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
- U.S. and China Suddenly Play a Bit Nicer—Except in Chips – Beijing is making some significant concessions to Washington in trade and financial policy arenas.
- China’s Economy Won’t Be Number One – A Japanese report says China’s GDP won’t soon exceed America’s.
- Japan’s Weapons Buildup to Bolster U.S. Efforts to Counter China – New spending won’t change regional balance of power but will serve as further deterrence to China, analysts say.
- Republicans Press Biden Officials for Answers on TikTok Security Concerns – Two GOP lawmakers cited a WSJ article in seeking more information about the Chinese-owned video app.
The Financial Times
- Hong Kong and mainland China to expand Stock Connect scheme — Securities regulators announce agreement that will make more companies eligible for inclusion.
- China’s media promise ‘normalcy by spring’ as Covid sweeps country — Official media seek to portray ‘exit wave’ of cases as part of pre-planned strategy.
- Russia and China sharing strategies to undermine Nato, says US diplomat — Washington’s ambassador to security alliance encourages members to toughen stance towards Beijing.
- India overtakes China in M&A fees for western banks for first time — Wall St bankers pivot as Chinese companies turn to local advisers and Covid restrictions weigh on demand.
- China’s botched Covid reopening — Rushed exit from hardline policy shatters myth of Beijing’s competence.
The New York Times
- China’s Abrupt Covid Pivot Leaves Many Without Medicines — Millions are desperate to get their hands on fever-reducing drugs and antivirals such as Pfizer’s Paxlovid as infections across China outpace supplies.
- How TikTok Became a Diplomatic Crisis – A Chinese app conquered the planet — and now the U.S. is threatening to shut it down. Can the world’s biggest virality machine survive?
Caixin
- In Depth: What’s in Store for China GDP, Fiscal Policy in 2023 — As policymakers prioritize economic recovery, analysts expect more fiscal support through a higher budget deficit and a bigger special bond quota for local governments.
- China’s Parcel Deliveries Slow to a Crawl as Covid Hamstrings Labor Force — Couriers heading home ahead of the Lunar New Year holiday and a backlog of Double 12 deliveries are also slowing logistics.
- Hong Kong Approval Expands Mainlanders’ Access to mRNA Covid Shots – The official approval of the shots in Hong Kong will offer more options for mainland residents hoping for the inoculation.
South China Morning Post
- Huawei disbands enterprise business team in Russia in further pullback amid Western sanctions, local media reports — Around 2,000 employees at the unit will be asked to transfer to Huawei’s offices in other CIS countries.
- CICC unit joins Luxembourg Stock Exchange to tap foreign funds for Chinese firms and their clients — CICC UK, a unit of state-backed investment bank China International Capital Corporation, has joined the Luxembourg Stock Exchange to improve links between China and the country and Europe, as Chinese firms increasingly tap European exchanges for listings.
- Tencent expands global footprint by taking stake in Korean studio Shift Up, creator of hit game Goddess of Victory: Nikke — Deal indicates that Tencent is on its way to exerting more influence over global video gaming, as it seeks to offset sluggish domestic growth.
Nikkei Asia
- Behind the women billionaires: China receding on gender equality – Economic growth, policy, prove double-edged sword for women in China as historic progress is undone.
- U.S. Republicans to turn up pressure on Biden with China panel – Incoming chair urges bipartisan cooperation to compete with ‘enemy’ Communist Party.
- Opinion: Canada’s new realism toward China must leave room for engagement – Trudeau’s Indo-Pacific strategy marks arc of disillusionment with Beijing. By Phillip Calvert
Bloomberg
- Nio Blackmailed for Millions in Bitcoin by Data-Stealing Hackers — Hackers have stolen Nio Inc. user and car-sales data and are now blackmailing the Chinese electric-vehicle maker.
- VW Tells Staff in China to Work More Hours as Covid Spreads — Volkswagen AG is requiring employees at one of its factories in southern China to work extended hours to compensate for production losses after staff came down sick with Covid, a person familiar with the matter said, as a wave of infections snakes across the country.
- China’s Covid Death Reports Spread on Social Media Amid Virus Data Black Box — China appears to be seeing an increase in Covid deaths across a swath of the country that aren’t being reported in government figures, according to social media posts, adding to speculation that officials are masking the full impact of their abrupt shift away from Covid Zero.
Reuters
- China races to bolster health system as COVID surge sparks global concern – Cities across China scrambled to install hospital beds and build fever screening clinics on Tuesday as authorities reported five more deaths and international concern grew about Beijing’s surprise decision to let the virus run free.
- U.S. State Dept says toll of COVID in China a concern for the world – “The toll of the virus is of concern to the rest of the world given the size of China’s GDP, given the size of China’s economy,” Price told a daily briefing at the State Department.
- U.S. and China trade barbs over South China Sea – China’s embassy in Manila accused the United States on Tuesday of driving a wedge between the Philippines and Beijing.
Other Publications
- Foreign Policy: Taiwanese Flock to Civil Defense Training Ahead of Potential Chinese Invasion – “We have no right to ask others to help us if we are not prepared to defend ourselves,” Taiwanese Foreign Minister Joseph Wu said.
- Politico: ‘Lacking Credibility, Lacking Confidence From the People … Is Xi Xinping’s Greatest Vulnerability’ – Pro-democracy activist Wei Jingsheng in conversation with Matt Pottinger on where China goes from here.
- The Economist: A wave of covid-19 reveals flaws in China’s health system – It is better than it used to be, but still needs reform.
- Rest of World: As Covid-19 surges in China, sick Foxconn workers are still making iPhones – Sick workers say they’re being asked to stay on the assembly line as Foxconn ramps up iPhone 14 Pro production.
- Grid: Making independent films in Xi Jinping’s China is getting harder and more dangerous: ‘We’re thorns in their sides’ – Filmmaking in China is an increasingly difficult business. A small group of artists is trying to get around the rules.
- AP News: Beijing human rights activist immobilized by COVID-19 app – This year, Wang Yu’s movements within her home country also have been restricted by a color-coded app that’s supposed to protect people from COVID-19.
