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
- U.S. Poised to Unveil China Trade Policy — Top trade official to provide details of Biden strategy as tariffs linger and businesses push for talks to resume.
- U.S. to Press China on Trade Pact, Keep Tariffs in Place — U.S. companies will again be allowed to seek exemptions from tariffs as Biden administration pushes Beijing to fulfill 2020 trade deal.
- Countdown Starts on Chinese Company Delistings After Long U.S.-China Audit Fight — The three-year countdown will accelerate a decoupling of the world’s two largest economies.
- Record Chinese Aircraft Sorties Near Taiwan Prompt U.S. Warning — Beijing flies 93 military sorties over three days, prompting warning from the U.S.
- China Evergrande Unit Flags Possible Takeover Bid — Property-services subsidiary halted trading in Hong Kong; a deal could bring in much-needed cash for its parent company.
- China’s Evergrande Debt Crisis: Sizing Up a Big Mess — The property behemoth’s potential default stands to be one of the largest ever.
- ‘Ran for Our Lives’: How the Deadliest Ultramarathon Claimed 21 Runners — A brutal cold front and poorly organized event in China left participants begging for rescue and freezing to death on the trail.
The Financial Times
- US ready to accuse China of failing to honour trade deal signed with Trump — Biden administration official says Washington ‘willing to take steps’ if talks do not produce results.
- Evergrande halts share trading ahead of possible sale of services unit — China’s most indebted property developer rushes to unload assets to avoid collapse.
- Up to a quarter of US equity ETF revenues derived from China — Bank of America analysis shows how difficult it is to avoid fallout from Beijing’s crackdown.
- Evergrande fallout reverberates in China’s Rice Wine Town — Project has been caught up in developer’s debt crisis and Xi Jinping’s quest to cool property prices.
- EDF chief urges UK to clarify future of nuclear power station — French group wants ‘urgent” decision by British government on whether China’s CGN has a role.
- War of words escalates over China bias claims against IMF chief — Letter from former World Bank employees says allegations constitute ‘form of institutional corruption.’
The New York Times
- U.S. Signals Little Thaw in Trade Relations With China — The Biden administration said it would not immediately remove the Trump administration’s tariffs and would require that Beijing uphold its trade commitments.
- China Evergrande’s Shares Are Halted as Doubts Swirl — The property giant, which cited a pending “major transaction,” owes billions. Investors worry that a collapse could hit broader markets.
- In a Surge of Military Flights, China Tests and Warns Taiwan — For two straight days, Beijing sent a record number of planes near the island, Taiwan said, a display of strength that underscored Chinese demands for unification.
Caixin
- In-Depth Reads — China’s Toughening Financial Regulations — The reckless expansion of traditional financial institutions has spurred government efforts to tackle the risks posed by ‘too-big-to-fail.’
- Shanghai Stock Exchange Accepts Lenovo’s STAR Market Listing Application — The Hong Kong-listed PC giant plans to make its mainland debut by selling as much as 10% of its equity as Chinese depositary receipts, with the goal of raising up to $1.6 billion.
- PBOC Releases Final Rules on Credit Reporting Industry — New rules aim to protect rights of individuals and organizations from abuse; the rules require consent from subjects of credit assessment; information collection should follow principle of “minimum and necessary.”
South China Morning Post
- Former Hong Kong leader caught up in Pandora Papers hits back over report claiming he hid holdings from public — Media report claims Leung hid his sale of shares in a Japanese firm and along with city’s first leader, Tung Chee-hwa, used offshore accounts to shield assets from taxes.
- China’s plan to block export of ‘core’ data raises questions over implementation — China’s latest efforts to retain certain technology data within its borders have raised questions over how private businesses should categorise their information to comply with the new guidelines.
- US-China trade war: Washington set to exempt some products from tariffs — The United States will begin a process to exempt certain products from tariffs on Chinese imports, senior officials said as US Trade Representative Katherine Tai prepared to give a speech outlining Washington’s vision for trade ties with China.
- Chinese AI gets ethical guidelines for the first time, aligning with Beijing’s goal of reining in Big Tech — China has revealed its first set of ethical guidelines governing artificial intelligence, placing emphasis on protecting user rights and preventing risks in ways that align with Beijing’s goals of reining in Big Tech’s influence and becoming the global AI leader by 2030.
Bloomberg
- China Politician in Pandora Leak Had Firm to Trade U.S. Stocks — China’s only politician to be named in a sprawling investigation of millions of confidential financial documents known as the Pandora Papers is a female entrepreneur who the report says set up an offshore firm to trade U.S. stocks.
- Hopson’s Chu May Become Latest Tycoon to Bolster Evergrande — Another billionaire tycoon appears poised to come to the aid of embattled developer China Evergrande Group.
- China, Worried About Foreign Meddlers in Hong Kong, Plays Its Own Tacit Role — China has long accused foreign elements of meddling in the city’s affairs, yet a new book sheds light on its own role behind the scenes.
Reuters
- China Evergrande to raise $5 bln from property unit sale – Global Times — China Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead.
- China anti-graft watchdog probes former justice minister — The Central Commission for Discipline Inspection said it suspected Fu Zhenghua of “serious violations of discipline and national laws.”
Other Publications
- The Washington Post: White House set to blast China for failing to live up to Trump’s trade deal — Trade chief plans to lay out U.S. indictment of market-distorting measures
- Associated Press: China investigates ex-official who led major corruption case — When he was vice minister for public security, Fu led the probe of Zhou Yongkang, one of the most senior officials convicted in the anti-corruption campaign.
- ABC News (Australia): Rio Tinto continued to trade with Chinese billionaire Du Shuanghua after bribery scandal — Rio Tinto, BHP Billiton and other Australian mining companies have continued to trade with a Chinese steel billionaire Du Shuanghua after he confessed to paying bribes to a Rio Tinto executive. The revelations come from a document leak to the International Consortium of Investigative Journalists, named the Pandora Papers.