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
- U.N. Report Says China May Have Committed Crimes Against Humanity in Xinjiang — China lobbied heavily against the report, released in the final minutes of Michelle Bachelet’s term as U.N. rights-agency chief.
- Nvidia Warns of Sales Hit From New U.S. Chip Licensing Requirements for China — New rule puts up to $400 million of quarterly sales into jeopardy, company says.
- China’s Major Cities Edge Into Covid-19 Lockdowns Ahead of Party Congress — Sichuan capital of Chengdu orders 21 million residents to stay home just weeks before Communist Party leadership shuffle.
- China’s Economic Woes Drag On With Factory Disruptions, Property Slump — Extreme weather and power shortages depressed manufacturing, while home sales fell for the 14th consecutive month.
- Video: Russia, China Launch Military Drills, Deepening Ties Amid Ukraine War — China joined large-scale military exercises hosted by Moscow, bringing troops, aircrafts and ships to Russia’s Far East region. The drills are the latest showcase of their partnership amid escalating tensions with the West.
The Financial Times
- China committed human rights violations in Xinjiang, UN finds — Long-anticipated report details credible evidence that Uyghurs were subjected to torture in camps.
- ‘Hard to refute’: the UN report on China’s abuses in Xinjiang — Investigation finds possible ‘crimes against humanity’ committed against Uyghurs, despite Beijing’s objections.
- US blocks Nvidia chip exports to China — New licensing requirements bring immediate halt to cutting-edge tech sales to Chinese companies.
- China waits on ‘miracle’ to end zero-Covid policy — Strategy hinges on vaccine breakthrough despite mounting costs as Xi Jinping prepares to secure third term.
- Australian lithium refinery targets carmakers diversifying from China — Joint venture between Tianqi and IGO steps up production of battery-grade fuel for electric vehicle market.
- Global stocks extend falls into new month on darkening outlook — Chinese manufacturing data is worse than expected.
- Zambia’s $1.3bn IMF bailout to test how China handles defaults — Beijing was Lusaka’s biggest creditor with $6bn in loans before southern African country’s default in 2020.
- China is on a mission to ensure its food security — The strategy of holding its ‘rice bowl steady’, an urgent priority for Beijing, could be tested in IP lawyers’ offices.
- China’s carbon emissions fall 8% as economic growth slows — Decline in quarter to June is fourth consecutive drop for world’s biggest emitter.
- Tencent turns from buyer to seller in investment pivot — Chinese internet giant plans $15bn of disposals this year as pressure mounts from investors and regulators.
- Crazy rich relocations: Singapore becomes a haven for Chinese elite — Beijing’s talk of ‘going after the entrepreneurs’, its draconian Covid lockdowns and a growing hostility to China from the west all make the city-state an attractive place to reside.
The New York Times
- China May Have Committed ‘Crimes Against Humanity’ in Xinjiang, U.N. Says — The organization’s human rights office delivered its much-delayed report minutes before Michelle Bachelet, the U.N. high commissioner for human rights, was to leave office.
- For Uyghurs, U.N. Report on China’s Abuses Is Long-Awaited Vindication — The report’s assessment that China’s crackdown in Xinjiang could amount to “crimes against humanity” gives new momentum to a campaign to pressure Beijing.
- U.S. Restricts Sales of Sophisticated Chips to China and Russia — Limits were placed on high-end GPUs that power supercomputers and artificial intelligence, said Nvidia and AMD, two Silicon Valley chip makers.
- Tech Companies Slowly Shift Production Away From China — Worried about geopolitical tensions and stung by pandemic shutdowns, Google, Apple and others are moving some work to nearby countries.
- China Locks Down Chengdu as Covid Cases Rise — The drastic response to a rise in Covid cases adds to the pressures facing Sichuan Province, which already had been dealing with drought, heat and wildfires.
Caixin
- Former China Life Chairman Expelled From Party for Bribery — Wang Bin, who has also been dismissed from public office, illegally abused his power to help with business deals and loans in return for large sums of money.
- China’s Local Governments Sell Assets as Fiscal Income Slumps — Covid lockdowns, a slowing economy, the property market collapse and tax cuts hurt revenue and force authorities to raise funds in other ways.
South China Morning Post
- China may have committed crimes against humanity in Xinjiang, UN says — Descriptions of detentions in region’s vocational education and training centres between 2017 and 2019 ‘marked by patterns of torture’.
- ‘Anti-China plot’: Beijing slams UN human rights report on Xinjiang and Uygur treatment as ‘pure farce’ — The report is ‘based on presumption of guilt, uses disinformation and lies fabricated by anti-China forces as its main sources’, says Chinese mission.
- Xinjiang exports to US hit two-year high despite Uygur Forced Labour Prevention Act taking effect — Industry observers surprised by leap in reported shipments for July, as many thought number would plummet to near zero after law took effect in June.
- Top official at Chinese spy agency expelled from Communist Party and dismissed in corruption probe — Investigators allege Liu colluded with other senior security officials, indulged in decadent activities.
- Hong Kong set to host historic US-China audit meeting but city yet to resolve accounting dispute with Washington — The audit accord, however, will not solve the mutual recognition of accountants between Hong Kong and the US, which needs separate talks.
Nikkei Asia
- U.N.: China may be committing crimes against humanity in Xinjiang — Human rights chief Bachelet publishes report minutes before term ends.
- Analysis: Next premier must save the economy. Is Wang Yang the one? — China’s current No. 4 has the right bio but isn’t too mainstream.
- China’s big three airlines slide deeper into red on lockdowns — Movement restrictions disrupt industry lifeline of domestic travel.
Bloomberg
- China IPhone Assembler Accused of Secretly Acquiring Taiwan Tech — Taiwanese prosecutors have indicted the head of Luxshare Precision Industry Co. for using a shell company to surreptitiously take over a key local company, ratcheting up accusations of technology theft directed at mainland Chinese companies.
- Hong Kong Officials Target End to Hotel Quarantine in November — Hong Kong is targeting an end to hotel quarantine in November, ahead of a summit of global bankers and an international rugby competition, even as a resurgence in Covid-19 cases prompts health officials to push back on the plan, according to people familiar with the debate.
- Chengdu Fears Shanghai Repeat as Cities Fall to Xi’s Covid Zero — Just before midday on Thursday, the government of China’s southwestern megacity of Chengdu told its 21 million residents they would be locked down starting at 6 p.m. that evening, as officials raced to stamp out a growing Covid-19 outbreak.
- Chip Tycoon Vows to Fund Taiwan’s ‘Civilian Army’ Against China — The founder of Taiwanese chipmaker United Microelectronics Corp. outlined plans to fund military training for millions of “civilian warriors” in Taiwan to fight against any potential Chinese invasion.
- China Party Congress to Offer Clues on Overhaul of Economic Team — China’s Communist Party congress next month will set the stage for a possible overhaul of the country’s top economic roles, coming at a crucial time for the world’s second-largest economy.
Reuters
- AMD says U.S. told it to stop shipping top AI chip to China — The company said it does not believe the new rules will have a material impact on its business.
- U.S. officials order Nvidia to halt sales of top AI chips to China — Chip designer Nvidia Corp said on Wednesday that U.S. officials told it to stop exporting two top computing chips for artificial intelligence work to China.
- U.S. suspends Belgian firm’s export rights over alleged China violations — Hans De Geetere and Belgium-based Hasa-Invest bought or attempted to purchase accelerometers, which measures things like machine vibration and seismic activity, from a U.S. firm on behalf of clients in China.
- China Eastern sees smaller-than-expected C919 delivery this year — The airline said it expects to receive only one C919, manufactured by state-owned planemaker COMAC, down from the three previously forecast.
Other Publications
- The Economist: A long-awaited UN report condemns China’s actions in Xinjiang — But the delay raises questions about China’s influence on the body.
- The Economist: China and America’s long-awaited audit deal may yet fail — But it at least suggests Beijing still sees some value in links with America.
- The Washington Post: Opinion: Chinese companies are leaving U.S. stock exchanges. Good riddance. — Congress appears to realize that Beijing is likely using the new agreement to delay accountability and raise more U.S. investor cash before eventually withdrawing its companies from U.S. exchanges on its own terms. By Josh Rogin
- Noema: The Clash Of Two Gilded Ages — Despite their great-power rivalry, America and China are more similar than most people think. Both are living through a Gilded Age and struggling to end excesses of capitalism. By Yuen Yuen Ang
- United Nations Office of the High Commissioner for Human Rights: Assessment of human rights concerns in the Xinjiang Uyghur Autonomous Region, People’s Republic of China — The assessment contained in this document is based on China’s obligations under international human rights law, contained principally in the human rights treaties to which China is a State Party.