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
- Jack Ma’s Costliest Business Lesson: China Has Only One Leader — The billionaire entrepreneur matched the heights of America’s tech legends but failed to heed warnings that Chinese leader Xi Jinping still called the shots
- Biden to Nominate Nicholas Burns as U.S. Ambassador to China — Mr. Burns served as U.S. ambassador to the North Atlantic Treaty Organization and undersecretary of state for political affairs during the presidency of Republican George W. Bush, and as U.S. ambassador to Greece under President Bill Clinton, a Democrat.
- Cryptocurrency Companies Are Leaving China in ‘Great Mining Migration’ — Miners face high costs, other hurdles in removing their machines after Chinese crackdown
- Chinese Stocks Slide as Beijing’s Crackdown Shows No Sign of Abating — State-media commentaries suggest that regulators plan to get tough on more industries
- The World’s Hottest Smartphone Brand Is Chinese—And It Isn’t Huawei — Xiaomi has benefited from a sanctions-hit Huawei, moving up fast in Europe, Southeast Asia
The Financial Times
- China warns thousands of officials over links with businesses — Corruption watchdog issues directive to Hangzhou authorities as Xi Jinping targets ‘social ills.’
- Shares in Hong Kong bourse rally after Chinese stock futures approved — Agreement will allow global investors to hedge exposure to mainland markets and inflicts another blow on SGX.
- Taiwanese shrug off China threat and place their trust in ‘Daddy America’ — Anti-Beijing sentiment is growing but the government has done little to prepare the public for war.
- China Inc braces for fallout from Didi data probe — Beijing expected to use investigation into ride-hailing group to issue warning across tech industry.
- High-profile rape allegations revive China’s #MeToo movement — Anti-harassment campaign was fading until a pop star and ex-Alibaba manager were publicly accused.
- Xi Jinping takes aim at the gross inequalities of China’s ‘gilded age’ — Reforms designed to ease social tensions and bolster legitimacy of Communist party rule.
The New York Times
- What an Adult Tricycle Says About the World’s Supply-Chain Problems — The supply-chain problems rocking companies may get worse heading into the holidays, as delays continue to snarl global trade and shipping prices jump even higher.
- How the U.S. Exit from Afghanistan Helps China — By Zhou Bo, a senior colonel in the People’s Liberation Army from 2003 to 2020 and an expert on the Chinese Army’s strategic thinking on international security.
- The U.S. Has Left Afghanistan. Will China Move In? — By Yara Bayoumy, the Opinion world and national security editor, writing about the decision to publish Mr. Bo’s guest essay.
Caixin
- Hong Kong Bourse to Offer China A-Share Index Futures — MSCI China A 50 Connect Index will track 50 Shanghai and Shenzhen equities available in the HK stock connect programs starting Oct. 18.
- Weekend Long Read: Emphasis on Common Prosperity Encapsulates Major Shifts in China’s Development Philosophy — What’s common prosperity and why now?
South China Morning Post
- ‘China’s Dr Fauci’ Zhang Wenhong cleared of thesis plagiarism accusations — One of China’s top universities has cleared a respected infectious disease expert known as “China’s Dr Fauci” of accusations of plagiarism.
- Court in China says cryptocurrency ‘not protected by law’ in ruling that could set a precedent for bitcoin lawsuits — Northern Shandong province’s high court said in public comments that “cryptocurrency is not protected by law” after reviewing a case involving virtual tokens, in a ruling that could set a precedent for other courts in China now that investment and trading in digital assets such as bitcoin is outlawed.
- Shenzhen tells local ‘made in China, sold on Amazon’ vendors it will stay neutral in their disputes with the US e-commerce giant — The government of Shenzhen, the southern Chinese tech hub where many cross-border online merchants are based, told the local “made in China, sold on Amazon” community that it will not intervene in their disputes with the US e-commerce giant, according to sources briefed about the decision.
- Why Tencent spent US$1.3 billion to buy video gaming firm Leyou, but left it to languish — When Tencent Holdings beat the likes of Sony to buy Hong Kong-listed video games company Leyou Technologies last year, the acquisition was expected to further boost the internet giant’s vast gaming empire.
Bloomberg
- Top Chinese Dealmaker Bets on New Startups After Crackdown — One of China’s most high-profile bankers Bao Fan is ramping up private investments in China, even as global funds reel from government crackdowns targeting everything from tech to education.
- HSBC Hong Kong CEO Cesar Takes Top Job at Hang Seng Bank — HSBC Holdings Plc’s chief executive officer of Hong Kong has been appointed to the top job at Hang Seng Bank Ltd.
- China Starts Probe Into Party Boss of Alibaba’s Home City — China is investigating Hangzhou’s top government official for serious disciplinary violations, casting a spotlight on the city that is home to Jack Ma’s Ant Group Co. and Alibaba Group Holding Ltd.
- China’s Tutoring Crackdown Sparks Labor Unrest, Watchdog Says — Chinese President Xi Jinping’s crackdown on the tutoring industry aims to help create a more harmonious society by leveling the education playing field for children across the country, but it’s having the opposite effect early on.
Reuters
- Chinese iron ore miner to invest $164 million in lithium production — Chinese iron ore miner Hainan Mining Co Ltd said on Monday it would invest 1.065 billion yuan ($164 million) in a plant to make battery-grade lithium hydroxide as it looks to cash in on booming demand in the electric vehicle (EV) sector.
- China halts over 40 IPOs amid regulatory probe into law firm, broker — Chinese bourses have halted more than 40 initial public offerings (IPOs) in Shanghai and Shenzhen amid a regulatory probe into several intermediaries in the deals, according to official exchange disclosures.
- China orders Communist Party members to resolve conflicts of interest as top Hangzhou official probed — Members of China’s ruling Communist Party in the technology hub city of Hangzhou have been ordered to resolve any potential business-related conflicts of interest involving themselves or relatives, the country’s graft watchdog said on Monday.
- Hollywood’s China romance withers faster — Hollywood’s China fantasy is waking up to ugly political realities. Films like Disney’s “Black Widow” have been conspicuously absent as cinemas in the People’s Republic reopen. The delay coincides with Beijing’s renewed censorship campaign and rising nationalism. Local studios are also steadily pushing Tinseltown aside.
Other Publications
- The Washington Post: In China’s business crackdown, corruption probe casts pall over Alibaba’s hometown — First, a mega-IPO was canceled. Then, leopards went missing. Now, an expanding corruption probe is the latest sign that one of China’s high-tech engines has lost its national darling status.
- Nikkei Asia: China data rules to squeeze overseas development of self-driving tech — Information generated in the country will mostly stay within the country.
- Nikkei Asia: China carmaker BYD’s chip unit IPO plan halted by regulatory woes — Probe into law firm handling deal comes as Beijing ramps up scrutiny on tech
- Quartz: How China’s top internet regulator became Chinese tech giants’ worst enemy — The internet regulator is at the forefront of achieving Xi’s vision of harnessing China’s tech know-how and policy to turn the country into a “cyber great power.”
