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. Companies in China Worry Due Diligence Will End in Spy Dramas — Firms doing critical on-the-ground vetting are on heightened alert as Chinese authorities ramp up police visits.
- Ant’s Financial License Is in Limbo as China Shakes Up Regulatory System — Powerful new regulator will have to approve the fintech giant’s application to become a financial-holding company.
- Hong Kong Police Seize Statue Commemorating Tiananmen Massacre — ‘Pillar of Shame’ was one of the more potent symbols of the city’s pro-democracy movement.
- Singapore’s Moment Is Here. Will It Last? — Rising U.S.-China tensions, housing bubble are looming threats to city-state.
- As India Overtakes China in Population, Will Its Stock Market, Too? — The key, say some economists, is to look at the ratio of those who are middle age to those who are older.
The Financial Times
- Chinese companies told to step up data checks on auditors — Intervention is latest sign that regulators are increasingly concerned about security of corporate data.
- TikTok spied on me. Why? — The FT’s Cristina Criddle on discovering she’d been surveilled by the controversial social media company.
- ‘There will be only one voice’: Hong Kong stifles its grassroots democracy — Local leaders cut number of elected district councillors in Chinese territory.
- HSBC shareholders reject Ping An-backed split proposal at AGM — Special resolutions demanding regular review of bank’s structure and a guaranteed dividend are defeated.
- China seeks to ease fears of legal disputes to bolster global trade — Supply chain disruptions highlight an increasingly complex east-west interdependency.
- Chinese law firm leaders ambitious for growth — Industry veterans predict rising demand for professional services despite tensions.
- Adidas shares jump as new chief says China business has turned the corner — Sales trends are improving in world’s second-largest economy, says Bjørn Gulden.
The New York Times
- W.H.O. Dismisses Covid Origins Investigator for Sexual Misconduct — Peter K. Ben Embarek led a contentious international investigation into the origins of the Covid-19 pandemic.
Caixin
- In Depth: Local Governments Struggle to Get on Top of Their Hidden Debt — Tackling the mountain of hidden debt accumulated by China’s local governments is, once again, at the top of the political agenda.
- China’s AI Charge Part 2: China’s Tech Elite Lead Startup Frenzy — The furor this year around OpenAI’s ChatGPT has inspired a new breed of AI entrepreneur — the elite of China’s tech giants.
South China Morning Post
- SK Hynix halts plans to upgrade chip tech at Wuxi plant due to pressure from US sanctions on China: report — SK Hynix’s strategy ‘involves shifting its capacity expansion back to South Korea, while the Wuxi fab caters to domestic demand in China’, report says.
- Hong Kong national security police seize ‘Pillar of Shame’ statue in connection with subversion case — Eight-metre statue was removed from display at Pok Fu Lam campus of University of Hong Kong in 2021.
Nikkei Asia
- China’s EV industry braces for a shakeout as prices plunge — Local players face softer demand and competition from foreign makers.
- Chinese cities begin to pay public employees in digital yuan — Move in Changshu marks next phase to encourage e-currency’s adoption.
- Opinion: China’s espionage law updates undercut courting of investors — Amendments raise concerns on risks involved with data and information handling. By Lester Ross
Bloomberg
- US Seeks Meeting With China Defense Minister After Being Spurned — Austin would meet Li Shangfu at Shangri-La forum in Singapore.
- Chinese Resort Island at Center of Alleged Green Fuel Fraud — Hainan has emerged as major shipper of Chinese biodiesel to EU.
- China Bristles as Canada Weighs Risk of Expelling Diplomat — Trudeau’s foreign minister warns of possible economic blowback.
- FedEx Plans to Move Asia Headquarters, Executives to Singapore From Hong Kong — Firm plans to keep its Hong Kong office and most staff in city.
- F1 Looks to Unlock New Riches With China’s Rising Star — Zhou Guanyu could help give F1 much-needed boost in China.
Reuters
- China protests Canada’s possible expulsion of diplomat — Chinese Ambassador Cong Peiwu on Thursday denied a Beijing official targeted a Canadian lawmaker and his family for his anti-China stance and denounced Ottawa’s statement that it was considering expelling a Chinese diplomat.
- Malaysia in talks to bring back 1MDB-linked fugitive Jho Low — Malaysian authorities have previously said Low was believed to be in China, though Beijing has denied it.
- China’s aircraft carriers play ‘theatrical’ role but pose little threat yet — When China sailed one of its two active aircraft carriers, the Shandong, east of Taiwan last month as part of military drills surrounding the island, it was showcasing a capability that it has yet to master and could take years to perfect.
Other Publications
- Associated Press: Canada mulls expelling China diplomat for targeting lawmaker — Foreign Minister Melanie Joly said her department was summoning China’s ambassador to a meeting to underline that Canada won’t tolerate such interference.
- The Intercept: Ban On Property Sales to Citizens Of China, Iran, and Others is Cruising Through Texas Legislature — Whether the bill, which Gov. Greg Abbott has vowed to sign, ends up as law or not, the discrimination is already stinging marginalized communities.
- The Los Angeles Times: Mandarin classes are a new battleground between China and Taiwan — As relations between the U.S. and China worsen, Taiwan sees an opening to boost its soft power by pulling adults into classes.
- The Washington Post: Love, ambition, no politics: Chinese women flock to read Eileen Chang — For 80 years, her books have pushed boundaries and opened minds in China — and almost 30 years after her death in Los Angeles, Chang’s work has become a source of solace for yet another generation of Chinese women.
