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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China’s Economic Recovery Is Looking Gloomier — Retail and property sectors show weakness amid a fresh outbreak of Covid-19 and tighter government regulations.
- A Former Mao Aide’s Diaries Spark a Custody Battle Over an Unofficial History of China — The papers of party insider Li Rui were whisked out of China by his daughter and given to Stanford. His widow says they were stolen.
- China Rules Against Sexual-Harassment Accuser in Closely Watched Case — A court’s ruling was a blow to the efforts of Chinese women’s-right activists amid a fledgling #MeToo movement.
- China Goes Cold Turkey on Property — Weak economic data show just how complicated any transition away from real estate could be.
- Macau Casinos’ Uncommon Prosperity Is at Risk — A decadent gambling hub doesn’t fit well with China’s new ‘common prosperity’ mantra. Investors fear a tougher stance is coming.
- Apple iPhone 13’s Price Wins Favor in China — Huawei’s fall benefits U.S. company in key market, but supply problems and local challenges remain.
The Financial Times
- Macau casino stocks shed $18bn as government seeks greater oversight — Operators in world’s biggest gambling hub suffer worst day ever as authorities review gaming law.
- China slowdown worsens as Covid outbreak exposes consumer weakness — Latest data stokes concern that the country’s economy is losing momentum.
- Biden’s suggestion of summit with Xi falls on deaf ears — US president proposed face-to-face meeting in call last week but Chinese leader did not respond.
- Investors bet China’s cosmetic surgery industry is next on regulators’ hit list — Shares of top companies fall more than a third amid criticism from Beijing.
- Chinese land auction blunder undercuts Xi’s inequality crusade — New rules to contain soaring house prices in big cities suspended after having opposite effect.
- Chinese ambassador to UK banned from event in Houses of Parliament — Commons and Lords Speakers act in response to 5 MPs being among 10 people placed under Beijing sanctions.
The New York Times
- China #MeToo Figure Vows to Appeal After Losing Landmark Case — Zhou Xiaoxuan, a former television intern, became a leading voice in the movement after accusing a star presenter of assault.
Caixin
- Chinese Investors to Get Connected to Hong Kong Bond Market — ‘Southbound leg’ of Bond Connect will complete the two-way trading system between domestic and offshore institutional investors.
- Undeterred China Vaccine-Maker Reapplies for Hong Kong IPO After Rejection — AIM Vaccine tries again after first bid was knocked back in July as it seeks to raise capital amid a domestic race to develop mRNA Covid-19 vaccines.
- China to Form New China Power Equipment Group — State Council clears electrical-gear combination of Xidian, Pinggao and Baoguang Vacuum Electronic Apparatus as part of a long-running industry overhaul.
South China Morning Post
- China’s bitcoin mining crackdown reaches northern province surrounding Beijing — The local cyberspace administration of the northern Chinese province of Hebei said it has started a special campaign against cryptocurrency mining and trading because of environmental, financial and national security concerns – a fresh sign of Beijing’s determination to clamp down on this market.
- China urges US to unfreeze assets in Afghanistan — China on Wednesday called on the United States to unfreeze assets in Afghanistan, and thanked the Taliban-controlled government for guaranteeing the security of Chinese investments in the nation.
- China gives the nod for investors to buy offshore debt via Hong Kong, opening the southbound leg of Bond Connect — Mainland China’s investors will be allowed to buy and sell offshore debt through Hong Kong in a widening of the Bond Connect transborder investment channel that enhances the city’s role as China’s financial centre.
- Huawei founder Ren Zhengfei vows to recruit more global talent as firm seeks to overcome US sanctions — Huawei Technologies Co, the Chinese telecommunications giant, plans to recruit more international talent by offering them higher salaries than current market rates, as the company pushes to overcome US trade sanctions that have crippled its core smartphone business, according to an internal speech by founder and chief executive Ren Zhengfei.
Bloomberg
- China Tells Banks Evergrande Won’t Pay Interest Next Week — Chinese authorities have told major lenders to China Evergrande Group not to expect interest payments due next week on bank loans, according to people familiar with the matter, taking the cash-strapped developer a step closer to one of the nation’s biggest debt restructurings.
- Hong Kong Activists Jailed Up to 10 Months Over Vigil — A Hong Kong court handed down fresh jail sentences to a group of democracy activists, including a former chief executive candidate and the ex-leader of city’s biggest protest group, over their roles in vigil to commemorate the 1989 crackdown in Tiananmen Square.
- Hong Kongers Pile Into Yuan at Fastest Pace in Seven Years — Hong Kong residents haven’t been this excited about China’s yuan since before a shock currency devaluation in 2015.
Reuters
- Australian university says Chinese Uyghur study breached ethics code — An Australian university said on Wednesday that it has asked journal publisher Wiley Online Library to retract a research study conducted by a former faculty member that helps Chinese facial recognition software better identify ethnic Uyghurs.
- Biden denies China’s Xi turned down meeting offer — U.S. President Joe Biden denied on Tuesday a media report that his Chinese counterpart, Xi Jinping, last week turned down an offer from Biden for a face-to-face meeting.
- Chinese ambassador barred from UK parliament over sanctions row — The Chinese ambassador to Britain has been banned from attending an event in the British parliament because Beijing imposed sanctions on lawmakers who highlighted alleged human right abuses in Xinjiang.
Other Publications
- The Washington Post: Top general was so fearful Trump might spark war that he made secret calls to his Chinese counterpart, new book says — ‘Peril,’ by Bob Woodward and Robert Costa, reveals that Gen. Mark A. Milley called his Chinese counterpart before the election and after Jan. 6 in a bid to avert armed conflict.
- The Diplomat: CFIUS Ramps up Oversight of China Deals in the US — CFIUS’ annual report signals upgraded scrutiny of non-notified transactions, especially deals involving Chinese investors.
- Nikkei Asia: China and ASEAN push for timely RCEP start as Jan. 1 looms — Many signers far behind in steps to bring the agreement into effect.
- Council on Foreign Relations: What is the Influence of Chinese Media in West Africa? — There is a disagreement between Ghanaian journalists and policymakers and their Nigerian counterparts over the perception of Chinese media sources.
- Rest of World: Beijing’s breakup of Alipay was inevitable — The real question is how it was allowed to get so powerful in the first place.
