China's record debt, Goldman Sachs opens to the masses and the far-right triumphs in Austria

China’s total debt rose to a record 237 per cent of gross domestic product in the first quarter, far above emerging market counterparts, raising the risk of a financial crisis or a prolonged slowdown in growth, economists warn.

Beijing has turned to massive lending to boost economic growth, bringing total net debt to Rmb163tn ($25tn) at the end of March, according to Financial Times calculations. More worrying is the speed at which it has accumulated this — Chinese debt was only 148 per cent of GDP at the end of 2007. (FT)

In the news

Goldman Sachs opens to the masses For nearly 150 years, the Wall Street titan has been the go-to bank for the rich and powerful. But now it is offering online savings accounts for as little as $1 on deposit. (FT)

Far-right triumphs in Austria The far-right Freedom party won an unexpectedly powerful victory in the first round of the country’s presidential election on Sunday, highlighting the potential for Europe’s refugee crisis to send shockwaves across the continent. (FT)

Cruz and Kasich team up The rivals will co-ordinate their campaigns in several upcoming primary races in an effort to maximise the chances of preventing Donald Trump from securing the Republican presidential nomination in July. (FT)

China to toughen vehicle emissions standards Beijing is set to introduce stricter environmental standards for automobiles in a bid to cut pollutants in vehicle exhaust by an average of 50 per cent a year. (NAR)

Mexico slammed over missing student case A long-awaited international report has published allegations of torture and misinformation related to the disappearance of 43 Mexican students in 2014, the country’s worst human rights atrocity in decades. (FT)

It’s a big day for

EU-US relations President Barack Obama will meet European leaders on Monday, with discussions over the situation in Syria high on the agenda. (NYT)

Food for thought

Out of Africa Optimism surrounding the continent has evaporated with the collapse in commodity prices. What causes for hope for the continent’s economic future are left? (FT)

I, imposter Feeling alone and inadequate at work? You’re suffering from “imposter syndrome” — a common state of mind, but one with benefits. (BBC)

I want to get back on my bike After a nasty cycling accident, Lucy Kellaway was forced to choose between Uber, the Tube, walking and the bus. She’s keen to get back in the saddle. (FT)

The economy’s velvet rope Companies are becoming more adept at targeting wealthy customers, creating one world for the wealthy and another for everyone else. (NYT)

Why the SEC didn’t hit Goldman Sachs harder Documents seen by the New Yorker shed light on how the top financial regulator handled a case against the Wall Street bank, and questions whether it was overly cautious. (New Yorker)

Video of the day

It is a busy week ahead, reports the FT’s Josh de la Mare. Apple could face its first earnings drop for more than a decade; VW is set to reveal more about its emissions scandal cost; further elections in Iran could change the country’s balance of power; and the Bank of Japan holds its April monetary policy meeting. (FT)