News in Systemic Risk: Friday, May 5, 2023 (10:00 a.m. ET) May 5, 2023 Closing gaps to bend the trend: embedding the flow of finance in the transition (Frank Elderson; European Central Bank) China's local-debt crisis is about to get nasty (The Economist) Wall Street Is Getting More Worried About the Debt Ceiling (Alex Harris; Bloomberg) Pollution Reveals What Russian Statistics Obscure: Industrial Decline (Josh Zumbrun; Wall Street Journal)