China Is Now the World's Biggest Official Creditor

New York City mayor-elect Zohran Mamdani swept the election on a campaign all about affordability. One pillar of that platform was the idea of city-owned grocery stores. The thinking: Prices at these city-owned stores would be lower because they’d operate in city-owned spaces, so they wouldn’t have to pay rent or property taxes. Other cities have tried this. How'd the experiment go? But first: the world's largest official creditor and rising utility costs.