Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- Pushback on Xi’s Vision for China Spreads Beyond U.S. — Countries that once avoided upsetting Beijing are moving closer to Washington’s harder stance.
- China Envisions Its Digital-Currency Future, With Lotteries and a Year’s Worth of Laundry — In the latest trial, residents in the city of Suzhou won a share of 20 million “digital yuan” to spend on online or offline purchases.
- Alibaba, Ant Face Crackdowns From Chinese Regulators — Beijing takes action against billionaire Jack Ma’s two crown jewels.
- Jack Ma’s Ant Group Slashes Credit Limits for Some Younger Borrowers in China — Move shows fintech giant is dialing back risk in its lending business after pressure from Chinese regulators.
- Chinese Stocks Have Banner Year, Gaining Nearly $5 Trillion — Surge aided by country’s rapid recovery from Covid-19, string of initial public offerings, rally in shares of consumer and technology companies.
- China Tells Ant Group to Refocus on Its Payments Business — Public rebuke is latest step by Beijing to rein in large companies after they took on what financial regulators regarded as excessive risk.
- Biden’s Get-Tough Plans Face Sobering China Reality — China’s actually gotten stronger economically over the past year when compared with the rest of the world.
- China’s Empire of Concrete — The Chinese housing market has boomed, outstripping the rampant growth of the economy itself. This is how the nexus of households, local governments, banks and developers functions.
- How the U.S. Misread China’s Xi: Hoping for a Globalist, It Got an Autocrat — Early hopes that Xi Jinping would want closer integration with the U.S.-led global order have become one of the biggest strategic miscalculations of the post-Cold War era.
- Nepal Elections Could Set Back China’s Goals — Division in Himalayan nation’s Communist Party could allow a less pro-China party to take control.
- China’s Antitrust Probe Zeroes In on Vendor Claims of Alibaba Pressure — Chinese tech companies face both increasing political pressure at home and intensified scrutiny in the U.S.
- Alibaba Shares Tumble Again After Beijing Tightens Screws on Ant Group — Company’s Hong Kong-listed shares slumped 8% Monday, extending a Christmas Eve selloff as investors reassess regulatory risks.
- Beijing’s Bigger Honey Trap — Eric Swalwell and Hunter Biden are only the tip of the Chinese influence iceberg.
- Alibaba Selloff Deepens as Antitrust Probe Rattles Investors — Chinese regulators say they are taking actions against Alibaba and Ant Group.
The Financial Times
- Covid has no grand lesson for the world — Data on the pandemic does not vindicate one political or economic system over others.
- US extends China military investment ban to subsidiaries — Treasury update signals tougher approach in one of Trump’s closing moves against Beijing.
- China grapples with stagnant inflation as consumers remain cautious — Headline rate turns negative and core inflation hits decade low as factory gate prices subdued.
- EU and China poised to agree investment pact — Formal announcement expected following ‘positive developments’ on labour standards.
- Food prices: bun fights — Changing weather patterns and trade disruption have put a floor under agricultural commodity prices.
- Ignorance impedes growth of China ETF market, survey reveals — Only about 90 ETFs have been rolled out this year compared with 1,200 non-ETF funds.
- Protest granny ‘prepared to die’ for Hong Kong’s freedoms — Alexandra Wong, known for waving union jack at 2019 protests, returns after arrest in mainland China.
- China’s central bank orders Jack Ma’s Ant Group to overhaul business — Fintech giant accused of ‘turning a blind eye’ on regulatory compliance issues.
- Xinjiang campaigner says China pressure led him to flee Kazakhstan — Serikzhan Bilash has been documenting Beijing’s crackdown on ethnic minorities.
- Hong Kong faces public scepticism over mainland Chinese jabs — Chief executive Carrie Lam lambasts ‘malicious’ rumours and ‘politicisation’ of vaccines.
- Beijing launches antitrust investigation into Alibaba — Probe into China’s biggest tech group is one of the first of its kind for country’s internet sector.
- Brexit watch, China vs Australia, the winning industries of 2020 — A deal on the future trading relationship could be announced on Christmas Eve.
- European lobby group in China urges EU to sign Beijing deal — Critics say the investment agreement hands Xi a victory on the eve of Biden’s inauguration.
The New York Times
- Chinese Citizen Journalist Sentenced to 4 Years for Covid Reporting — Zhang Zhan, a former lawyer, is the first known person to be tried for challenging the Chinese government’s narrative about the coronavirus pandemic.
- China Orders Ant Group to Revamp Its Business — The country’s central bank made clear its displeasure with the financial technology company, adding to the growing scrutiny of Chinese internet giants.
- Sailors Stranded for Months as China Refuses to Let Ships Unload Australian Coal — China is vague about why vessels that carried Australian coal to its ports can’t unload their cargo. “We’re all depressed; our mental health is deteriorating,” one sailor said.
- She Chronicled China’s Crisis. Now She Is Accused of Spreading Lies. — Zhang Zhan, who reported about the coronavirus from Wuhan during the lockdown, will face trial next week, in the first known case against a citizen journalist from the crisis.
- Why China Turned Against Alibaba’s Jack Ma — The Alibaba chief paid for pushing back against Beijing. But the shift in attitude also speaks to a growing wealth gap and diminished opportunities for the young.
- With Money, and Waste, China Fights for Chip Independence — Beijing’s drive to free itself from reliance on imported semiconductors has lifted start-ups and big firms alike. Some have flamed out. But there has been progress.
- Influencers May Face Fines as China Tackles Obesity and Food Waste — According to a new government report, more than half of the country’s adult population is either overweight or obese. Chinese officials have vowed to address the problem with a campaign.
Caixin
- China Tightens Corporate Bond Disclosure Rules — Clampdown to unify reporting follows shock bond default by state coal miner.
- China Sees First Margin Financing, Securities Borrowing Deals Under QFII Program — UBS executed several securities borrowing and subsequent short-selling transactions through its QFII account on Tuesday.
- November Bond Mayhem Claims Another Scalp as Ratings Firm Slapped With Ban — China Chengxin International has been banned from rating interbank bonds for three months.
- Anxin Trust Gets Reprieve as Court Rules Deal It Made With Investor Was Illegal — Onetime darling of China’s trust industry doesn’t have to immediately repay state-owned investor millions of yuan that it promised.
- Exclusive: CCB Trust to Help Manage Embattled Sichuan Trust as New Chairman Appointed, Sources Say — Board appoints Huang Xiaofeng, the chairman of Sichuan Trust’s No. 2 shareholder, as part of management overhaul in wake of debt crisis.
- Retired Banker Punished for Bribery — Guo Jizhuang was accused of acquiring shares in the bank’s clients and golfing at their expense.
- Zhejiang Banking Regulator Bans Online Deposit Products — Local banking regulator halts regional bank cooperation with fintechs that allowed small regional banks to tap nationwide deposit base; Zhejiang bank regulator also curbs aggressive regional bank interest rate practices.
- Cover Story: Why the Lights Are Going Out in China — Rebounding economy and winter cold cause power outages to reemerge, exposing flaws in China’s energy supplies and electricity pricing.
- Xiaomi Rushes Out New Smartphone to Grab Hobbled Huawei’s Market Share — High-end Mi 11 flagship model available in January, two months ahead of schedule.
- Online Tutor Xueba100’s Executives Go Truant as Company Collapses — Firm appeared to be on the brink of crumbling after top executives went missing and parents and employees descended on its headquarters in search of answers.
- Petrochemicals Giant Sinopec Agrees New Joint Venture in Siberia — The deal with Russian company Sibur will extend energy cooperation between the countries in the Siberian Amur Gas Chemical Complex.
- JD.com Invests $103 Million in Produce Wholesaler Dili Group — Dili shares jump 26% in Hong Kong as e-commerce giant expands fresh-food supply chain amid surging demand for produce.
- Founder of Mobile Game Developer Jailed for Stock Manipulation — Wang Yue, who started Kingnet, has been sentenced to five years in prison, though details of his crimes have not been made public.
- China LNG Prices Heat Up as Cold Weather, Supply Shortages Bite — With no price easing in sight, authorities impose curbs on nonresidential users and conglomerates step in to fill gaps.
- Sales of GM Joint Venture’s Hot Mini EV Keep Accelerating — Quadricycle model costing just $4,404 topped China’s new-energy vehicle sales for fourth straight month in November, with more than 30,000 sold.
- Tesla to Sue Chinese Media Outlet Over Report on Shanghai Gigafactory — Tesla will take legal action against a Chinese tech news media for an article which the U.S. carmaker says spread false information about the Shanghai plant where its homegrown Model 3 electric vehicle is being built, according to a company executive.
- Billionaire Game Developer Jailed for Five Years for Securities Fraud — The founder of Chinese game developer Shanghai Kingnet Network Co. Ltd. has been jailed for stock manipulation in the second scandal to rock the gaming industry in a week.
- Educator TAL to Raise $3.3 Billion in Private Placement — New York-listed Chinese education services provider TAL Education Group is poised to raise $3.3 billion through a private placement, a move that comes as the Covid-19 pandemic has increased the popularity of online learning.
- Weibo’s Shares Plunge 14% After Disappointing 4Q Outlook — Chinese social media giant Weibo Corp.’s Nasdaq-listed shares plunged nearly 14% Monday after it provided disappointing guidance for the fourth quarter. The company is continuing to struggle with headwinds as China emerges from the depths of the Covid-19 pandemic.
South China Morning Post
- Did half a million people in Wuhan contract the coronavirus? — Over 4 per cent of the 11 million people in the central Chinese city of Wuhan might have been exposed to the coronavirus that causes Covid-19, according to a national study of blood antibodies.
- China to develop ‘national team’ of state-owned giants, but efficiency concerns linger — Chen Derong, the chairman of China Baowu Steel Group, broke into tears last week as he announced the company had produced a record 100 million tonnes of steel this year.
- China ramps up domestic jet development as OTT Airlines makes maiden flight — One Two Three Airlines (OTT Airlines), a subsidiary of China Eastern Airlines launched in February to expand domestically-produced aircraft to more markets, completed its maiden commercial flight on Monday.
- Facing US tariff threat, Vietnam’s furniture makers fight back against claims of illegal trading practices — Vietnamese businesses are pushing back against investigations by the United States into its timber industry and currency management that threaten to wipe out Vietnam’s huge gains from the US-China trade war.
- China-EU investment deal: Xi Jinping and European leaders set for final push to seal agreement — Chinese President Xi Jinping and top European Union leaders are expected to clear the last remaining hurdles to a landmark investment deal in a phone conversation on Wednesday, the South China Morning Post has learned.
- US-China cold war was predicted years ago. Now the Chinese public can see it — When realist strategist John Mearsheimer of the University of Chicago claimed 15 years ago that conflict between China and the United States was inevitable, few people seem to have taken the idea seriously. To be fair, it was considered retrospectively a honeymoon period for bilateral ties, with the then US deputy secretary of state Robert Zoellick calling China a “responsible stakeholder”.
- Alibaba antitrust probe: home province vows to bring platform economy into ‘new stage’ — The Communist Party leadership of Zhejiang province, the home base of Alibaba Group Holding, has pledged to use Beijing’s antitrust probe as a chance to usher the platform economy and internet finance into a new stage of development, promising better development of the internet economy.
- Almost half of China’s 1.4 billion people spend less than US$150 a year on leisure activities, survey finds — With virtually all their leisure time spent sitting under trees, chatting and playing cards, it is no surprise that over 44 per cent of China’s population spends less than 1,000 yuan (US$153) a year on entertainment activities, with some even left struggling to remember when they spent money for personal enjoyment.
- China orders Ant Group to rein in unfettered expansion as regulators put up fences around financial risks — Ant Group, the world’s largest fintech company, has been instructed to rein in the influence of technology on its financial services as China’s financial regulators ring fence the industry to prevent uncontrolled growth in the industry from leading to financial risks.
- China’s industrial firms see 15.5 per cent profit growth in November as economic recovery continues — China’s industrial firms reported a seventh straight month of profit gains in November, supported by strong production and sales, as the recovery from the Covid-19 downturn continued.
- China’s latest digital currency test doubles down on previous trial, nudging merchants and consumers to embrace e-yuan — A small team from China Construction Bank visited Ma Fei’s snack store at a shopping centre in Suzhou city in late November, asking Ma to join a trial of China’s new digital currency. Ma, the shopkeeper, refused to join, saying he had no need nor desire to take part in the programme.
- Danke stops property listings on its rental app in China as it beats back talk of viability less than a year after New York stock sale — Danke, battling speculations about its financial viability less than a year after its New York initial public offering, appears to have ceased operating its home rental referral platform in China.
- Advancing utilities lift China’s benchmark indexes in light Christmas Day trading as traders shun banks, consumer stocks — The benchmark indexes of China’s Shanghai and Shenzhen stock exchanges rose in light trading on Christmas Day, while most global bourses halted transactions during the festive season.
- China’s retail-sector borrowing ‘fell off a cliff’ in late 2020, with many small firms unable to access credit, report says — Borrowing by China’s already struggling retail sector “fell off a cliff” at the end of this year, with small firms also still struggling to access credit amid a weak recovery in consumer spending, according to a new report.
- China increases foreign investment list by 10 per cent including AI, semiconductors and 5G — China’s has expanded the list of industries in which it will seek to encourage foreign investment by 10 per cent.
- China’s P2P purge leaves millions of victims out in the cold, with losses in the billions, as concerns of social unrest swirl — Karen Kong has not got a restful night’s sleep in the past half a year, after learning that her mother invested all of the family’s savings – more than 1 million yuan (US$153,000) – in a little known peer-to-peer (P2P) lending platform.
- China sees outpouring of support for workers laid low by Beijing coronavirus outbreak, and online censors have stepped in — As Beijing braces for a rise in coronavirus infections during the winter months, Chinese citizens are lamenting the hardships facing infected workers in the nation’s capital, based on newly disclosed descriptions of their circumstances.
- China’s coronavirus success boosts confidence that its system is the best answer to the country’s challenges — The year 2020 started off with huge challenges for China, but it is ending as a year of victory for Beijing and the ruling Communist Party.
- Hong Kong Covid-19 fourth wave: about 70 per cent of restaurants face closure amid tough social-distancing measures, poll reveals — About 70 per cent of Hong Kong restaurants polled have said they face closures in the next three months amid tightened social-distancing measures rolled out to contain the Covid-19 pandemic.
- Hong Kong’s new iAM Smart app set to launch, allowing residents access to 20 public services including coronavirus jabs and test results — Residents will be able to book inoculations and receive Covid-19 test results, register to vote, renew car licences, and pay taxes and utility bills on a new digital platform set to launch on Wednesday under the latest government initiative to turn Hong Kong into a smart city.
- Hong Kong poised for first annual decline in home prices in 12 years as coronavirus deepens recession, adds to unemployment woes — Hong Kong looks likely to record its first annual drop in home prices for 12 years as a fourth wave of coronavirus infections threatens to worsen the city’s recession and unemployment problem.
- Coronavirus: Hong Kong-Singapore travel bubble unlikely for now, but commerce minister urges patience, says vaccines offer sliver of hope — Hong Kong’s commerce minister is not optimistic about resuming talks on the postponed travel bubble with Singapore, citing the surging Covid-19 pandemic worldwide, but he has offered a sliver of hope for eager travellers by pointing to vaccines.
- Hong Kong welfare chief disagrees with official data showing 1.5 million people under poverty line, argues figure does not reflect government aid — Hong Kong’s welfare chief has disagreed with official data showing that nearly 1.5 million people in the city were living below the poverty line, as he argued the figure failed to factor in the government’s relief programmes.
- New anti-money-laundering regulations should exclude Hong Kong’s bitcoin ATMs to sustain innovation, says industry body — As Hong Kong’s financial regulators tighten their scrutiny of cryptocurrencies, the machines that dispense bitcoin and other digital tokens may soon be among the last remaining avenues for individual retail traders.
- Zhejiang province approves China’s first local law focusing on the digital economy — Legislators in China’s eastern Zhejiang province, home to tech giants like Alibaba Group Holding and NetEase, have introduced regulations dedicated to the development of the digital economy in the first such regional law for the burgeoning industry.
- US government appeals order blocking TikTok restrictions as battle over ByteDance’s short video hit continues — The Trump administration on Monday appealed a federal judge’s order blocking restrictions that would have effectively barred the use of Chinese-owned short video-sharing app TikTok in the United States.
- NetEase to shutter personal finance app Youqian in further retreat from finance-related services — NetEase, one of China’s first-generation tech giants, said it will close its personal finance app Youqian after several years of struggling to find a hit in the personal finance services space. The move marks a further retreat from finance-related services that are now facing increased government scrutiny in China.
- Alibaba antitrust probe: not a sign winter is coming but a new start for tech industry, Chinese official media says — Chinese official media has played down the political significance of Beijing’s antitrust probe into e-commerce giant Alibaba Group Holding and framed the move as a necessary technical step to ensure the healthy development of the industry.
Bloomberg
- Hong Kong Tycoon Jimmy Lai Resigns as Next Digital Chairman — Hong Kong media tycoon Jimmy Lai, who was charged earlier this month with colluding with foreign forces under the city’s new national security law, resigned as chairman of Next Digital Ltd., the company he founded said in a filing on Tuesday.
- China Datang Buys Indonesian Power Plants for $394 Million — China Datang Corp. has bought a majority stake in PT Dian Swastatika Sentosa’s thermal power plants in Indonesia for $394 million.
- In Huawei 5G Battle, Finland’s Champion Nokia Is Letting the Side Down — If Europe and the U.S. are to compete effectively with China and Huawei, they need Nokia to start getting 5G right.
- China’s Record 5G Blueprint for 2021 Electrifies Telecom Stocks — China unveiled plans to almost double its fifth-generation wireless capacity next year, sending ZTE Corp. and other network gear makers soaring.
- Jack Ma’s Ant IPO: How China Stopped It — After pulling the plug on its mega $35 billion IPO, China’s crackdown on Jack Ma’s Ant Group appears to be far from over.
- China’s Struggling to Get the World to Trust Its Covid Vaccines — What should have been a big Covid win for Beijing in building ties is revealing widespread mistrust in China’s products.
- Hong Kong Exchange Is Finding It Tough to Appoint a New CEO — In a Hong Kong transformed by China’s crackdown on everything from political dissent, to the media and judiciary, picking a new top boss for the financial hub’s stock exchange is proving difficult.
- Warburg-Backed Chinese Online Tutoring Startup Said to Weigh IPO — Zhangmen, a Warburg Pincus-backed Chinese online tutoring platform, is considering a U.S. initial public offering that could raise about $300 million, according to people familiar with the matter.
- Alibaba Probe Stirs Worry About What’s Next for Chinese Tech — Alibaba Group Holding Ltd. led a second day of frenetic selling among China’s largest tech firms, driven by fears that antitrust scrutiny will spread beyond Jack Ma’s internet empire and engulf the country’s most powerful corporations.
- Shanghai Police Say Suspect Detained in Games Tycoon’s Death — Beijing (AP) — Police in Shanghai say they have detained a suspect in the death by possible poisoning of the billionaire founder of a Chinese video game company that makes films based on the popular science fiction novel “The Three-Body Problem.”
- U.S. Should Give Manufacturers Incentive to Leave China — Rather than threatening American manufacturers, the Biden administration needs to offer them someplace better to go.
- Chinese Retailers See Rise in Loan Rejections, Beige Book Says — Smaller Chinese companies and those in the retail industry are struggling to access credit amid a weak recovery in consumer spending, according to China Beige Book International, a provider of independent economic data.
- China Shows Jack Ma’s Ant What an Activist Can Do — The central bank was willing to tolerate Ant’s financial risks for far too long. Now regulators have acted, and the damage is done.
- Tesla’s Dominant Position in China Could Be Threatened Next Year — Tesla Inc. is coming to the end of its first year selling China-made cars with a commanding position in the world’s biggest electric-vehicle market, but Elon Musk shouldn’t rest on his laurels.
- Drugmakers Agree to Halve Prices to Secure Access to China — Drugmakers from AstraZeneca Plc and GlaxoSmithKline Plc to BeiGene Ltd. agreed to cut prices on some of their newest drugs in China by an average of 51% in order to be covered by the country’s national insurance fund.
- China Trial of Hong Kong Activists Adjourned Without Verdict — A high-profile trial of Hong Kong pro-democracy activists adjourned without a verdict on Monday, months after authorities arrested a dozen of them attempting to flee the city by speedboat and detained them in mainland China.
- Palm Oil Slips From Eight-Year High as Focus Shifts to Exports — Palm oil retreated from an eight-year high on concerns that shipments from second-biggest grower Malaysia may dwindle next month amid weaker Chinese demand.
- Alibaba, Tiger Lead $1.6 Billion Funding in China Edtech Arena — Alibaba Group Holding Ltd. and Tiger Global Management LLC led a $1.6 billion investment in Chinese online education startup Zuoyebang, underscoring how the Covid-19 pandemic has turned distance learning into a red-hot business.
- South African Stocks Slide as China Tech Probe Weighs on Naspers — South Africa’s main equities index declined, led by Naspers Ltd. and its Prosus NV unit after Hong Kong-listed Tencent Holdings Ltd. slumped amid a widening Chinese antitrust probe of the technology sector. With a stake of about 31%, Prosus is Tencent’s largest shareholder.
- China Tells Ant to Return to Its Payment Roots, Places Curbs — Chinese regulators ordered Jack Ma’s online financial titan Ant Group Co. to return to its roots as a provider of payments services, threatening to throttle growth in its most lucrative businesses of consumer loans and wealth management.
- America Can’t Beat Chinese Tech With a New Iron Curtain — Trump-style export controls will backfire and leave U.S. companies isolated.
- Latin America Emerges as China’s Favorite Hunting Ground for M&A — In a challenging year for Chinese companies pursuing acquisitions abroad, Latin America emerged as a region where they were able to make some corporate marriages work.
- People’s Daily Slams Hong Kong Court for Releasing Lai on Bail — Hong Kong’s High Court’s decision to grant bail to media tycoon Jimmy Lai is “unbelievable,” according to a commentary in the mouthpiece of China’s Communist Party, which warned there are legal grounds for the case to be transferred to the mainland.
- China Approves Heavier Penalties on Capital Market Violations — China will increase penalties for fraudulent issuance of securities and other capital market violations from next year.
Reuters
- China’s capital locks down part of district in coronavirus fight — Beijing sealed off 10 areas of its northeastern Shunyi district on Tuesday, the first lockdown in the Chinese capital since the last coronavirus outbreak in the months of June and July.
- China’s Yahua agrees five-year deal to supply lithium to Tesla — China’s Sichuan Yahua Industrial Group Co Ltd said on Tuesday it had signed a deal to supply battery-grade lithium hydroxide to U.S. electric vehicle manufacturer Tesla Inc for the next five years.
- Trump administration bolsters order barring U.S. investment in Chinese firms — WASHINGTON (Reuters) -The Trump administration on Monday strengthened an executive order barring U.S. investors from buying securities of alleged Chinese military-controlled companies, following disagreement among U.S. agencies about how tough to make the directive.
- China’s Sinopec plans record LNG imports to battle cold snap — Sinopec Corp pledged on Tuesday to maximise domestic gas productions and raise imports of liquefied natural gas (LNG) to record rates as a cold spell hitting large parts of the country this week lifts demand for the winter heating fuel.
- PetroChina to more than double Sichuan shale gas output by 2025: state media — PetroChina Co Ltd, Asia’s largest oil and gas producer, aims to more than double shale gas output from operations in the Sichuan basin to more than 22 billion cubic metres (bcm) by 2025 from this year’s level, China News Service reported on Tuesday.
- Chinese regulator warns against excessive loans spurred by internet platforms — China’s banking and insurance regulator urged consumers on Tuesday to guard against excessive borrowing spurred by internet platforms, hiding the real costs of such debt.
- China’s factory activity likely sustained strong expansion in December: Reuters poll — China’s factory activity likely maintained a solid pace of expansion in December, a Reuters poll showed on Tuesday, as the world’s second-largest economy steadily recovers from the coronavirus crisis.
- Top five China commodities to eye for growth in 2021 — A China-led economic recovery should boost demand for these commodities in 2021 after COVID-19 roiled global markets in 2020.
- Turkey expects China COVID-19 vaccine in days, as doctors seek more data — President Tayyip Erdogan said on Monday Turkey would receive the first batch of COVID-19 vaccines developed by China’s Sinovac this week, remaining focused on its rollout even as doctors awaited a fuller picture of trial results.
- China court hears case of activists alleged to have fled Hong Kong for Taiwan amid protests — SHENZHEN, China (Reuters) -A Chinese court on Monday heard the case of 10 Hong Kong activists alleged to have fled the territory for Taiwan amid anti-China protests and held in a Chinese prison for four months as their relatives appealed for a swift resolution.
- UN rights office decries jail term for citizen-journalist in China’s Wuhan — The United Nations human rights office voiced concern on Monday at the four-year prison term imposed by a Chinese court on citizen journalist Zhang Zhan who reported from Wuhan early in the pandemic and reiterated its call for her release.
- UK foreign minister concerned by trial of Hong Kong fugitives in China — British foreign minister Dominic Raab said on Monday he was deeply concerned over a trial of Hong Kong fugitives in mainland China, and he urged Beijing to ensure that its justice system was fair and transparent.
- U.S. bolsters support for Taiwan and Tibet, angering China — China expressed anger on Monday after U.S. President Donald Trump signed into law measures to further bolster support for Taiwan and Tibet, which had been included in a $2.3 trillion pandemic aid and spending package.
- China foreign ministry says firmly rejects new U.S. law on Tibet policy — The Chinese foreign ministry on Monday said it firmly rejected new U.S. legislation on Tibet signed into law by President Donald Trump over the weekend.
- China rejects U.S. call to release Hong Kong fugitives — China urged the United States to stop using the Hong Kong issue to interfere with its domestic affairs on Monday, after the U.S. embassy called for the release of 12 Hong Kong fugitives on trial in Shenzhen.
- China coking coal futures rise for third day on supply worries — Chinese coking coal futures extended gains into a third session on Monday, jumping as much as 6.2% as lower imports, sliding inventories and mines starting maintenance activity stoked supply concerns.
- China pushes Ant Group overhaul in latest crackdown on Ma — China’s central bank disclosed on Sunday it had asked the country’s payments giant Ant Group Co Ltd to shake up its lending and other consumer finance operations, the latest blow to its billionaire founder and controlling shareholder Jack Ma.
- Breakingviews – Ant and Beijing begin delicate, dangerous dance — Ant and Beijing have begun a delicate, dangerous dance. Having forced the financial technology giant to suspend its initial public offering last month, officials have laid out demands that will curb the company’s ability to grow. While the government needs Ant to keeping supporting private firms, that’s scant comfort for investors.
- Breakingviews – Yuan internationalisation season re-opens — Beijing has a golden window to revive its stalled yuan internationalisation process. A recovering economy and rallying renminbi clear the way for reformers to liberalise further, provided conservatives let them.
- Chinese banks to feel fund-raising pain as investors fear bad loans — Chinese banks are expected to face headwinds raising funds next year as profit-conscious investors cling to the sidelines, expecting a wave of bad loans to hammer the sector and erode already slimming margins.
Xinhua
- Capital market must support sci-tech innovation: securities chief — China’s securities chief said Monday that the country’s capital market needs to better fulfill its role of supporting scientific and technological innovation in order to achieve high-quality development.
- China unifies disclosure rules for corporate credit bonds — Chinese authorities have unified the rules on information disclosure concerning all aspects of a company’s corporate credit bonds, with the aim of better protecting investors.
- China to add 600,000 5G base stations in 2021 — China will build more than 600,000 5G base stations next year, said Xiao Yaqing, minister of industry and information technology at a working conference on Monday.
- Ant Group must fix problems, meet supervision requirements: regulators — China’s financial regulators have identified major problems in Ant Group’s business operations and have urged the company to make plans and set a timetable as soon as possible to fix the problems in accordance with supervision requirements.
- China’s major ports register rising container throughput — Container throughput at China’s major ports continued to enjoy upward momentum in the middle of December, data from an industrial association showed.
- China to further cut crude steel output for carbon neutrality goal — China will resolutely cut the output of crude steel and ensure it falls year on year in 2021, a senior official said on Tuesday.
- China to build more entrepreneurship, innovation demonstration bases — China will launch the third batch of demonstration bases for mass entrepreneurship and innovation as part of an effort to propel reform, stabilize employment, and enhance growth impetus.
- Yearender-Economic Watch: China pushes forward opening-up despite trials of 2020 — When China’s decades-long opening-up met a pandemic on a scale unseen for over a century, the country chose not to slow down or postpone steps to connect its economy further with the rest of the world. The world’s second-largest economy has raised hopes for a global recovery with its own accelerating economic rebound.
- China’s “new third board” sees higher weekly turnover — China’s National Equities Exchange and Quotations, also known as the “new third board,” saw higher turnover in the past trading week.
- China reports current account surplus in third quarter — China saw a current account surplus in the third quarter (Q3) as the economy recovered amid effective epidemic control, official data showed Friday.
- Beijing’s industrial profits up 3 pct in 11 months — The profits of major industrial firms in Beijing Municipality rose 3 percent year on year to 156.46 billion yuan (about 24 billion U.S. dollars) in the first 11 months of this year, authorities said Tuesday.
- China’s agricultural product wholesale prices edge up — The wholesale prices of China’s agricultural products edged up Monday, according to the Ministry of Agriculture and Rural Affairs.
- China’s gas output to surpass 186 billion cubic meters — The output of natural gas in China is likely to reach over 186 billion cubic meters this year, said an official with the National Energy Administration.
- Shanghai’s foreign trade up 2.2 pct in first 11 months — Total foreign trade in Shanghai rose 2.2 percent to 3.15 trillion yuan (about 481.6 billion U.S. dollars) in the first 11 months of this year, data from Shanghai Customs showed Monday.
- China’s major ports register rising container throughput — Container throughput at China’s major ports continued to enjoy upward momentum in the middle of December, data from an industrial association showed.
- Trade between ASEAN, Shanghai remains strong amid COVID-19 — Trade between Shanghai and the Association of Southeast Asian Nations (ASEAN) remained strong this year despite being affected by the COVID-19 pandemic, data from Shanghai Customs showed.
- China’s sedan brand Hongqi sales hit record high in 2020 — Hongqi, a car brand under China’s leading automaker FAW Group Co., Ltd., registered a new sales record this year, with the number of vehicles manufactured and sold both exceeding 200,000 units as of Friday, the company said.
- China’s central SOEs assets to near 69 trln yuan: regulator — China’s centrally-administered state-owned enterprises (SOEs) will see their total assets reach nearly 69 trillion yuan (about 10.56 trillion U.S. dollars) at the end of 2020, representing an increase of 45 percent compared with the end of 2015, the country’s top state assets regulator has said.
- Profits of China’s SOEs continue to rise — Profits and revenues of China’s state-owned enterprises (SOEs) continued to grow in November, data showed Thursday.
Other Publications
- CNBC: Australia’s growth may ‘never return’ to its pre-virus path after trade trouble with China, says economist — China is by far Australia’s largest trading partner, accounting for 39.4% of goods exports and 17.6% of services exports between 2019 and 2020, research firm Capital Economics said.
- Nikkei Asian Review: China GDP to grow 8.2% in 2021, the most in 10 years: Nikkei survey — Corporate defaults, US tensions and COVID seen as downside risks.
- Nikkei Asian Review: How China can become the world’s top economy without starting a war — Beijing must do more to manage its own peaceful rise.
- Economist: Mo money, Ma problems: Chinese trustbusters’ pursuit of Alibaba is only the start — The Alibaba probe marks the first one of its kind into Chinese e-commerce.
- Axios: How China won 2020 — China is operating from a position of great strength, with an economy expected to grow by 8.4% in 2021. If President-elect Joe Biden views China as a “serious competitor,” then the competition will be fiercer during his presidency than at any point in history.
- POLITICO: Biden’s nominees will face a China gauntlet — Every would-be Cabinet official can expect questions about how they’ll confront Beijing.
- The Diplomat: Hints of Chinese Naval Procurement Plans in the 2020s — All military forces have a desired force requirement and a desired “critical mass” to aspire toward. What does the 14th five-year plan tell us about China’s?
