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
- Beijing Crematorium’s Death Surge Points to Rising Covid Toll — One of the Chinese capital’s designated crematoria for Covid-19 patients has been flooded with dead bodies in the wake of the country’s loosening of pandemic restrictions.
- China Shows New Pragmatism on Economy — Easing Covid protocols and promoting property reflect a new growth push under President Xi Jinping.
- China’s Leaders Pledge to Focus on Economic Growth in 2023 — President Xi Jinping and other leaders, at an annual meeting, vowed to focus on reviving growth momentum next year, after abandoning strict pandemic controls.
- Chinese Air Travel Surges After Easing of Covid Restrictions – Airlines in China are adding flights and offering discounts to attract travelers.
- Jeep Maker Stellantis Downshifts Ambitions in China – Strategic pivot in the world’s largest car market reflects the challenging landscape for global auto makers.
- TikTok’s Efforts to Distance Itself From Chinese Parent Stumble Over Talent – Short-video app is trying to reduce ties with ByteDance but is still hiring staff in China for key functions.
The Financial Times
- China/Covid-19: spiralling infections will disrupt supply chains — The proportion of workers sick or absent in factories across China will be similar to numbers now being seen at financial groups in Beijing.
- China runs low on blood supplies after Covid keeps donors away — Doctors advised to postpone surgeries as Beijing reports first pandemic-related deaths in two weeks.
- Australia foreign minister to visit Beijing as tensions ease — Business hopes symbolic meeting will help restore one of region’s biggest trading relationships.
- Chinese cities grapple with rapid spread of Covid — Pharmacies run out of medicine and schools move classes online.
- Covid outbreak throws Chinese factories and supply chains into chaos — ‘Closed loop’ system to protect employees and production likely to be overwhelmed.
- EU’s trading partners accuse bloc of protectionism over carbon tax plan — Brussels negotiations continue as world-first levy faces criticism from US, China and African nations.
- Opinion: Despite abandoning zero-Covid, China’s economic challenges are huge – Beijing’s goal of a shift to greener high-tech industry requires a much more efficient financial system. By Eswar Prasad
The New York Times
- How Twitter Bots Drowned Out Posts About Protests in China — Chinese protesters shared videos and photos to Twitter. But their posts were swarmed by escort and gambling ads.
- From Zero Covid to No Plan: Behind China’s Pandemic U-Turn — After micromanaging the coronavirus strategy for nearly three years, the country’s leader, Xi Jinping, has suddenly left the populace to improvise.
- A Visit Inside China’s Desert Rocket Base — A Times journalist got an unusual inside look at a key launch site for the Chinese space program.
- Japan Moves to Double Military Spending, With a Wary Eye on China — The Japanese cabinet approved the first update to the country’s official security strategy in nine years, elevating Beijing over North Korea as the top threat.
- Opinion: The U.S. Needs to Change the Way It Does Business With China – “We must prepare in both spheres — economic and military — because the best way to avoid a military crisis is to maintain our economic superiority.” By Robert E. Lighthizer
Caixin
- China Real Estate’s Nagging Woes Are ‘Top Priority,’ State Economist Says — Han Wenxiu, deputy chief of a leading economic advisory body, advocates ending a years-long pattern of high debt, high leverage and quick turnover.
- China’s Drive to Kick the Foreign IT Habit – Under government pressure, China’s giant state-owned enterprises are rushing to crank up domestic purchases of innovative information technology applications.
- Macao Allows Travelers to Quarantine at Home in Latest China Easing Measure – Starting Saturday, visitors from Hong Kong, Taiwan and overseas can choose to isolate at home for five days upon arrival, Macao’s Novel Coronavirus Response and Coordination Center (NCRCC) said Friday.
- China’s State Drugmakers Scramble to Stock Pharmacy Shelves Amid Run on Covid Medicines – China National Pharmaceutical Group (Sinopharm) (HK.01099) has moved more than 160 of its subsidiaries to a 24-hour production schedule.
South China Morning Post
- Chinese smartphone giant Xiaomi said to cut 15 per cent of its workforce amid weak consumer spending — China’s No 5 smartphone vendor Xiaomi is reportedly planning to lay off up to 15 per cent of its payroll due to weak market demand from slower consumer spending and Covid-19 lockdowns.
- Normally bellicose China’s meek response to US chip restrictions raises eyebrows – Beijing typically ‘retaliates fully plus 10 per cent’, but this time it doesn’t seem to have many punitive options.
- Shenzhen launches big data platform to serve the city’s cross-border e-commerce community — The platform, set up in the economic zone of Qianhai, is the first trade data platform approved by China’s customs authority.
Nikkei Asia
- China pares back Xinjiang trade data after U.S. import ban – Detailed monthly breakdown of exports disappears without explanation.
- U.S. sees China as economic bully, seeks united front with allies – Washington wants to forge strategy with Japan and EU against trade retaliation.
- U.S. struggles to lure African nations over from China – Countries that benefit from Beijing investment wary of Washington’s $55bn pledge.
Bloomberg
- Baidu Expanding Apollo Self-Driving Taxi in China Big Cities — Baidu is adding more driverless ride-hailing in major cities, and the journeys are reassuringly drama-free.
- Zurich Soars Up European IPO Rankings With Jolt of Chinese Money — Zurich has raced toward the top of the rankings for European listing venues this year, overtaking the likes of London and Amsterdam. And it has Chinese share sales to thank.
- Foxconn to Sell Stake in China Chip Giant Amid Taiwan Review — A subsidiary of Taiwan’s Hon Hai Precision Industry will dispose of its indirect minority stake in China’s semiconductor giant Tsinghua Unigroup, the latest sign that Beijing’s chip industry is becoming increasingly isolated from the rest of the world.
Other Publications
- Foreign Policy: How America’s Hawks Beat China’s Wolf Warriors – In 2022, Washington had the advantage in an increasingly bitter relationship. By James Palmer
- Foreign Affairs: China’s Dangerous Decline – Washington Must Adjust as Beijing’s Troubles Mount. By Jonathan Tepperman
