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
- Shanghai Disneyland Reopens as Businesses in China Welcome Covid-Control Easing — Shanghai Disneyland reopened Thursday as cautious optimism spread across foreign businesses operating in China following the easing of some of China’s most draconian pandemic measures.
- China’s Xi Jinping Meets Saudi Crown Prince in Pivotal Visit — Leaders to sign agreements worth $29 billion as oil-rich kingdom deepens ties with U.S. rival.
- Letter From Top Apple Supplier Foxconn Prodded China to Ease Zero-Covid Rules — Foxconn Technology Group founder Terry Gou warned that the government’s strict policies would threaten its position in global supply chains.
The Financial Times
- Beijing running out of fever medication as Covid outbreak spreads — Hospitals ration supplies and long queues form at testing centres as China relaxes restrictions.
- Jack Ma quits as head of China business group — Alibaba founder continues to slide out of public view after offending Beijing.
- ‘What’s the point of buying?’ China’s property woes push young to rent — Government looks to growing rental sector to ease crisis among real estate developers.
- China risks ‘wave of infections’ after relaxing zero-Covid policy, warns Fauci — Joe Biden’s chief medical adviser urges Beijing to approve use of western vaccines.
- Opinion: Zero-Covid has hewn China into separate fiefdoms — Arbitrary rules concocted by local officials have made travel within the country harder than it has been for decades. By Thomas Hale
The New York Times
- ‘Zero Covid,’ Once Ubiquitous, Vanishes in China’s Messy Pivot — As China casts aside many Covid rules, it is also playing down the threat of the virus. The move could help ease the burden on hospitals but comes with its own risks.
- How Will China Turn Its Economy Back On? The World Is About to Find Out. — Strict “zero Covid” curbs have been smothering growth. After easing them, Beijing faces the twin challenges of rising caseloads and wary consumers.
- In China, Luxury Shopping Faces Ongoing Headwinds — China’s zero-Covid policy has weighed heavily on the high-end market in 2022. In the wake of recent protests, is a recovery in sight?
- Indiana Sues TikTok for Security and Child Safety Violations — The lawsuits are the first by an American state against TikTok, which is owned by the Chinese company ByteDance, in a sign of mounting legal pressure.
Caixin
- British Businesses Prepare for Rising Covid Infections as China Scales Back Controls — An annual survey by the British Chamber of Commerce in China shows a pessimistic outlook, with Chair Julian MacCormac saying it’s too early to predict the impact of ‘zero-Covid’ relaxation efforts.
- Two Provinces Look to Drum Up Business Overseas as Exports Slump — With China now easing its strict Covid controls, Zhejiang and Fujian are arranging for local companies to send staff abroad to begin reforging connections.
South China Morning Post
- Tech lay-offs in China extend into year-end as Bilibili and Weibo cut headcount in worsening economy — Video streaming platform Bilibili and Twitter-like microblogging service Weibo have cut hundreds of people from their workforce, according to sources.
- China’s Xiaomi loses top India business executive amid mounting challenges in the world’s second most-populous country — Beijing-based Xiaomi, under regulatory pressure from New Delhi, is losing a top India executive who helped it gain a dominant position in the country’s smartphone and smart TV markets.
- OpenAI’s latest chatbot is sending Chinese users into a frenzy even though it is officially unavailable in the country — OpenAI’s chatbot is proving a hit, including with users in China, where the service is officially unavailable.
Nikkei Asia
- Jiang Zemin was almost fired before embarking on market reforms — The drastic turnaround that put China on a growth surge has lessons for Xi.
- China looks to private pensions to solve aging workforce puzzle — Retirement scheme could meet funding shortfalls in country’s public system.
Bloomberg
- Netherlands Plans Curbs on China Tech Exports in Deal With US — An agreement on the Dutch curbs could come as soon as next month.
- US Congress Pokes China With Taiwan Defense Support, Chips Ban — The bill, which is set to pass the House as soon as Thursday, authorizes up to $10 billion in weapons sales to Taiwan.
- China Evergrande to Give Creditors Glimpse of Restructuring Plan — The developer at the epicenter of China’s property debt crisis appears to be inching closer to unveiling a restructuring blueprint.
Other Publications
- Reuters: Chinese grab Russian car market share after Western rivals depart — Chinese brands account for almost a third of Russia’s car market, data shared with Reuters shows.
- The Toronto Star: Canada’s government will review RCMP equipment contract with ties to China — Trudeau said he has “real questions” for the public servants who signed the contract.
- The New Yorker: How Dissent Grows in China — The protests of recent weeks carry an echo, and a warning, from the Maoist era.
- Politico: Trudeau’s lone Chinese Canadian minister has a tough job ahead of her — Mary Ng has been tasked with Canada’s trickiest overseas assignment: checking China’s influence in the Indo-Pacific without fueling anti-Asian sentiment at home.
