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
- China Passes One of the World’s Strictest Data-Privacy Laws — China’s once-freewheeling internet faces new rules protecting personal data, as the world’s largest online population awakens to privacy concerns.
- China Delays Anti-Sanctions Law for Hong Kong — Legislation threatened to shake business and investor confidence at a turbulent time in markets.
- China Closes U.S. Auditor as Tensions Mount Over Forced Labor Allegations — Closure of nonprofit Verite raises questions about credibility of labor audits in China.
- Selling Luxury Goods in a More Socialist China Becomes a Problem — A speech on wealth inequality by the country’s president has wiped 60 billion euros off the value of Europe’s top luxury stocks.
- U.S. Tightens Focus on China After Afghanistan Withdrawal — Largest military exercises since Cold War come to Western Pacific as U.S. seeks to reassure allies of military commitments.
- Vice President Kamala Harris to Focus on Countering China on Southeast Asia Trip — Visits to Singapore and Vietnam will build on months of diplomatic outreach to the region by the Biden administration.
- Huarong’s Survival Doesn’t Mean Chinese Firms Can’t Fail — There’s more than meets the eye when it comes to Huarong.
The Financial Times
- Beijing avoids Hong Kong showdown by delaying anti-sanctions law — Executives feared immediate imposition of bill targeting groups complying with US penalties.
- Tech sell-off pushes Hong Kong stocks into bear market — Shares in Alibaba and Meituan drop as fears mount over crackdowns by Beijing.
- China’s regulators order Evergrande to resolve debt issues — Rare public intervention underlines concerns caused by heavily indebted property group.
The New York Times
- South Koreans Now Dislike China More Than They Dislike Japan — There is growing anti-China sentiment in South Korea, particularly among young voters. Conservative politicians are eager to turn the antipathy into a presidential election issue.
- China’s Vaccine Diplomacy Stumbles in Southeast Asia — Several Southeast Asian nations are raising doubts about the efficacy of China’s vaccines. The Biden administration has recently offered to provide shots, “no strings attached.”
Caixin
- Shenzhen to Set Up Securities Arbitration Center — Stock exchange and Shenzhen Court of International Arbitration create organization to explore a new approach to resolving securities and markets disputes.
- China Plans $1.72 Billion National Pension Company — As part of the government’s response to the rapid aging of the population, 17 financial institutions will take stakes in the new operation.
South China Morning Post
- Beijing unexpectedly postpones vote on adding anti-sanctions legislation to Hong Kong’s Basic Law — The law, designed to punish companies that abide by US sanctions or fail to carry out China’s, has prompted anxiety among some foreign investors.
- CGTN says it’s back on air in Britain, China’s foreign minister hails relations with UK — The Chinese state-backed news channel China Global Television Network says it resumed broadcasting in Britain on Friday, a day after Chinese Foreign Minister Wang Yi told his British counterpart Dominic Raab in a phone call that Sino-British relations, which had hit a low point, were now showing “positive signs”.
- China’s sweeping Personal Information Protection Law to come into effect on November 1 — China’s legislature has officially passed the Personal Information Protection Law (PIPL), placing legal restrictions on how personal data can be collected, used and managed after it comes into effect on November 1.
Bloomberg
- Why China Is Bailing Out Huarong But Punishing Others — Is Xi Jinping favoring state-owned enterprises over other prominent companies with just as much debt? Or is something very American going on?
- China Telecom Surges in 2021’s Biggest Listing, Passing Kuaishou — China Telecom Corp., the country’s second largest mobile operator, surged 35% over its offer price of 4.53 yuan in its market debut in Shanghai, cementing its status as the world’s biggest listing so far in 2021.
- China Broadens Restrictions on Driver Data Gathered by Carmakers — China has broadened its crackdown on information gathered by automakers, as part of a wider campaign on how companies handle and protect user data.
Reuters
- Exclusive – China eyes pushing U.S. IPO-bound firms to hand over data control-sources — Chinese regulators are considering pressing data-rich companies to hand over management and supervision of their data to third-party firms if they want U.S. stock listings, sources said, as part of Beijing’s unprecedented scrutiny on private sector firms.
- China can contribute to Afghan development – Taliban spokesman — China has played a constructive role in promoting peace and reconciliation in Afghanistan and is welcome to contribute to the rebuilding of the country, Taliban spokesman Suhail Shaheen told Chinese state media.
- China’s mRNA vaccine technology firm Abogen raises over $700 million — China’s Suzhou Abogen Biosciences said on Thursday it has raised over $700 million to support clinical development of its potential COVID-19 vaccine and expand pipeline of other vaccine and treatment candidates.
Other Publications
- The Economist: In Sierra Leone, a Chinese port-building plan raises ire — Many locals think China is hoovering up their country’s rich natural resources.
- Foreign Policy: China Is the Biggest Winner From Africa’s New Free Trade Bloc — AfCFTA was supposed to usher in a new era of continental trade and economic growth—but Beijing’s not letting that happen.
- The New Yorker: Will the Next American War Be with China? — Elbridge Colby is leading a conservative effort to prepare Americans for a military conflict in Taiwan.
