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
- What’s Driving Xi Jinping’s Economic Revamp? China’s Social Mobility Has Stalled — As the economy matures, more opportunities go to the children of wealthy and politically connected elites.
- China’s Growth Hasn’t Bottomed Yet — Despite some hopeful signs in October data released Monday, the economy has yet to turn the corner.
- Beijing Stock Exchange Launches With Some Big First-Day Gains — China hopes venue will channel funds into innovative smaller companies, as it tightens its grip on companies seeking listings overseas.
- WTA Calls for Investigation Into Peng Shuai Sexual-Assault Allegations Against a Former Chinese Leader — Women’s Tennis Association chairman calls for issue to be handled “without censorship,” risking backlash from Beijing.
- Adult Education, Vegetable Sales—China’s Big Tutors Chart a New Course — New Oriental and TAL to exit key tutoring services after Beijing clamped down on the sector.
- China’s Coal Addiction Runs Deeper Than Economics — The economics of weaning China off coal are daunting, but geopolitical risks loom large for Beijing too—and may continue to slow down the pace of progress.
- China Bought Italian Military-Drone Maker Without Authorities’ Knowledge — Sale illustrates Europe’s weak rules on purchases of sensitive technology.
The Financial Times
- JPMorgan chief becomes first Wall Street boss to visit greater China during pandemic — Jamie Dimon says he is ‘not swayed by geopolitical winds’ on brief trip to Hong Kong.
- China home prices fall as property slowdown threatens economic outlook — Beijing introduced measures aimed at constraining borrowing at developers over asset bubble fears.
- China’s nuclear build-up: ‘one of the largest shifts in geostrategic power ever’ — The US believes Beijing will quadruple its warhead arsenal by 2030. Could this alter the balance of power in Asia?
- China seeks to tighten cyber scrutiny on Hong Kong tech IPOs — Draft rules would enforce national security reviews in territory after cracking down on overseas listings.
- COP26 agrees new climate rules but India and China weaken coal pledge — Countries strengthen commitments to lower emissions but remain divided on phasing out fossil fuels.
- Chinese state developers step up land auction activity to rescue local governments — Evergrande and other private sector groups have been driven to the edge of bankruptcy.
- Australia vows to help US defend Taiwan from Chinese attacks — Defence minister’s comments follow Biden efforts to strengthen Washington’s Asia-Pacific alliances.
The New York Times
- Biden and Xi to Meet Amid Economic and Military Tensions — U.S. officials said the virtual summit on Monday was intended to reassure both sides that misunderstandings would not lead to unintended clashes.
- WTA Tour Seeks Chinese Inquiry Into Player’s Sexual Assault Accusation — The head of the women’s tennis tour asked for a “full and transparent” investigation after Peng Shuai, a player, recently accused Zhang Gaoli, a former vice premier of China, of sexual assault.
- Deep Underground, a Chinese Miner Discovered Poetry in the Toil — Chen Nianxi has risen to fame as a “migrant worker poet,” adding the voice of China’s often-invisible laborers to the cultural conversation.
- Opinion: The U.S. and China Need to Talk About Mutual Nuclear Vulnerability — Without U.S. and Chinese willingness to enter a clear dialogue, the results could be catastrophic.
Caixin
- Shares Start Trading on the New Beijing Stock Exchange — The bourse’s opening highlights China’s latest efforts to make more funding available to small and midsize enterprises.
- Douyin-Tencent Video Deal Shows How Big Tech’s ‘Walled Gardens’ Are Crumbling — Users of the China’s TikTok twin will soon be able to create and publish short videos based on internet rival’s copyrighted content.
- Kangmei Ordered to Pay $385 Million to Investors — Guangzhou court finds scandal-plagued drugmaker liable for losses incurred by more than 50,000 investors in its stock related to massive fraud.
South China Morning Post
- China appoints potato scientist to helm its elevated antitrust bureau — China has named female agricultural scientist Gan Lin as the new chief of its antitrust bureau within the market regulation agency, as the expanding government body takes on an increasingly elevated role in Beijing’s push to keep Big Tech in check.
- China celebrity crackdown: entertainment industry ordered to ensure all underage performers complete compulsory education — Beijing’s culture authority has ordered China’s entertainment industry to guarantee underage performers finish compulsory education and banned minors from participating in activities that support their idols amid an ongoing crackdown on celebrities and fandom culture.
- China’s VPN providers face harsher punishment for scaling the Great Firewall under new data regulation — China’s top cyberspace watchdog has drafted a new regulation that would punish individuals and institutions for helping internet users bypass the “Great Firewall” and access censored information from overseas, a move that could strengthen the government’s control over the internet and create new uncertainties for business.
Bloomberg
- U.S. Sends Ex-Banker Wanted in $485 Million Fraud Case to China — A former Bank of China Ltd. manager who fled to the U.S. two decades ago where he was convicted in a $485 million fraud case has been returned to China, marking a victory in Xi Jinping’s efforts to have corrupt officials brought to justice back home.
- China’s Dalian Wanda Calls Rumor of Chairman’s Death Fake — Dalian Wanda Group Co. has hit back at an online rumor that chairman Wang Jianlin — once the richest man in Asia — has died, saying he led a meeting on Monday.
- China to Impose Security Check on HK IPOs Under Big Data Rules — China will require technology companies seeking a listing in Hong Kong to undergo a cybersecurity review as part of sweeping new rules aimed at tightening control of information amassed by private firms.
- Stalled China Bill Could Hitch Ride on Must-Pass Defense Measure — Senate Majority Leader Chuck Schumer is seeking to break a logjam on a $250 billion bill aimed at making the U.S. more competitive with China and easing a global shortage in microchips by attaching it to a must-pass Pentagon policy measure that could clear the chamber this week.
Reuters
- Biden to tell Xi that China must play by the rules – senior U.S. official — U.S. President Joe Biden will tell Chinese leader Xi Jinping at a virtual meeting on Monday meant to reduce the chances of a superpower conflict that China must “play by the rules of the road” like a responsible nation, a senior U.S. administration official said.
- Ex-Bank of China exec suspected of embezzlement repatriated from U.S — A former president of a domestic branch of the Bank of China suspected of embezzlement has been repatriated to China after fleeing to the United States two decades ago, China’s anti-graft watchdog said on Sunday.
- China bill including much-needed chips funding stalled in U.S. Congress — Sweeping legislation to boost U.S. competitiveness with China and fund much-needed semiconductor production passed the Senate with bipartisan support in June, but has stalled in the House of Representatives and now faces an uphill climb to become law before next year, if ever.
Other Publications
- Politico: Don’t call it a ‘summit’: Biden-Xi meeting brings low expectations — Despite downbeat official messaging, look for bilateral “sweeteners” to dial down tensions.
- Nikkei Asia: Temasek pauses China tech investments amid Beijing crackdown — Singapore state investor wants regulatory clarity as Didi, others face scrutiny.
- Sydney Morning Herald: ‘Fox in the hen house’: Fears Chinese official vying for Interpol job could pursue Beijing’s critics — A top Chinese official has applied to join Interpol’s governing body, sparking alarm that Beijing could use the international crime-fighting organisation to pursue its critics abroad, including members of the Uighur community and Hong Kong democracy activists.
- Foreign Affairs: China’s Search for Allies — Is Beijing Building a Rival Alliance System?
- Quartz: What did China say and do at COP26? — Below is a timeline of what China did and didn’t do during COP26.
