This week on the Caixin-Sinica Business Brief: Henry Kissinger weighs in on the Xi-Biden virtual summit; China and the U.S. will ease visa restrictions on each others’ journalists; Beijing is set to go after carbon-intensive industrial crypto mining operations; China pledges $30 billion toward reducing carbon emissions from burning coal; Alibaba shares fall 11% as the e-commerce giant lowers its full-year forecast; and six people are jailed after trying to cover up the escape of three leopards from a wild animal park in Hangzhou.

In addition, we speak with Caixin Global company news editor Kelsey Cheng about how Chinese companies — and regulators — are responding to Facebook’s “Metaverse.”