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’s Curbs on Videogames, Celebrity Fandom Seek to Make Kids Tougher — Measures also target for-profit education.
- In Leaving Afghanistan, U.S. Reshuffles Global Power Relations — The American withdrawal creates new complications for China and Russia.
The Financial Times
- China manufacturing activity slows for first time since April 2020 — Economy has been buffeted by recent Covid outbreak, boosting expectations of state support.
- Tencent boosts global investments as Beijing cracks down on gaming — Chinese internet group’s Europe dealmaking surge coincides with tightening regulatory noose at home.
- South Korea gives green light to sale of China-listed ETFs — Move paves the way for implementation of cross-border ETF link between the two countries.
- China’s stance gives US a chance to deepen ties with Vietnam — Hanoi has been tempted to shift away from neutrality as tensions rise with Beijing.
- Aluminium prices hit decade high as Beijing warns against speculation — Production cutbacks in China in bid to reduce pollution push up global costs for the metal.
- China video games: Beijing crackdown ignores impact on creator profits — Restrictions will hit game makers’ revenue and may threaten player loyalty in the long term.
Caixin
- E-Commerce Sites That Flout Intellectual Property Rules Could Be Shuttered Under Draft Law — Revision to IP law would see firms like Alibaba and Pinduoduo lose their licenses or face trading restrictions.
- Amid Tough New Rules on Minors Gaming, NetEase Says Less Than 1% of Revenue Comes From Teens — The gaming giant says it fully supports new rules that limit under 18s to just three hours of online play a week.
- ByteDance Workers Take a 20% Pay Hit as Sunday Overtime Ends — While tech giants are under government pressure to ease grueling work schedules, employees worry they’ll be stuck with the same workload for less income.
South China Morning Post
- Tencent ends exclusive music partnerships, bowing to regulators as rivals NetEase and Kuaishou jump in — Chinese tech giant Tencent Holdings’ music streaming business has announced that it terminated all exclusive licensing deals with copyright holders in accordance with a recent government mandate, removing a major obstacle for rivals in the entertainment industry.
- Juren says it will close, becoming the latest tuition school chain to buckle under China’s crackdown of off-campus education — Juren Education, one of China’s oldest tutoring companies, said it is closing down for good after 27 years of providing courses in mathematics, English and examination preparation for students from kindergarten to secondary schools, becoming the latest victim in the country’s crackdown on off-campus education.
- Hong Kong spent US$5.7 million on PR campaign to improve city’s image worldwide, lawmakers say it stated the obvious — Government defends price tag, says global public relations outfit Consulum helped officials understand how Hong Kong was perceived overseas.
- Hong Kong national security police eye foreign collusion case against fund that paid out HK$243 million to protesters — The fund’s trustees said it would close in October after distributing more than HK$243 million to protesters facing criminal prosecution or financial hardship as a result of the 2019 unrest.
Bloomberg
- Tencent Snapped Up by China Traders After Two-Month Selloff — Chinese investors piled back into beleaguered Tencent Holdings Ltd. in August, braving a relentless tech crackdown from Beijing that almost halved its stock price.
- Didi Creates Union, Setting a Precedent for Xi’s Workers Agenda — Didi Global Inc. is helping workers establish their first union, a groundbreaking decision its fellow tech giants may soon follow as China imposes rules to curb excessive work and protect millions of blue-collar workers from exploitation.
- China Threatens to Ban E-Commerce Sites That Flout IP Laws — China plans to tighten oversight of e-commerce companies like Alibaba Group Holding Ltd. and Pinduoduo Inc., including by holding them accountable for intellectual property violations.
Reuters
- China ramps up healthcare reform with pilot pricing scheme — China stepped up its reform of public healthcare service pricing mechanisms with the announcement of a pilot programme aimed at ensuring proper compensation for service providers and affordable costs for consumers.
- Pope defends deal with China, says dialogue necessary — Pope Francis has defended the Vatican deal with China’s communist government on the appointment of Catholic bishops, saying an uneasy dialogue is better than no dialogue at all.
- China envoy visits Myanmar as new route to Indian Ocean opened — China’s special envoy for Asian Affairs Sun Guoxiang visited Myanmar last week for talks with its military rulers, as a new route spanning the Southeast Asian nation opened up connecting Chinese trade flows to the Indian Ocean.
Other Publications
- Nikkei Asia: Didi and JD.com set up unions for workers in unprecedented move — Chinese e-commerce outfits try to redress Beijing’s claims of exploitation.
- Quartz: It’s too soon to get excited about Didi’s planned union for workers — It’s unclear how effective these internal unions will be in advocating for workers, given Beijing’s general tendency to restrict grassroots activism, and its past harassment and detentions of workers or students who engaged in labor activism.
- Protocol: I lost my job in China’s ed tech crackdown — As a parent myself, I am all for easing the burden on kids. As a worker hurt by the new policy, I feel helpless.
- Politico: Big business scrambles to avert U.S. Cold War with China — Companies are teaming up with untraditional allies out of fear that the fall legislative session will lead to restrictive laws.
- Foreign Policy: U.S. Institutions Must Get Smarter About Chinese Communist Party Money — Beijing is trying to shape the academic and political conversation.
- The Diplomat: Fentanyl in America: A Barometer of the China-US Relationship — China has numerous potential avenues for cracking down on illegal drug production and export. What it lacks is the political will to do so.
