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
- How China Is Helping to Damp Global Inflation — Economists see China as a conduit rather than a source of inflationary pressure in the post-pandemic era.
- Australia Seeks to Block China With Stake in Pacific Mobile Networks — Deal would be the latest attempt to limit Beijing’s influence in the region, particularly in the telecom sector.
- Biden Administration to Blame Hackers Tied to China for Microsoft Cyberattack Spree — American intelligence agencies also plan to release details of more than 50 tactics and techniques favored by hackers linked to Beijing.
- In the New China, Didi’s Data Becomes a Problem — Country’s largest ride-hailing company collected personal data, traffic and mapping information—and that has put it on the radar of authorities.
- China Wants a Chip Machine From the Dutch. The U.S. Said No — Biden administration, continuing a Trump policy, seeks to stop ASML from selling China machines crucial to advanced microprocessors.
- A Commerce Department Unit Abused Its Authority, Targeted Asian-Americans, Report Says — An investigation launched by the top Republican on the Senate Commerce Committee found the security unit operated as an ‘unaccountable police force.’
The Financial Times
- China Evergrande shares tumble after court freezes $20m bank deposits — New concerns raised over highly indebted property developer facing cash crunch.
- Tencent buys UK games company Sumo for £919m — Sheffield-based developer is behind ‘Forza’ and ‘Hitman’ franchises.
- Companies in Hong Kong fear being crushed between China and US — Business groups say Biden warning on risks of operating in the territory is counter-productive.
- Pentagon drones ‘8 to 14 times’ costlier than banned Chinese craft — US interior department officials complain about price and capability of civilian fleet of vehicles.
- China markets the remains of Anbang empire for $5.2bn — The sale of Wu Xiaohui’s collapsed conglomerate is seen as a test case for Beijing.
- Chinese companies face uncertainty as data security hawks gain power — Beijing’s rush to create data regime has left companies at whim of agencies’ discretionary power.
The New York Times
- US to Accuse China of Microsoft Hacking — The Biden administration is also expected to organize a broad group of allies to condemn Beijing for cyberattacks around the world, but stop short of taking concrete punitive steps.
- The Failure of China’s Microchip Giant Tests Beijing’s Tech Ambitions — Tsinghua Unigroup, a would-be microchip champion, is facing bankruptcy, a setback in China’s quest for semiconductor self-reliance.
- Yellen Says China Trade Deal Has ‘Hurt American Consumers’ — The Treasury secretary said an agreement made by the Trump administration, which remains under review, had failed to address fundamental problems between the two countries.
Caixin
- Exclusive: China’s Fintech Giants Get Until End 2022 to Overhaul Credit Reporting Business — Regulators are in talks with the companies to come up with a ‘compliant’ business model, PBOC source says.
- China Mulls Allowing Foreign Institutions to Invest Offshore Yuan in Shanghai Stocks — QFII investors would be able to put their offshore yuan into the STAR Market, rather than first having to convert foreign currencies into onshore yuan.
- Cover Story: The Rocky Path Facing Chinese Companies Tapping U.S. Markets — New requirements for government cybersecurity reviews in proposed IPOs adds to headwinds for tech companies seeking foreign share sales.
- In Depth: Huawei’s Plan to Snatch Alibaba’s Cloud Crown — The beleaguered tech giant has a host of advantages that make its ambition feasible, but Alibaba isn’t about to roll over.
South China Morning Post
- Huawei wins 60 per cent of China Mobile’s 5G network in show of confidence for beleaguered telecoms equipment maker — Chinese telecoms equipment giant Huawei Technologies Co has secured the rights to build the lion’s share of 700-megahertz (MHz) 5G base stations for China Mobile, China’s largest telecoms operator, and the recently established China Broadcasting Network (CBN).
- Beijing’s decision to block Tencent’s Douyu-Huya merger deal marks end of freewheeling internet era in China — The Chinese government had never said no to a merger deal in the country’s technology sector until last Saturday when the State Administration for Market Regulation (SAMR) blocked Tencent Holdings’ plan to merge Douyu and Huya, two video game live-streaming websites it controls.
- China digital currency: overseas visitors free to use e-yuan at 2022 Winter Olympics in Beijing — Overseas visitors will be granted access to China’s digital currency without the need to open a local bank account during trials at the 2022 Winter Olympics in Beijing, according to a central bank white paper.
Bloomberg
- Evergrande Resumes Downward Spiral as Investors Prep for Crisis — Investor doubts over China Evergrande Group intensified on Monday as a creditor’s successful demand to freeze some assets underscored concern that the embattled developer may struggle to raise funds.
- Congress Takes Aim at China’s Recruitment of Talent in U.S. — Congress is aiming to hobble China’s ability to recruit scientists and academics in the U.S. as part of broader moves in Washington to confront the Asian nation’s growing clout.
- China Tech Billionaires Ramp Up Donations as Beijing Cracks Down — China’s tech tycoons are discovering their charitable side as they come under mounting regulatory scrutiny from Beijing.
- China Says Next Hong Kong Leader Must Tackle Housing Crisis — China said Hong Kong’s future leader needs to tackle the city’s housing crisis in the latest sign that the Asian financial hub’s expensive residential real estate market is a priority for Beijing as Chinese officials seek to reassert their legitimacy following unrest.
Reuters
- UK says it and allies hold Chinese state responsible for Microsoft hacking — Britain said on Monday that it and its partners held Chinese state-backed groups responsible for “a pervasive pattern of hacking” involving attacks on Microsoft Exchange servers.
- China to complete construction for 2022 Winter Games by October — China is expected to complete construction work for the 2022 Beijing Winter Olympics by October, the state-backed Xinhua News agency reported on Sunday.
- Shanghai city to regulate data from smart vehicle testing — Shanghai city has issued draft regulations to safeguard data generated during testing of smart vehicles, underscoring China’s growing concern about data security.
- China Zhifei’s COVID shot largely retains effect against Delta variant-lab study — A COVID-19 vaccine developed by a unit of China’s Chongqing Zhifei Biological Products largely retained its neutralising effect against the Delta variant but there was a slight reduction, Chinese researchers found in a laboratory study.
Other Publications
- Politico: China is buying up American farms. Washington wants to crack down — Bipartisan pressure is building to stop foreign nationals from purchasing American farm operations and receiving taxpayer subsidies.
- Foreign Affairs: What America Owes the Uyghurs — A Plan for Stopping China’s Genocide.
- The Diplomat: Terrorists Target Chinese Nationals Working on a CPEC Project — Initially, Pakistan’s foreign ministry wrote it off as an accident, but China has described it a terror attack.
- Nikkei Asia: Air carriers flooded with consumer complaints in China — Unlimited flight tickets aimed at sparking demand create chaos instead.
- Foreign Policy: China Knows the Power of 5G. Why Doesn’t the U.S.? — New infrastructure technology will tip the scales in favor of authoritarianism or democracy worldwide.
