China has started to crack down on the crypto again. Although it is expected, it is still quite scary. Let me tell you that the debt repayment of local governments in China has reached a crazy level. For example: Wuhan issued three measures last week: state-owned enterprises should increase leverage, state-owned enterprises should list on the A-share market, and state-owned enterprises should list their resources on finance. The main reason for this is that only by listing assets that cannot generate income can the debt reduction task be completed.