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 Xi Commits to Stop Building Coal Plants Abroad — Beijing has been criticized by the U.S. and environmental groups over projects adding to pollution in developing countries.
- Zoom’s Nearly $15 Billion Deal for Five9 Under U.S. Government Review Over China Ties — Justice Department-led Team Telecom is looking into whether Zoom’s China ties could make its acquisition of the software company a national-security risk.
- Ant to Fully Share Consumer Credit Data With China’s Government — User data from lending service Huabei will be made available to the central bank’s credit-reporting system.
- China Evergrande’s Flagship Business Resolves an Onshore Bond Payment — Investors are waiting to see if the giant developer pays a coupon due Thursday on its U.S. dollar bonds.
- Evergrande Is China’s Economy in a Nutshell — China’s economic model has run out of road, and the process of putting it on a new track is likely to bring more Evergrande-like mistakes.
The Financial Times
- Evergrande and the end of China’s ‘build, build, build’ model — Valued at $41bn in 2020, the spectacular unravelling of the property group exposes deep flaws in Beijing’s growth strategy.
- Evergrande: What would China’s biggest debt restructuring look like? — Beijing expected to carefully oversee any reorganisation of the world’s most indebted developer.
- China says Asia needs jobs over submarines in fresh Aukus salvo — Foreign ministry urges trilateral security partnership to ‘fulfil their international nuclear non-proliferation obligations.’
- Macau casino operators fear end of winning streak with new gaming law — Proposals could force operators to become ‘more Chinese’ as Beijing cracks down on capital outflow.
- China stocks fall in wake of global tumult over Evergrande — Losses limited after indebted developer says it will pay onshore bond coupon due this week.
- Central and eastern Europe turn to Taiwan as China relations cool — Hopes of economic boost from co-operating with Beijing give way to fears of domination.
- China pledges to stop building coal-fired power plants overseas — Xi Jinping’s announcement before UN General Assembly avoids commitments on domestic generation.
The New York Times
- China Pledges to Stop Building Coal Plants Abroad: Explained — Beijing is the undisputed king of coal, but the announcement at the United Nations General Assembly this week was cautiously welcomed by climate experts.
- Beyond Evergrande’s Troubles, a Slowing Chinese Economy — Investors are watching whether the property developer defaults. But in the background, the world’s No. 2 economy is flashing numerous warning signs.
- Why France Is Angry About the U.S.’s Submarine Deal — The new partnership between the United States, Britain and Australia is a diplomatic bombshell.
- At U.N., Biden Calls for Diplomacy, Not Conflict, but Some Are Skeptical — The president said he wants global cooperation to meet challenges, but some allies and adversaries say his actions point to confrontation with China and unilateral action, belying his words.
Caixin
- In Depth: How Evergrande Hid Its Debt — The embattled developer has shown itself to be a master at hiding debt, employing methods such as debt disguised as equity and acquisitions that have yet to be paid for.
South China Morning Post
- Ant Group microcredit service Huabei feeds vast consumer data to China’s central bank — Ant Group, operator of the world’s largest electronic payment platform, has started to feed its vast trove of consumer credit information to a database run by China’s central bank, heralding a new chapter in the regulatory oversight of the nation’s private financial technology companies.
- Chinese cities ask developers to stop discount gimmicks as local governments seek to prevent a collapse in home prices — Authorities in Zhuzhou chide developers and agents for offering homes that are priced ‘obviously lower than the market level’.
- China’s curbs on steel production, pollution and energy consumption send iron ore prices tumbling — Investors are fire-selling mining stocks, iron ore traders are losing money, and smaller miners are pulling back shipments because of falling iron ore prices driven by tumbling Chinese demand.
- Lithuania says throw away Chinese phones due to censorship concerns — Lithuania’s defence ministry recommended that consumers avoid buying Chinese mobile phones and advised people to throw away the ones they have now after a government report found the devices had built-in censorship capabilities.
Bloomberg
- Taiwan Applies to Join Pacific Trade Deal Days After China — Taiwan has submitted an application to join a Pacific trade deal, just days after China sent its own request to become a member of the agreement which was once pushed by the U.S. as a way to isolate Beijing and solidify American dominance in the region.
- Iron Ore Storms Past $100 as China Soothes Evergrande Concerns — Iron ore’s roller-coaster ride in 2021 shows no signs of easing, with prices ending an unprecedented slump to move sharply higher as investors monitor simmering debt troubles at China Evergrande Group.
- China Begins Winter Gas Buying Spree at the Worst Possible Time — China is escalating its purchases of liquefied natural gas for the winter, exacerbating a global supply shortage and leaving less fuel for energy-parched Europe.
- Hong Kong Quietly Widens National Security Law With Subtle Shift — City authorities have begun using the phrase “contrary to the interests of national security” in recent weeks to define new red lines in the entertainment industry and the tax code. Previously, officials had warned more specifically against anything that might “endanger national security.”
Reuters
- Malaysia to seek China’s view on Australia’s nuclear sub pact — Malaysia on Wednesday said it plans to seek China’s position on the new defence partnership between the United States, Britain and Australia, days after sounding the alarm that the pact could trigger a nuclear arms race in the region.
- Exclusive – Polish gene project moves to drop Chinese tech on data concerns — A European Union-funded project to build a genomic map of Poland plans to drop gene-sequencing technology from China’s BGI Group over concerns about data security, one of the project’s leaders told Reuters.
Other Publications
- Nikkei Asia: China goes on an intellectual property offensive — Enhanced IP legislation means foreign companies need to be ready for lawsuits.
- Nikkei Asia: Aluminum prices hit 13-year high amid power shortage in China — Costly freight due to COVID entry restrictions push commodities costs higher.
- Foreign Policy: State Department Plans ‘China House’ to Counter Beijing — Some fear larger State Department China desk could be a “massive bureaucratic blob.”
- Protocol: Beijing meets an unstoppable force: Chinese parents and their children — Live-in tutors disguised as nannies, weekday online tutoring classes and adult gaming accounts for rent. Here’s how citizens are finding ways to skirt Beijing’s diktats.
- MIT Technology Review: The US is unfairly targeting Chinese scientists over industrial spying, says report — A new study of economic espionage cases in the US says people of Chinese heritage are more likely to be charged with crimes—and less likely to be convicted.