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 Report Links State-Secrets Allegations Against Two Canadians — Chinese government-run newspaper says Michael Spavor shared photos and videos of military equipment with compatriot in cases central to China-Canada ties.
- Hong Kong Venue Bars Outspoken Pop Star, Fearing Beijing Crackdown — Pro-democracy singer Denise Ho loses her stage as concerns grow about artistic expression; film censors may get new powers.
- Covid-19 Has China’s Gambling Hub Macau on a Long Losing Streak — Casinos in the world’s biggest gambling market have been a key revenue source for U.S.-based operators.
The Financial Times
- China warns US that tensions threaten fight against climate change — Beijing blames Washington for worsening ties as John Kerry visits Tianjin pushing emissions cuts.
- Chinese regulators demand Didi and Meituan improve worker conditions — Ride-hailing and delivery groups summoned over labour reform and data security in tech crackdown.
- China hog stocks shed $75bn after swine fever recovery and ‘peak pork’ — Consumers have switched to other proteins following price increases, say analysts.
The New York Times
- China Tells Kerry Strained Ties Could Sink Climate Cooperation — John Kerry, President Biden’s climate envoy, is in China this week pushing leaders to aggressively cut greenhouse gases. But the worsening U.S.-China relationship is taking center stage.
- Businesses Push Biden to Develop China Trade Policy — Seven months into a new administration, companies want the White House to drop tariffs on Chinese goods and provide clarity about a critical trade relationship.
Caixin
- Airbnb-Style Rental Platforms Ordered to Remove Beijing Listings, Sources Say — Landlords required to submit ID and ownership documents, among others, before re-listing as authorities seek to tighten oversight of the sector.
- In Depth: The Congo Mine That Could Feed China’s Vast Hunger for Copper — The Kamoa-Kakula mine has ore reserves equivalent to more than a third of China’s total.
- SK Innovation to Build $1 Billion Battery Plant in China — South Korean firm looks to boost capacity as demand surges for electric vehicles.
South China Morning Post
- Weibo bans 52 accounts, some with millions of followers, in campaign against financial misinformation on social media — Chinese microblogging platform Weibo has banned at least 52 influential user accounts, some with millions of followers, in response to Beijing’s latest campaign to clean up “misinterpretations” of financial and economic policies on the country’s social media.
- China vows ‘protection’ of small businesses, with US$46 billion worth of new loans on tap — In yet another sign that its economic strategy is focused on the long game, Beijing has vowed to provide 300 billion yuan (US$46.4 billion) in new loans to the nation’s small and self-employed businesses – many of which are in desperate need of help.
- Beijing orders ride-hailing firms to end ‘vicious competition’ as Didi Chuxing’s cybersecurity investigation continues — Chinese authorities summoned 11 ride-hailing companies, including T3 Chuxing, Meituan Dache, Caocao Chuxing and Didi Chuxing, to order them to stop their “vicious competition” amid an ongoing cybersecurity investigation into industry leader Didi that has created new opportunities for rivals.
- Alibaba earmarks 100 billion yuan towards China’s common prosperity goal, responding to call to narrow nation’s wealth gap — Alibaba Group Holding, the world’s largest e-commerce platform, said it will set aside 100 billion yuan (US$15.5 billion) towards promoting “common prosperity” in China, making the biggest single corporate pledge in response to a government call to narrow the nation’s wealth gap.
Bloomberg
- Xi Plans New Stock Exchange to Boost Innovative Small Businesses — China will set up a new stock exchange in Beijing to provide financing for innovative smaller companies, President Xi Jinping said, as Beijing tries to increase the role of equity-financing in its financial system.
- China Restrictions on International Flights Could Last to 2022 — China’s top three airlines told analysts the government’s tight restrictions on international flights could last into the first half of next year due to Covid-prevention measures ahead of the Beijing Winter Olympics in February, HSBC Holdings Plc said.
- China Orders Meituan, Didi to Rectify Misconduct by Year-End — Chinese regulators ordered car-hailing services run by Didi Global Inc., Meituan and Alibaba Group Holding Ltd. to rectify instances of misconduct by December, amping up scrutiny over an industry that employs millions.
- China’s Wants Control of Companies’ Data, Not Just Access to It — Beijing is taking steps that will give the government not only access to, but purported ownership of, the vast amounts of information that companies collect.
Reuters
- China cracks down on showbiz for ‘polluting’ society and youth — China ordered broadcasters on Thursday to shun artists with “incorrect political positions” and “effeminate” styles, and said a patriotic atmosphere needed to be cultivated, widening a crackdown on its booming entertainment industry.
- China administered total of 2.076 billion doses of COVID-19 vaccines as of Sept 1 — China administered about 8.8 million doses of COVID-19 vaccines on Sept. 1, bringing the total number of doses administered to 2.076 billion, data from the National Health Commission showed on Thursday.
Other Publications
- The Economist: China’s dodgy-debt double act — The agonies of Huarong and Evergrande.
- The Economist: China’s bid to stabilise its property market is causing jitters — Can it be done without harming the wider economy?
- The Atlantic: What China’s Afghan Bluster Hides — Beijing’s gloating over America’s withdrawal masks a deeper anxiety.
- Associated Press: China bans ‘sissy men’ from TV in new crackdown — China’s government banned effeminate men on TV and told broadcasters Thursday to promote “revolutionary culture,” broadening a campaign to tighten control over business and society and enforce official morality.
- Nikkei Asia: Analysis: A footnote on Cultural Revolution hints at Xi headwinds — President paints school text books in own color, but intra-party tug-of-war continues.
