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
- Algorithms vs. Regulators Battle Royale Kicks Off in China — China is regulating algorithms. How that experiment goes could help Western regulators understand what to embrace—and what to avoid.
- China Targets News Media in Xi Jinping’s Campaign to Expand Communist Party Control — Proposed new restrictions on investment and a former journalist’s detention are part of Beijing’s effort to tighten grip.
- Why Is Taiwan a Focal Point in U.S.-China Tensions? — Strategically and economically, the island is crucial to the ambitions of both. Here’s a look at the past, present and future of the frictions over its status.
- Binance to End Crypto Trading in China’s Yuan — Exchange earlier blocked new sign-ups from mainland China.
- The China-U.S. 5G Battle Upends a Telecom Industry Consortium — The mundane process of setting technical specifications becomes a player in a geopolitical drama.
- For China’s Banks, Corruption Is Only Half the Problem — Beijing will snare some bad apples in its latest rectification campaign, but the rot at the core of the financial sector still needs stronger medicine.
The Financial Times
- China coal and natural gas imports surge as energy crisis bites — Rise in overseas sourcing in September follows shortages that have hit businesses and households.
- US overtakes China as biggest bitcoin mining hub after Beijing ban — Crackdown on digital currencies knocks country’s share of crypto production to zero.
- Xi Jinping gambles on economic tumult to cement his legacy — Chinese president sees Evergrande crisis and power crunch as chances to enact tough reforms.
- China becomes next big prize for quant funds — Big-name groups attracted by improved access and ‘exploitable inefficiencies.’
The New York Times
- China’s Power Problems Expose a Strategic Weakness — China announced on Wednesday a national rush to mine and burn more coal, as the country’s electricity shortage threatens to damage its image as a reliable manufacturing base.
- Amid U.S.-China Chill, Harvard Moves a Top Language Program to Taiwan — A university spokesman said the move out of Beijing had long been planned. The program’s director cited a perceived lack of friendliness from the host institution.
- W.H.O. Will Announce New Team to Study Coronavirus Origins — “This new group can do all the fancy footwork it wants, but China’s not going to cooperate,” one expert said.
- As Floods Ravage China, 14 Die After Bus Falls Off Bridge — The casualties come amid violent inundations in the country that have left a total of at least 29 people dead and displaced more than 120,000 across northern areas.
Caixin
- Shenzhen Becomes First Chinese City to Sell Offshore Bonds to Foreign Investors — The offer of $774 million in yuan-denominated debt proves a hit with investors, who oversubscribed for the issuance by 2.48 times.
- Huayi Brothers Media Co-Founder to Sell Up to 43% of His Stake — Wang Zhonglei to cash out to the tune of $29 million to meet ‘personal financial needs’ as pandemic dents cinema revenues.
- Former Huawei Budget Brand Honor to Add Google Services to Its Smartphones — Company expected to launch at least one international version of its latest handset series in Europe this month.
South China Morning Post
- Binance to halt peer-to-peer trading service in China, severing final link with market amid Beijing’s cryptocurrency crackdown — Binance, the world’s largest cryptocurrency exchange that has attracted multiple warnings from regulators, said it would stop offering its peer-to-peer trading service in China by the end of 2021 in a move that would represent a clean break from a market it largely withdrew from in 2017.
- Evergrande crisis weighs on China’s credit growth as financing, lending activities cool — China’s credit growth slowed in September, as weakness in the property market amid the Evergrande crisis weighed on financing and lending activities, despite the central bank’s call to stabilise credit expansion.
- China faces cybersecurity talent shortage amid push to secure data and develop the digital economy — China is facing a shortage of cybersecurity talent, according to the Ministry of Industry and Information Technology (MIIT), providing an obstacle to the country’s goal of further developing the digital economy in the coming years.
- Artist behind Tiananmen crackdown memorial at University of Hong Kong seeks diplomatic help to relocate Pillar of Shame overseas — Jens Galschiøt also requests through lawyers an HKU review of removal order on the Pillar of Shame, which pays tribute to victims of the 1989 Tiananmen Square crackdown.
Bloomberg
- Ping An’s $90 Billion Fall Grounds One-Time China High Flyer — China’s Ping An Insurance (Group) Co. has long argued it should be treated like a high-growth technology company instead of a seller of life policies. After a $90 billion plunge in its market value, it’s now priced more like a property developer at a time when the country’s real estate sector is out of favor.
- China Developers Account for About Half of World’s Troubled Debt — In a world where central bank stimulus has wiped out most of the distress from global bond markets, the troubles of China’s property companies are standing out.
- China Education Stocks Jump on Support for Vocational Schools — China’s support for vocational schools is breathing life into education stocks that have been battered by a crackdown on private tutoring businesses.
- China Could Win Energy Crisis Reprieve as Coal Mines Recover — A dramatic surge in coal prices in China is beginning to cool as top production hubs recover from the impact of floods, signaling a reprieve in the nation’s energy crisis.
Reuters
- China’s President Xi speaks with German Chancellor Merkel – state media — China’s President Xi Jinping spoke with German Chancellor Angela Merkel in a video meeting on Wednesday, state television reported.
- Analysis – With an eye on China, Japan’s ruling party makes unprecedented defence spending pledge — An unprecedented election pledge by Japan’s ruling party to double defence spending underscores the nation’s haste to acquire missiles, stealth fighters, drones and other weapons to deter China’s military in the disputed East China Sea.
- Olympics – IOC’s Coates rules out pressuring China over human rights — The International Olympic Committee (IOC) will not pressure 2022 Winter Olympics hosts China over its human rights record because it is not in the governing body’s remit to dictate to sovereign countries, IOC Vice-President John Coates said on Wednesday.
Other Publications
- Associated Press: China says power cuts won’t hit homes in winter, amid crunch — China’s planning agency on Wednesday said electricity supplies will be high enough to heat homes in the country’s north during the winter, amid a nationwide energy crunch that has seen power cuts in some areas.
- Nikkei Asia: ‘Made in China’ chip drive falls far short of 70% self-sufficiency — 16% produced domestically as equipment delays hamper push toward 2025 target.
- Nikkei Asia: Chinese investors jostle over Argentine lithium mines — Gold producer Zijin and battery maker CATL join race for key EV material.
- Quartz: For China, COP26 is a vital marketing opportunity — Details are still lacking about how China will meet its long-term targets, the country’s current emissions trajectory is far from where it needs to be, and addressing both of those problems is now a delicate political challenge for leader Xi Jinping.
