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
- Xi Jinping Scrutinizes Chinese Financial Institutions’ Ties With Private Firms — Inspections aim to ensure full Communist Party control over what is seen as the lifeblood of the economy, say people familiar with the plan.
- Chinese Developers Report Sharp Drops in Monthly Home Sales — Numerous big developers have recently reported lower sales figures for September.
- China to Let Power Prices Rise in Bid to Fix Electricity Crunch — Shortage has slowed factory output, hitting companies around the world.
- Embattled IMF Chief to Stay Following Investigation Into World Bank Data Rigging — Kristalina Georgieva will remain at the helm of the International Monetary Fund, which has been damaged by scrutiny.
- India, China Strike Out in Talks to Ease Border Dispute — Neighbors bulk up with troops and equipment as Himalayan winter nears.
- Huawei, Ericsson or Nokia? Apple or Samsung? U.S. or China? Who’s Winning the 5G Races — The competition among equipment makers, countries and cellphone companies is heated. Here are the leaders in each of those races.
The Financial Times
- A Sino-Australian success story at risk of ending — Iron ore exports to China have soared despite political tensions but that boom looks set to stutter.
- China power crisis sparks rush for generators from factories — Business owners struggle to keep going as officials impose electricity curbs on manufacturers.
- Evergrande bondholders say they have not received $148m interest payments — Yields on China corporate junk bonds trade at decade highs as deadline for three coupons passes.
- The acute dangers of a conflict over Taiwan — China-US tensions heighten risk of mishaps spilling over into war.
- Evergrande crisis puts PwC role in spotlight — Auditors face rising reputational and legal risks in dealing with Chinese companies.
The New York Times
- Home Buyers Who Went All In on Evergrande Now Want Out — China Evergrande Group’s financial troubles, and the government policies that helped push it to the brink of collapse, have threatened an important economic driver: home sales.
- I.M.F.’s Executive Board Says Kristalina Georgieva Can Remain — An independent inquiry commissioned by the World Bank had concluded that she played a central role in manipulating data to placate China.
- In China’s Super League, Everyone Seems to Be Losing — Chinese teams once embraced ambition and overspending in a bold attempt to reshape their sport. Now they don’t even play games.
Caixin
- Smarting From Dismal Phone Sales, Huawei Looks to Logistics and Energy — CEO Ren Zhengfei hopes his company can expand its business by applying its software systems to more industries.
- Sino-U.S. Natural Gas Deal Offers Fuel for a Thaw in Relations — ENN Ecological has agreed to buy LNG from Cheniere Energy starting in July.
South China Morning Post
- China power crisis: Premier Li warns provinces not to ‘jump the gun’ by cutting electricity to homes — Chinese Premier Li Keqiang has reinforced the importance of an “orderly” nationwide move towards meeting carbon-reduction targets, while chastising local provincial governments for cutting off power in a “one-size-fits-all” approach towards meeting those targets.
- China’s power crisis prompts Beijing to liberalise electricity pricing — China’s top economic planning agency said on Tuesday it would liberalise pricing in the state-controlled power market to help resolve an electricity crisis that has caused rationing across more than half the country and threatens to weigh on economic growth.
- Huawei spin-off Honor to launch new smartphones outside China with Google Mobile Services — Honor, previously the budget smartphone unit of Huawei Technologies Co, will soon launch new flagship handsets outside China with Google apps, breathing new life to the brand since US sanctions barred its former parent from selling phones pre-installed with the American giant’s software.
- China data-rigging allegation: IMF backs former World Bank chief after review — The International Monetary Fund says managing director Kristalina Georgieva did not demonstrate misconduct in her handling of the allegedly rigged “Doing Business 2018” report while serving as chief executive of World Bank.
Bloomberg
- Physical Coal Prices in China Surge on Nationwide Shortage — Offers for physical cargoes of thermal coal in China skyrocketed this week after reports of local outages and supply disruptions.
- China’s New Renewable Project Rivals All Wind and Solar in India — China has started building a massive renewable energy project that’s bigger than all of the wind and solar power in India.
- Huawei Rejected by Three in Four Canadians on Eve of 5G Decision — More than 75% of Canadians say that Prime Minister Justin Trudeau’s government should ban China’s Huawei Technologies Co. from taking part in the build-out of fifth-generation telecommunications networks, a new poll shows.
- China Said to Expand Anti-Monopoly Bureau as Crackdown Widens — China’s competition watchdog is planning to hire more people in its Beijing head office and creating departments to better oversee deals and probes, keeping up the pressure after a yearlong crackdown on monopolies.
Reuters
- EV battery maker CATL plans $5-billion China recycling facility — A CATL unit will form a joint venture with Hubei Yihua Chemical Industry Co Ltd to recycle used EV batteries for chemicals such as cobalt and lithium, the company said in a filing.
- China’s ENN agrees to buy LNG from U.S. Cheniere in long-term deal — This is the first major binding deal for natural gas between the two nations since a long-standing trade war which brought gas trade between both countries to a temporary standstill.
- China launches anti-graft campaign in finance sector by inspecting banking regulator — The Central Commission for Discipline Inspection (CCDI) is deploying teams to 25 financial institutions including the central bank, stock exchanges, banks and asset-management companies, with orders to focus on their Party committees.
Other Publications
- Foreign Affairs: How to Prevent an Accidental War Over Taiwan — Beijing and Taipei Are One Blunder Away From Open Conflict.
- The Harvard Crimson: Harvard Beijing Academy’s Move to Taipei — The program decided to move to Taipei due to a perceived lack of friendliness from the host institution. In recent years, the program began to have difficulties accessing the classrooms and dorms they needed.
- Protocol: China’s great crypto shutdown has arrived — Beijing’s strictest-yet crypto ban is the real thing, and 30 companies are quitting the country.
- Rest of World: The “Phone Disaster” — The Muslim population in Xinjiang, China were early smartphone adopters. Then the tech betrayed them.
