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
- Has Evergrande’s Long-Delayed Debt Reckoning Finally Arrived? — The company has managed to defy warnings of disaster for years, but this latest round of troubles looks harder to finesse.
- U.S.-Asia Digital Pact Held Up by Squabble Among Biden Officials — The proposed deal aims to set rules for digital trade in the Asia-Pacific region, but would exclude China.
The Financial Times
- Governments need to set standards to limit cyber paranoia — Beijing’s stance on Didi has echoes of Trump administration’s tendency to put policy before process.
- Evergrande sell-off deepens after project sales temporarily halted — Billions of dollars have been wiped off highly indebted developer’s market value this week.
- China hits back at US-led accusations over cyber attacks — Beijing calls allegations that it spearheaded global offensive a ‘malicious smear.’
- China lacks Covid exit strategy as it strives for zero infections — Success in containing virus is impeding Beijing’s plans for a full return to normal.
The New York Times
- Constant but Camouflaged, Flurry of Cyberattacks Offer Glimpse of New Era — Once imagined as a new kind of warfare, government-linked hacking has instead become a widespread and perhaps permanent feature of the global order.
- What China Expects From Businesses: Total Surrender — Unlike regulators in Europe and the U.S., Beijing is using the guise of antitrust to bring powerful tech companies into line with its priorities.
Caixin
- Another China Development Bank Executive Ensnared in Graft Probe — Xu Weihua, former president of the bank’s Hainan branch, is under investigation by the top anti-corruption agency.
- Bankrupt HNA Group Struggles to Repay 60,000 Retail Investors — HNA employees and relatives file claims for $4.6 billion of wealth management products purchased from HNA units.
- Joining Convoy of Peers, WeRide Sets Sights on Autonomous Trucking — Guangzhou-based startup WeRide has acquired 3-year-old Chinese self-driving truck firm MoonX.AI, reflecting its interest in autonomous trucking as an increasing number of companies look for ways to apply their self-driving tech to the long-distance logistics industry.
South China Morning Post
- US-China tech war: who is the little-known Chinese firm in the crosshairs of US for alleged cyberattacks? — Long-simmering tensions between Washington and Beijing flared up again on Monday, as four mainland Chinese citizens were accused of hacking into the computer systems of dozens of companies, universities and government entities in the US and other countries between 2011 and 2018.
- Beijing calls out Amazon, ByteDance, NetEase for violating users’ rights in latest crackdown — China’s Ministry of Industry and Information Technology (MIIT) has called out apps made by Amazon, NetEase and Tiktok-owner ByteDance, as well as 142 other apps, for violating users’ rights.
- Head of China’s aerospace investment firm arrested over alleged assault on scientists — The chairman of a China’s state-owned aerospace investment firm who allegedly beat up two senior scientists has been formally arrested by Beijing police.
- China shipping backlog leaves factory owners with nowhere to put goods, and prices are rising — A month after container shipping operations returned to normal at China’s Yantian Port, factory owners are still feeling the pinch from a debilitating three-week shutdown, with warehouses chock-full of goods awaiting export.
Bloomberg
- China Cities Warn of New Power Outages as Heat Strains Grids — Key Chinese cities have warned that homes and factories face new power outages as historic demand and supply shortages strain energy grids.
- Tesla China-Made Car Sales Continue Climb Back Toward Record — Tesla Inc. saw registrations of its Chinese-made cars climb again last month as promotions toward the quarter-end helped offset a string of negative press around customer complaints and quality concerns.
- China Evergrande Shares Tank After Project Sales Halt by Chinese City — China Evergrande shares are tanking for a second day after a court-ordered asset freeze. Can the company turn around the investor panic surrounding the company? Bloomberg’s Rebecca Choong Wilkins reports on “Bloomberg Markets: China Open.” (Source: Bloomberg)
- Daojia Becomes Latest Chinese Company to Pause U.S. IPO Plans — Daojia Ltd., a Chinese home service platform, is pausing its U.S. initial public offering plans as China stepped up scrutiny on overseas listings and cybersecurity, according to a person familiar with the matter.
Reuters
- Dozen central Chinese cities under water as river banks burst — Heavy rain pounded the central Chinese province of Henan on Tuesday, bursting the banks of major rivers, flooding the streets of a dozen cities and shutting the world-famous Shaolin Temple.
- China’s port city Qingdao suffers worst algae infestation — China’s eastern port city Qingdao is experiencing the worst ever algae infestation in the region, with more than 1,700 square km of coastal area blanketed by harmful green seaweed, also known as “green tide”.
- Exclusive – How Didi’s govt relations team navigated myriad regulators, until IPO dustup — Didi Global successfully navigated China’s regulatory thicket for years, but the ride-hailing giant’s 200-plus government affairs team’s reliance on personal contacts with officials left it partly exposed to a shock crackdown by Beijing, sources say.
- China’s African swine fever control situation remains complicated – official — China’s efforts to control African swine fever outbreaks among its pig herd remained complicated, with 11 outbreaks officially reported so far this year and new variants of the virus also present, an agriculture ministry official said on Tuesday.
Other Publications
- Associated Press: Pandemic, penalties aside, bribes go on at China hospitals — Bidding documents suggest that companies like Siemens, GE, and Philips may at times tacitly assist resellers engaged in deals that risk violating the Foreign Corrupt Practices Act.
- The Washington Post: Chinese pop star Kris Wu scrutinized over teen sexual assault allegations, boosting flagging MeToo movement — Chinese-Canadian celebrity Kris Wu is facing unusually swift fallout in China from sexual assault allegations in a sign that China’s weak MeToo movement could be gaining steam amid the new official scrutiny of the nation’s wealthy.
- Nikkei Asia: China’s global yuan push regains momentum — Could become the world’s No. 3 reserve currency by 2030, Goldman Sachs says.
- Nikkei Asia: China’s Unisoc looks to cut ties with Tsinghua Unigroup — Mobile chipmaker seeks investors to ditch troubled parent on way to IPO.
- Foreign Affairs: China’s Looming Succession Crisis — What Will Happen When Xi Is Gone?
- Quartz: China’s new carbon market isn’t designed to fix climate change — Because of the market’s byzantine structure, it is unlikely to have much of an impact on China’s carbon footprint.
