This week on the Caixin-Sinica Business Brief:

China sets its lowest GDP growth target yet, at around 5.5%; the renminbi surges against the ruble as sanctions bite against Russia; an AmCham survey finds fewer U.S. firms in China making a profit; Huawei’s tax troubles in India deepen; a new American ambassador takes up his post in Beijing; Hong Kong continues to battle an Omicron wave; and China is hinting that it is reconsidering its dynamic zero-COVID strategy.

In addition, we speak with Caixin Global finance reporter Yukun Zhang about the huge penalties levied against livestreaming e-commerce celebs.