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
- Brazil Suspends Trials of China’s Sinovac Coronavirus Vaccine — The clinical trials were halted following a ‘severe adverse event’.
- U.S. vs. China in 5G: The Battle Isn’t Even Close — China is leading the way in the size and consistency of its 5G network.
- Biden Is Expected to Review Trump’s Trade Tariffs — U.S. still has tariffs on $370 billion of imports from China, despite trade deal.
- China’s ‘Uber for Trucks’ Raising $1.7 Billion Ahead of IPO Next Year — Full Truck Alliance is valued at $10 billion before capital raise.
- China’s Regulators Prepare to Roll Out New Antimonopoly Rules — New rules targeting online platforms could constrain internet companies such as Alibaba, Tencent.
The Financial Times
- China draws up first antitrust rules to curb power of tech companies — Draft legislation marks latest wing-clipping of digital platforms after halted Ant IPO.
- Could Trump’s China trade policy be a template for Biden? — Liu and Lighthizer brought some stability to otherwise fraught Washington-Beijing relationship.
- Brazil suspends trial of Chinese-developed Covid-19 vaccine — Beijing suffers setback in effort to use pharma sector for post-pandemic diplomatic outreach.
- China consumer price inflation hits lowest level in more than a decade — Official data raise spectre of deflation in wake of Covid-19 pandemic.
- China economy: will hot property market threaten post-pandemic rebound? — With Beijing concerned that the sector is overheating, heavily indebted developers like Evergrande face intense scrutiny.
The New York Times
- Brazil Halts Trial of Chinese Vaccine. But Was Science or Politics to Blame? — The government of the South American country offered little explanation as to why it had abruptly stopped testing a promising coronavirus shot that thousands of people have already received.
- Trump’s Fury Feeds Moscow and Beijing Accounts of U.S. Chaos — President Trump’s baseless claims of a stolen election resonate on Russian state media. Both Russia and China have painted American democracy as volatile and vulnerable.
Caixin
- New Brokerage Takes Over Fallen CEFC Securities — Yongxing Securities, created to take over the securities assets of CEFC Shanghai Securities, gets up and running.
- The Future of Agriculture Arrives in China, On the State’s Dime — Policymakers have nurtured smart agriculture with generous state subsidies.
- Sweden Suspends 5G Auction After Huawei Wins Court Appeal Against Exclusion — Regulator cutting off Chinese company from network bidding ‘affects Huawei’s rights,’ Stockholm court rules.
- State-Owned Port Operator Ups Its Bet on Wind Energy — Zhuhai Port Holdings Group has acquired a 29.9% stake in a Shenzhen-listed wind turbine equipment maker.
- Cancer Drug Maker Antengene Seeks $420 Million in Hong Kong IPO — Shanghai biotech with a dozen cancer treatment candidates is led by former Celgene research chief Mei Jianming.
- TikTok and Sister App Douyin Retain Crown as World’s Most Downloaded Non-Game App — Despite being locked out of the Indian market and facing probes in some of its overseas markets due to data security concerns, ByteDance’s short video app, known as TikTok internationally and Douyin in its home market of China, retained its position as the world’s most downloaded and highest-earning non-game app in October.
- Shanghai-Listed Cable Maker Plans to Buy Into Luo Yonghao-Linked Livestreaming E-Commerce Firm — Shanghai-listed cable maker Sunway plans to buy into a livestreaming e-commerce company that has close connection with debt-ridden tech entrepreneur Luo Yonghao, who is the founder of failed smartphone brand Smartisan.
- Chinese NEVs Move Into Fifth Gear — Recent results show a group of Chinese electric vehicle startups are moving into the financial fast lane, as they seek to follow larger U.S. rival Tesla. The race is now on to see who can become the General Motors and Toyotas of a future powered by cleaner-burning vehicles.
South China Morning Post
- China-Australia relations: iron ore demand powers ahead as Fortescue secures US$4 billion in deals — Australian iron ore mining giant Fortescue Metals Group secured some US$4 billion in iron ore deals at the China International Import Expo (CIIE) in Shanghai as Australia’s most important export continues to withstand rising tensions with China amid proposed bans on a number of other Australian products.
- Under Joe Biden, US and China could work together on Covid-19, climate change, analysts say — China and the United States may seek to cooperate on shared challenges such as the coronavirus pandemic and climate change to improve their turbulent relationship under a new US administration, according to analysts.
- China’s tech industry relieved by Biden win – but not relaxed — China’s technology industry, one of President Donald Trump’s main targets in Washington’s tussles with Beijing, hopes Joe Biden can create a more constructive relationship – but few think the rivalry will de-escalate, executives and analysts say.
- China’s commercial property deals will double in value to almost US$100 billion by 2030, CBRE predicts — China’s commercial property deals are expected to double in value over the next decade, buoyed by an increase in capital coming from insurers, the emergence of more investment funds and the creation of real estate investment trusts (Reits), according to CBRE.
- Taiwan’s Tsai Ing-wen taps TSMC’s Morris Chang to represent island at Apec — Morris Chang, founder of the world’s biggest contract chip maker, Taiwan Semiconductor Manufacturing Co, will represent the self-ruled island in the Asia-Pacific Economic Cooperation summit to be held online next week.
- Singles’ Day: Chinese e-commerce giants target new wave of budget-conscious consumers and lower tier cities amid pandemic and belt-tightening — Unlike some of her colleagues who have shopped until the last minute of November 11 – China’s Singles’ Day, the country’s annual online shopping festival – Yang Fan has decided not to push things too far this year.
- ‘Europe is ready’ to team up with Joe Biden on China — European officials will soon contact the team of US President-elect Joe Biden to work together on China policies, in early signs that a transatlantic alliance is taking shape to tackle Beijing.
- China consumer inflation hit 11-year low in October, helped by plummeting pork price — China’s consumer prices in October slowed to their lowest level in 11 years, data released on Tuesday showed.
- Sony PlayStation 5 sells for three times its retail price in China as Covid-19 leads to shortages of new video game consoles — Just two days ahead of the initial launch of the PlayStation 5, Sony Corp’s highly anticipated next-generation video game console, scalpers in China are already taking pre-orders with the price set at more than US$1,500 per unit, three times the retail price.
- Foreign buying and surging volumes indicate momentum building for Shanghai Composite Index to break free — China’s onshore stocks look set to break free from four months of sideways trading on the back of rising turnover and foreign buying, while leveraged bets have risen to a five-year high.
- China inflation: how is it measured and why is it important? — Consumer inflation is the rising costs of goods and services in an economy and, as a result, reflects the decreasing purchasing power of consumers, all other things being equal. Rising income can offset the impact of rising inflation. “Real” income growth is adjusted to subtract the impact of inflation.
- China-US tension: Beijing worries that Esper’s exit raises risk of military action and accidents — The firing of US Defence Secretary Mark Esper has triggered worries in Beijing about the increasing risk of accidental conflict as well as the possibility of more hardline action by the Pentagon against Beijing, according to military analysts.
- China drafts new antitrust guideline to rein in tech giants, wiping US$102 billion from Alibaba, Tencent and Meituan stocks — China has released a draft antitrust guideline to rein in internet-based monopolies, signalling policymakers’ heightened concerns over the growing power, influence and risks of digital platforms and their market practices in the economy. The move immediately erased about US$102 billion of market value from Alibaba Group Holding, Tencent Holdings and Meituan.
- Singles’ Day: merchants boost online content to entice buyers, drive e-commerce sales — In the middle of China’s busiest shopping season, content is king for merchants on some of the retail industry’s biggest online platforms.
- As China’s consumer inflation rate hits 11-year low, economists warn of possible deflation in coming months — The larger-than-expected deceleration in the Chinese consumer inflation rate to an 11-year low in October has prompted some economists to warn of a possible risk of deflation in the world’s second-largest economy.
- How Joe Biden’s victory could entice Wall Street to increase investments in Chinese markets — Joe Biden’s election victory could result in a more unified front by developed countries pushing China to further open up its domestic market, which in turn could encourage American and global financial firms to increase their presence in Chinese markets, according to analysts.
- China puts supply chain security at forefront to avoid being ‘strangled’ by sanctions, analysts say — On multiple occasions, President Xi Jinping has used the phrase qia bozi, which translates to being strangled by an adversary, in describing China’s risks in the realm of technological competition.
Bloomberg
- China Clampdown on Big Tech Puts More Billionaires on Notice — Xi Jinping’s Communist Party is stepping up efforts to rein in some of China’s most powerful companies, jolting investors and dealing a blow to the country’s richest entrepreneurs.
- China Ready to Pick Up Slack With Global Oil Demand Wavering — As a rampant coronavirus ravages Europe and the U.S. and raises the risk of more lockdown measures, a range of indicators suggest China can cushion oil markets from the worst of the potential demand destruction.
- Biden Needs to Keep an Eye on Jobs — in China — This isn’t 2016. A better relationship with Beijing means understanding Xi Jinping’s labor market.
- Latest U.S. Sanctions Show Trump Isn’t Finished Hitting China — The U.S. has imposed sanctions on four more officials accused of undermining Hong Kong’s autonomy, showing the Trump administration is ready to keep hitting out at China even after Joe Biden won last week’s presidential election.
- Brainard Faces China Questions If Biden Picks Her for Treasury — Lael Brainard may face scrutiny over her dovish comments about China as a top Obama administration official if President-elect Joe Biden chooses her to be Treasury Secretary, but people familiar with her work said she took a more aggressive approach in private.
- Jack Ma’s Botched Ant IPO Becomes a Boost for State Banks — China Merchants Bank Co. and other state-backed lenders have emerged as the biggest winners from new regulations that derailed Ant Group Co.’s massive stock listing, as China aims to level the playing field between fintech giants and traditional banks.
- Singles’ Day Bonanza May Herald Return of China’s Consumers — Alibaba Group Holding Ltd. kicks off the world’s biggest 24-hour shopping binge Wednesday, an annual frenzy of consumption for hundreds of millions that this year will also serve as the best barometer so far of China’s post-pandemic recovery.
- Biden May Spur Flows to Asia Already Buoyed by Virus Success — Asia’s swifter exit from coronavirus lockdowns has helped it to suck investment funds away from other emerging markets.
Reuters
- Exclusive: Huawei to sell smartphone unit for $15 billion to Shenzhen government, Digital China, others – sources — Huawei plans to sell budget-brand smartphone unit Honor in a 100 billion yuan ($15.2 billion) deal to a consortium led by handset distributor Digital China and the government of its home town of Shenzhen, people with knowledge of the matter told Reuters.
- Air Products to launch 30 tonnes per day liquid hydrogen plants in China in 2022 — New York-listed Air Products , the world’s largest hydrogen producer, is expected to launch a 30 tonnes per day liquid hydrogen production plant in eastern China in 2022.
- U.S. to see more Chinese listings as Biden will make art of deal easier, advisors say — Chinese companies’ stock market listings in the United States reached a six-year high in 2020 and advisors expect the trend to accelerate in the year ahead in expectation of a stable regulatory regime under U.S. President-elect Joe Biden.
- China’s inflation fails to perk up, defies broader recovery — China’s factory-gate prices fell at a sharper-than-expected pace in October, weighed by soft demand for fuel even as the trade and manufacturing sectors staged impressive recoveries from their COVID-19 slump.
- China wildlife crime prosecutions up sharply after COVID-19 outbreak — China prosecuted more than 15,000 people for wildlife-related crimes in the first nine months of the year, up 66% from 2019, state prosecutors said, as authorities moved to enforce a trafficking ban imposed after the COVID-19 outbreak.
- Lithuania to support ‘those fighting for freedom’ in Taiwan — Lithuania’s new ruling coalition agreed on Monday to commit the incoming government to support “those fighting for freedom” in Taiwan, threatening to hurt the small EU member’s relations with China, a potential investor in its main port.
- U.S. imposes sanctions on four Chinese officials over Hong Kong crackdown — The United States on Monday imposed sanctions on four more Chinese officials in Hong Kong’s governing and security establishment over their alleged role in crushing dissent in the former British colony.
- China suspends fish imports from Indonesian firm after coronavirus detected — China has suspended imports from Indonesia’s PT. Anugrah Laut Indonesia for one week after the novel coronavirus was detected in a sample of frozen fish products supplied by the firm, Chinese customs said on Tuesday.
- China, Russia hold off on congratulating Biden; U.S. allies rally round — China and Russia held off congratulating U.S. President-elect Joe Biden on Monday, with Beijing saying it would follow usual custom in its response and the Kremlin noting incumbent Donald Trump’s vow to pursue legal challenges.
- China should expect no reprieve from Trump measures under Biden: analysts — When he enters the White House in January, Joe Biden will likely stick with the Trump administration’s harsh policies toward Chinese tech giants like Huawei Technologies, bowing to anti-China sentiment among U.S. lawmakers from both parties.
- Sao Paulo starts building production plant for China’s Sinovac vaccine: governor — The Brazilian state of São Paulo has begun building a facility to produce 100 million doses a year of China’s Sinovac vaccine against COVID-19, which will be ready by September next year, Governor João Doria said on Monday.
- China’s copper import boom leaves other metals cold: Andy Home — Imports of unwrought copper were a whopping 618,000 tonnes in October, bringing the year-to-date total to 5.6 million tonnes, already a record annual high with two months to spare.
Xinhua
- China’s consumer inflation further eases amid falling food prices — China’s consumer inflation eased for a third straight month and hit an 11-year low in October as food prices tumbled, official data showed Tuesday.
- China mulls tougher punishment for copyright infringement — China’s lawmakers on Tuesday started reviewing a draft amendment to the Copyright Law, which would give authorities more powers when punishing infringements.
- China, New Zealand dairy businesses sign multi-million USD contracts — Contracts valued at 1.22 billion yuan (about 180 million U.S. dollars) were signed Tuesday at the China-New Zealand dairy products business matchmaking conference and signing ceremony hosted by China Construction Bank Corporation (CCB) New Zealand Branch.
- China’s agricultural product wholesale prices edge down — The wholesale prices of China’s agricultural products dipped Tuesday, according to the Ministry of Agriculture and Rural Affairs.
- China’s SMEs see stable recovery in October — Vitality and recovery of China’s small and medium-sized enterprises (SMEs) kept improving in October as the country’s relief policies generated more tangible benefits, the latest industry data showed.
- World’s largest NBA flagship store opens in China — The National Basketball Association (NBA) announced that the world largest flagship store opened in China’s south city of Guangzhou.
- China’s leading automaker FAW reports growth in sales — First Automotive Works (FAW) Group Co. Ltd., China’s leading automaker, sold more than 3.01 million vehicles in the first 10 months of this year, an increase of 7.8 percent year on year, the company said.
- China’s ICT market expected to further expand in 2021 — China’s information and communication technology (ICT) sector will continue to expand in 2021, according to an industrial report.
- China’s weekly farm produce prices edge down — Farm produce prices in China shrank slightly last week, according to data from the Ministry of Commerce Tuesday.
- Pork prices edge up in China — Pork prices in China went up slightly last week, official data showed.
Other Publications
- The Diplomat: China’s BRI and its High-Speed Railways to Nowhere — The railway projects being built under the Belt and Road Initiative offer marginal economic benefits at exorbitant costs.
- Axios: Trump leaves Biden tough choices for his own China playbook — President-elect Joe Biden isn’t likely to pursue a full reset with China, but he quickly must decide which of the Trump administration’s many policies to keep and which to scrap.
- Foreign Policy: A Divided Washington Is (Sort of) United on China — Hundreds of billions of dollars are ready to flow into U.S. tech—if both sides can agree where.
- Nikkei Asian Review: China’s Luxshare aims to begin iPhone assembly ahead of schedule — Chinese electronics maker Luxshare is attempting to break into iPhone manufacturing ahead of schedule, a move backed by Apple and aimed at challenging Taiwanese rival Foxconn, the world’s leading assembler of Apple’s iconic devices.
- Global Times: China-Pakistan friendship nurtured a forest in the desert of Gwadar — During the COVID-19 pandemic lockdown, the Chinese port operator at Pakistan’s southwest Port of Gwadar focused its attention on forest-planting, and has now successfully completed a friendship forest in a city situated in a desert climate, gifting the city its first ever green park.
- TechCrunch: The race to be China’s top fintech platform: Ant vs Tencent — When you tease out Tencent’s fintech activity across its wider footprint — from direct operations like WeChat Pay through to its sizeable strategic investments and third-party marketplaces — you have something comparable in size to Ant, and in some services even bigger.
