with the laws and regulations applicable in the country. While Huawei France does not wish to comment on an ongoing investigation, the company remains confident about its conclusions," a spokesperson said.

President Joe Biden's administration plans to launch a $5 billion semiconductor research consortium to bolster chip design and hardware innovation in the US and counter China's efforts to capture the cutting edge of the industry. From a report: Officials on Friday are set to formally establish the National Semiconductor Technology Center, or NSTC, which marks the second major research and development investment from the 2022 Chips Act following a $3 billion advanced packaging initiative. The consortium plans to invest hundreds of millions of dollars into workforce development and intends to open funding applications in early March for research grants, Commerce Undersecretary for Standards and Technology Dr. Laurie E. Locascio said in an interview with Bloomberg News. Officials are working to prevent China from benefiting from NSTC-funded research while filling gaps in the US research ecosystem for key areas like packaging and hardware, she said, as electronic components have become a key US-China battleground.

Taiwanese chipmaker TSMC announced plans to build a second chip factory in Japan by the end of 2027, bringing total investment in its Japan venture to more than $20 billion. "Taiwan Semiconductor Manufacturing Co announced plans in 2021 to build a $7 billion chip plant in Kumamoto in southern Japan's Kyushu," notes Reuters. From the report: In a statement, TSMC, the world's largest contract chipmaker, said its majority-owned unit Japan Advanced Semiconductor Manufacturing in Kumamoto would build a second fabrication plant, or fab, in response to rising customer demand. The second fab will begin construction by the end of this year and with both factories the site is expected to have total monthly capacity of more than 100,000 12-inch wafers to be used for automotive, industrial, consumer and high performance computing-related applications, TSMC said. The capacity plan may be further adjusted based upon customer demand, it added.

TSMC's expansion in Kyushu is central to the Japanese government's efforts to rebuild the country's position as a leading chip manufacturing centre and ensure the stable supply of chips amid trade tensions between the United States and China. The decision to build a second fab is a vote of confidence by TSMC in Japan where construction of the first fab has run smoothly and which, Reuters has reported, it sees as a source of diligent workers with a government that is easy to deal with.

The Chinese state-sponsored hacking group known as Volt Typhoon has been living in the networks of some critical industries for "at least five years," (non-paywalled link) according to a joint cybersecurity advisory issued by the US and its allies on Wednesday. From a report: The compromised environments are in the continental US and elsewhere, including Guam, the advisory said. It was published by US agencies and their security counterparts in Australia, Canada, the UK and New Zealand. The report comes a week after US officials announced an operation to disrupt Volt Typhoon by deleting malware from thousands of internet-connected devices the group had hijacked to gain access to the networks in critical parts of the economy. Among the sectors targeted were communications, energy, transportation and water systems.

An anonymous reader shares a report: Alibaba Group cut its staff by roughly 20,000 over the course of 2023, adding to a spate of layoffs spanning global tech companies from Silicon Valley to Hangzhou. China's e-commerce pioneer ended December with 219,260 employees, down from close to 240,000 a year earlier, it said in detailing its earnings for the holiday quarter on Wednesday.

The company's pace of eliminating roles has been fairly steady, as it reduced headcount by roughly the same number over the course of 2022 as well. Mirroring US peers like Meta Platforms, Alibaba paired the reduction in staff with a significant buyback, extending its authorization for repurchases by another $25 billion on Wednesday. The company bought back $9.5 billion worth of shares in 2023.

From mergers to AI, the EU's aggressive rule-making hampers its ability to compete with China and the U.S. Greg Ip, writing for WSJ: These are humbling times for Europe. The continent barely escaped recession late last year as the U.S. boomed. It is losing out to the U.S. on artificial intelligence, and to China on electric vehicles. There is one field where the European Union still leads the world: regulation. Having set the standard on regulating mergers, carbon emissions, data privacy, and e-commerce competition, the EU now seeks to do the same on AI. In December it unveiled a sweeping draft law that bans certain types of AI, tightly regulates others, and imposes huge fines for violators. Its executive arm, the European Commission, might investigate Microsoft's tie-up with OpenAI as potentially anticompetitive. Never before has "America innovates, China replicates, Europe regulates" so aptly captured each region's comparative advantage.

The technocrats who staff the EU in Brussels aren't anti-free market. Just the opposite: they still believe in free trade, unlike the U.S. or China. Much of their regulation is aimed at protecting consumers and competition from meddling national governments. But there's a trade-off between consumer protection and the profit motive that drives investment and innovation, and the EU might be getting that trade-off wrong. For example, to preserve competition, European regulators have resisted mergers that leave just a handful of mobile phone carriers per market. As a result Europe now has 43 groups running 102 mobile operators serving a population of 474 million, while the U.S. has three major networks serving a population of 335 million, according to telecommunications consultant John Strand. China and India are even more concentrated.

European mobile customers as a result pay only about a third of what Americans do. But that's why European carriers invest only half as much per customer and their networks are commensurately worse, Strand said: "Getting a 5G signal in Germany is like finding a Biden supporter at a Trump rally." Putting European networks on a par with the U.S. would cost about $300 billion, he estimated. This has knock-on effects on Europe's tech sector. Swedish telecommunications equipment manufacturer Ericsson's sales in Europe suffer in part because many carriers are too small and unprofitable to update to the latest 5G networks. "Europe has prioritized shorter-term low consumer prices at the expense of quality infrastructure," chief executive Borje Ekholm told me in Davos earlier this month. "I'm very concerned about Europe. We need to invest much more in infrastructure, in being digital."

"In the last few years, the U.S. has seen a boom in cryptocurrency mining," writes Ars Technica. But they add that the U.S. government "is now trying to track exactly what that means for the consumption of electricity. Specifically, a crucial branch of the U.S. Department of Energy.

"While its analysis is preliminary, the Energy Information Agency (EIA) estimates that large-scale cryptocurrency operations are now consuming over 2 percent of the U.S.'s electricity." That's roughly the equivalent of having added an additional state to the grid over just the last three years."

While there is some small-scale mining that goes on with personal computers and small rigs, most cryptocurrency mining has moved to large collections of specialized hardware. While this hardware can be pricy compared to personal computers, the main cost for these operations is electricity use, so the miners will tend to move to places with low electricity rates. The EIA report notes that, in the wake of a crackdown on cryptocurrency in China, a lot of that movement has involved relocation to the U.S., where keeping electricity prices low has generally been a policy priority.

One independent estimate made by the Cambridge Centre for Alternative Finance had the US as the home of just over 3 percent of the global bitcoin mining at the start of 2020. By the start of 2022, that figure was nearly 38 percent... The EIA decided it needed a better grip on what was going on... To better understand the implications of this major new drain on the U.S. electric grid, the EIA will be performing monthly analyses of bitcoin operations during the first half of 2024.
The Energy Information Agency identified 137 bitcoin mining operators, of which 101 responded to inquiries about their full-capacity power supply. "If running all-out, those 101 facilities would consume 2.3 percent of the US's average power demand," the article points out. And they add that in at least five instances, the Agency found bitcoin operators had "moved in near underutilized power plants and sent generation soaring again...

"These are almost certainly fossil fuel plants that might be reasonable candidates for retirement if it weren't for their use to supply bitcoin miners."

Although hydrogen-dedicated renewable energy capacity is expected to increase by 45 GW between 2022 and 2028, the estimates are 35% lower than what the International Energy Agency (IEA) forecasted a year ago. Reuters reports: There is growing political momentum for low-emission hydrogen but actual implementation has been held up by uncertain demand outlooks, a lack of clarity in regulatory frameworks, and a lack of infrastructure to deliver hydrogen to end users, the IEA said in an emailed response to questions. Slow progress on real-world implementation "is a consequence of barriers that could be expected in a sector that needs to build up new and complex value chains," the IEA said. Uncertainties have been exacerbated by inflation and sluggish policy implementation.

Expected renewable energy capacity for hydrogen production represents just 7% of the capacity pledged for the same period and one tenth the sum of government targets for 2030, IEA said in its report. Around 75% of expected capacity is based in three countries, with China taking the lion's share, followed by Saudi Arabia and the United States, the IEA says.

"China's hackers are positioning on American infrastructure in preparation to wreak havoc and cause real-world harm to American citizens and communities, if or when China decides the time has come to strike," said FBI Director Christopher Wray in a prepared testimony before the House Select Committee on the Chinese Communist Party. NBC News reports: Wray also argued that "there has been far too little public focus" that Chinese hackers are targeting critical infrastructure in the U.S. such as water treatment plants, electrical grids, oil and natural gas pipelines, and transportation systems, according to the prepared remarks. "And the risk that poses to every American requires our attention -- now," his prepared testimony said.

As Wray testified, the Justice Department and FBI announced they had disabled a Chinese hacking operation that had infected hundreds of small office and home routers with botnet malware that targeted critical infrastructure. The DOJ said the hackers, known to the private sector as "Volt Typhoon," used privately owned small routers that were infected with "KV botnet" malware to conceal further Chinese hacking activities against U.S. and foreign victims. Wray addressed the malware in his testimony, emphasizing that it targets critical infrastructure in the U.S. [...]

At Wednesday's hearing, the director of the federal Cybersecurity and Infrastructure Security Agency, Jen Easterly, testified that Americans should expect efforts by China to wage influence campaigns online relating to the 2024 election. However, Easterly added that she was confident that voting systems and other election infrastructure are well-defended. "To be very clear, Americans should have confidence in the integrity of our election infrastructure because of the enormous amount of work that's been done by state and local election officials, by the federal government, by vendors, by the private sector since 2016," Easterly said in her testimony.

Wray emphasized in the remarks that the "cyber onslaught" of Chinese hackers "goes way beyond prepositioning for future conflict," saying in the prepared remarks that every day the hackers are "actively attacking" U.S. economic security, engaging in "wholesale theft of our innovation, and our personal and corporate data." "And they don't just hit our security and economy. They target our freedoms, reaching inside our borders, across America, to silence, coerce, and threaten our citizens and residents," the excerpts said.

The U.S. government in recent months launched an operation to fight a pervasive Chinese hacking operation that successfully compromised thousands of internet-connected devices, Reuters reported Tuesday, citing two Western security officials and another person familiar with the matter. From the report: The Justice Department and Federal Bureau of Investigation sought and received legal authorization to remotely disable aspects of the Chinese hacking campaign, the sources told Reuters. The Biden administration has increasingly focused on hacking, not only for fear nation states may try to disrupt the U.S. election in November, but because ransomware wreaked havoc on Corporate America in 2023.

The hacking group at the center of recent activity, Volt Typhoon, has especially alarmed intelligence officials who say it is part of a larger effort to compromise Western critical infrastructure, including naval ports, internet service providers and utilities. While the Volt Typhoon campaign initially came to light in May 2023, the hackers expanded the scope of their operations late last year and changed some of their techniques, according to three people familiar with the matter. The widespread nature of the hacks led to a series of meetings between the White House and private technology industry, including several telecommunications and cloud commuting companies, where the U.S. government asked for assistance in tracking the activity.

China has approved more than 40 AI models for public use in the first six months since authorities began the approval process, as the country strives to catch up to the U.S. in AI development, according to Chinese media. Reuters: Chinese regulators granted approvals to a total of 14 large language models (LLM) for public use last week, Chinese state-backed Securities Times reported. It marks the fourth batch of approvals China has granted, which counts Xiaomi, 4Paradigm and 01.AI among the recipients. Beijing started requiring tech companies to obtain approval from regulators to open their LLMs to the public last August. It underscored China's approach towards developing AI technology while striving to keep it under its purview and control.

Beijing approved its first batch of AI models in August shortly after the approval process was adopted. Baidu, Alibaba and ByteDance were among China's first companies to receive approvals Chinese regulators then granted two more batches of approvals in November and December before another batch was given the greenlight this month. While the government has not disclosed the exact list of approved companies available for public checks, Securities Times said on Sunday more than 40 AI models have been approved.

An anonymous reader shared this report from the The New York Times: Over his 54 years as a financial analyst, Richard X. Bove perfected the art of grabbing attention... American Banker once called him "the country's most quotable bank analyst." Last week, a few hours after completing a spot on Bloomberg television, the 83-year-old announced his retirement. He took that weekend off — and then jumped right back in. In an interview with The New York Times, Mr. Bove (pronounced "boe-VAY"), who goes by Dick, shared a dire outlook on the U.S. economy and his former profession.

"The dollar is finished as the world's reserve currency," Mr. Bove said matter-of-factly, perched in an armchair outside his home office just north of Tampa, from which he predicted that China will overtake the U.S. economy. No other analysts will say the same because they are, as he put it, "monks praying to money," unwilling to speak out on the mainstream financial system that employs them...

As he spoke, a technician was trying to restore his home internet after his final employer, the boutique brokerage Odeon Capital, pulled the plug on his last day...

He sees the offshoring of American manufacturing as the ultimate threat to the financial sector and the dollar, because "the people making the goods elsewhere are getting greater and greater control of the means of production and therefore greater and greater control of the world economy and therefore greater and greater control of money."
The article notes that Bove was once called "The Loneliest Analyst."

"One way that's still true is that he endorses cryptocurrency — an area that few other financial analysts will touch — which he sees as a natural beneficiary of the decline of the dollar."

The 2023 Hugo Awards for science fiction hosted in China sparked controversy by excluding several authors without explanation, raising censorship concerns. Works removed included RF Kuang's bestseller "Babel," an episode of "The Sandman," and author Xiran Jay Zhao. The prestigious Hugo Awards are voted on by science fiction fans and marked the first time the annual World Science Fiction Convention (Worldcon) was held in China. With no reasons given for the exclusions, revealed only when nomination statistics were posted, questions emerged whether there had been interference or censorship in the process from Chinese authorities. The removed works included Kuang's speculative fiction novel "Babel," which recently won fiction book of the year in the British book awards.

Bruce66423 shares a report: Recently released documents showed that several works or authors -- some with links to China -- had been excluded from the ballot despite receiving enough nominations to be included on their respective shortlists. The excluded nominees include Kuang and Zhao, authors who were born in China but are now based in the west. Concerns have been raised that the authors were targeted for political reasons, connected to the fact that the ruling Chinese Communist party exerts a tight control on all cultural events that take place inside its borders.

[...] Episode six of The Sandman, which is based on a comic book written by Neil Gaiman, was excluded from the best dramatic presentation category, despite receiving enough nominations to be on the final ballot. Gaiman has publicly criticised the Chinese authorities for imprisoning writers. [...] Writing on Facebook, Gaiman said: "Until now, one of the things that's always been refreshing about the Hugos has been the transparency and clarity of the process ... This is obfuscatory, and without some clarity it means that whatever has gone wrong here is unfixable, or may be unfixable in ways that don't damage the respect the Hugos have earned over the last 70 years."

Apple, reaching a make-or-break point in its decade-old effort to build a car, has pivoted to a less ambitious design with the intent of finally bringing an electric vehicle to market. Bloomberg: After previously envisioning a truly driverless car, the company is now working on an EV with more limited features, according to people with knowledge of the project. Even so, Apple's goal for a release date continues to slip. With the latest changes, the company looks to introduce the car in 2028 at the earliest, roughly two years after a recent projection, said the people, who asked not to be identified because the deliberations are private.

Apple's secretive effort to create a car is one of the most ambitious endeavors in its history, and one of its more tumultuous. Since it began taking shape in 2014, the project -- codenamed Titan and T172 -- has seen several bosses come and go. There have been multiple rounds of layoffs, key changes in strategy and numerous delays. But it remains one of the company's potential next big things -- an entirely new category for the device maker that could help reinvigorate sales growth. Apple's revenue stalled last year as it contended with a maturing smartphone industry and a slowdown in China, its biggest overseas market.

Beijing has quietly pulled the proposed curbs on the video game industry from the official website, weeks after the draft guidelines wiped tens of billions of dollars off the market value of local titans. From a report: The link to the draft rules was no longer accessible as of this morning, Haitong Securities reported earlier on Tuesday. Shares of Tencent and NetEase jumped on the news. "This could possibly indicate that there will be further changes in the new measures," wrote Haitong analysts in the note. The move follows Beijing also removing a key official -- the head of the publication bureau of Communist Party's Propaganda Department -- over the handling of the release of the draft rules, which caught investors and gaming giants by surprise.

One man living in Virginia oversaw "the laundering of some $7 million in fraudulently obtained gift cards" from Walmart in an international operation which over five years scammed hundreds of victims into sending the numbers over the phone, reports a new ProPublica investigation. (Citing court evidence that emerged after his arrested in 2021). Earlier that year, he complained to an associate that more and more people were competing to resell cards in China, eating into his profits. So many scammers were flocking to Walmart that he and his team regularly encountered them at self-checkout counters.... "We ran into quite a few at the store, and we even started chatting."
It was apparently so common that federal prosecutors started calling it "The Walmart scheme." And while the store is supposed to watch for customers who appear to be acting on a scammer's instructions, "Too often, Walmart has failed." America's largest retailer has long been a facilitator of fraud on a mass scale, a ProPublica investigation has found. For roughly a decade, Walmart has resisted tougher enforcement while breaking promises to regulators and skimping on employee training, according to more than 50 interviews, internal documents supplied by former industry executives, court filings and other public records...More than $1 billion in fraud losses were routed through the company's financial systems between 2013 and 2022, according to filings by the Federal Trade Commission and court cases analyzed by ProPublica. That has helped fuel a boom in financial chicanery. Americans, many of them elderly, were swindled out of $27 billion between 2013 and 2022, according to the FTC...

Walmart has a financial incentive to avoid cracking down. It makes money each time a Walmart gift card is used and earns a fee when another brand of card is bought. And it receives one commission when a person sends a money transfer and a second when the recipient picks it up. The company's financial services business generates hundreds of millions in annual profits. (Its filings do not provide specific figures for gift cards and money transfers.) "They were concerned about the bucks. That's all," Nick Alicea, a former fraud team leader for the U.S. Postal Inspection Service who investigated Walmart for years, told ProPublica. Walmart's deficiencies have repeatedly attracted government scrutiny. In 2017, the attorneys general of New York and Pennsylvania investigated Walmart over concerns that it was "reaping the benefits" of gift card fraud. The investigation concluded a year later with Walmart promising to restrict or eliminate the use of its gift cards to purchase other gift cards...

Instead, the company let the practice continue until 2022 — even after it knew that millions of dollars were being laundered through its stores. The FTC sued Walmart in 2022, alleging it "turned a blind eye" as criminals took advantage of its money transfer service. Walmart, the FTC claimed, pocketed millions in fees while "letting fraudsters fleece its customers." Summarizing the FTC's evidence, a federal judge in the case wrote that "Walmart knew that its services were used by fraudsters" and that the company was repeatedly warned about certain stores where "twenty-five, fifty, or even seventy-five percent of money transfer activity was fraudulent." Separately, a federal grand jury in Pennsylvania is hearing evidence of possible criminal conduct in Walmart's money transfer business, according to corporate filings that did not detail the allegations.
While the FTC says Americans were swindled out of $27 billion between 2013 and 2022, Walmart responded to ProPublica's investigation by pointing out it's refunded $4 million to gift-card fraud victims, and also blocked more than $700 million in suspicious money transfers. "We have a robust anti-fraud program and other controls to help stop scammers and other criminals who may use the financial services we offer to harm our customers." The company's legal filings in the FTC case struck a different tone. Walmart is seeking to dismiss the suit, partly on the grounds that it has "no responsibility to protect against the criminal conduct of third parties." Though fraud is "deeply unfortunate," Walmart argues, such schemes are "reasonably avoidable by consumers."
Other interesting quotes from the article:

• "Walmart outlets at one point accounted for the top 20 locations for fraud nationally among chains that partnered with MoneyGram, according to internal documents."

• "In a single week in March 2017, consumers claiming they'd been duped into a money transfer filed 610 complaints about Walmart, according to documents obtained by ProPublica. CVS ranked second, with 47."

• "Site inspections routinely found that Walmart staff lacked anti-fraud training and that employees failed to ask screening questions..."

• Walmart resisted MoneyGram's attempts to fight fraud [according to the former fraud team leader for the postal inspector's office in Harrisburg, Pennsylvania, who investigated MoneyGram and Walmart].

U.S. lawmakers have banned the Defense Department from buying batteries produced by China's biggest manufacturers. "The rule implemented as part of the latest National Defense Authorization Act that passed on Dec. 22 will prevent procuring batteries from Contemporary Amperex Technology Co. Ltd., BYD Co. and four other Chinese companies beginning in October 2027," reports Bloomberg. From the report: The measure doesn't extend to commercial purchases by companies such as Ford, which is licensing technology from CATL to build electric-vehicle batteries in Michigan. Tesla also sources some of its battery cells from BYD, which became the new top-selling EV maker globally in the fourth quarter. The four other manufacturers whose batteries will be banned are Envision Energy Ltd., EVE Energy Co., Gotion High Tech Co. and Hithium Energy Storage Technology Co.

The decision still requires Pentagon officials to more clearly define the reach of the new rule. It adds to previous provisions outlined by the NDAA that decoupled the Defense Department's supply chain from China, including restrictions on use of Chinese semiconductors. While the Defense Department bans apply strictly to defense procurement, industries and lawmakers closely follow the rules as a guide for what materials, products and companies to trust in their own course of business.

China's Huawei will not support Android apps on the latest iteration of its in-house Harmony operating system, domestic financial media Caixin reported, as the company looks to bolster its own software ecosystem. From a report: The company plans to roll out a developer version of its HarmonyOS Next platform in the second quarter of this year followed by a full commercial version in the fourth quarter, it said in a company statement highlighting the launch event for the platform in its home city of Shenzhen on Thursday.

Huawei first unveiled its proprietary Harmony system in 2019 and prepared to launch it on some smartphones a year later after U.S. restrictions cut its access to Google's technical support for its Android mobile OS. However, earlier versions of Harmony allowed apps built for Android to be used on the system, which will no longer be possible, according to Caixin.