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
- Jack Ma Leaves China for the First Time Since Regulatory Woes Began — The Alibaba co-founder’s trip to Europe suggests he hasn’t been banned from leaving the country by Chinese authorities.
- In Tackling China’s Real-Estate Bubble, Xi Jinping Faces Resistance to Property-Tax Plan — After negative feedback from within the party, an initial proposal to test a property tax in some 30 cities has been significantly scaled down.
- China’s Magical Disappearing, Reappearing Property Tax — A property tax is a good idea, but with the economy already on the brink of a steep slowdown, there is a risk of policy overreach.
- China Takes the Brakes Off Coal Production to Tackle Power Shortage — Beijing orders more output and price cuts, highlighting the difficulty of balancing carbon goals with energy needs to keep economy humming.
- China Flooding Exposed Risks in Beijing’s Plan to Launch Digital Currency — Heavy summer rains knocked out cellphone service, leaving many people who don’t carry cash unable to pay with popular apps.
- China Sells $4 Billion of Dollar Bonds, Borrowing Cheaply Once Again — The four-part deal comprised bonds that mature in three, five, 10 and 30 years.
The Financial Times
- China new home prices hit by first month-on-month fall since 2015 — Data reveal price decline in big cities in September as weakness in real estate sector reverberates.
- Jack Ma makes first trip outside China since running foul of Beijing — Chinese internet billionaire vacations in Spain as shares of his company Alibaba rise 9%.
- China coal futures drop on threat of state intervention in energy crisis — Government to study measures to rein in record prices amid power squeeze.
- Chinese cryptocurrency traders look for ways around ban — Beijing’s prohibition on digital currencies pushes traders to DeFi.
The New York Times
- The Olympic Torch Arrives in Beijing Under Cloud of Protests, Covid — A subdued ceremony in Beijing on Wednesday sets the tone for the Winter Olympics of 2022, which will be held under extraordinary health protocols.
- Evergrande Isn’t China’s Only Economic Worry — Getting the economy back on track for the long haul requires making aggressive reforms now.
- If China Tested a New Orbital Weapon, It’s Not Much of a Surprise — Experts report that similar technologies were developed by Russia and the United States starting more than a half century ago.
Caixin
- Ex-Central Bank Official Put Under Graft Probe — Wang Yonghong, former technology department director of the People’s Bank of China, is being investigated for suspected corruption.
- Help Wanted: China to Hire More Trustbusters — Top market watchdog posts 18 jobs in the Anti-Monopoly Bureau as government expands crackdown on unfair competition.
- China Moves to Close Loophole That Lets Kids Beat Online Gaming Limits — Cyberspace regulator says it will strictly enforce real-name registration and crack down on vendors that allow minors to play more than the three hours allowed.
- TikTok Co-Founder Is China’s Richest Internet Tycoon, Forbes Says — Zhang Yiming is now the 20th richest person on the planet.
South China Morning Post
- China’s antitrust agency looks to boost headcount as Beijing amends Anti-Monopoly Law to target internet platforms — Beijing is boosting efforts to crack down on monopolistic practices with a hiring spree at the government’s main market regulator that could see the antitrust team grow by as much as a third, news that came as the national legislature prepared to review a new antitrust law amendment on Wednesday.
- Chinese envoy calls for Britain to show ‘sincerity’ on investment — Britain needs to offer more than lip service and improve the investment environment for Chinese companies, according to Beijing’s ambassador to London.
- China’s power crisis: Beijing draws up plans to increase coal output, lower energy prices as temperatures plunge — Beijing has stepped up its control over the nation’s power market amid a crunch, pledging to intervene in the coal market, investigate pricing mechanisms and crack down on the speculative fuel trade as China tackles the ongoing problem that is threatening energy security and economic growth.
Bloomberg
- Xinjiang Official Sanctioned by U.S. Promoted in China Reshuffle — China has promoted a Xinjiang official sanctioned by the U.S. in its biggest personnel reshuffle in years, as President Xi Jinping prepares to kick off a year of politicking inside the ruling Communist Party.
- China’s Falling Home Prices Cast Another Shadow Over Economy — China’s housing market slump has intensified in recent weeks as sales plunge and more developers default on their debt. Now the downturn has reached another milestone: home prices have begun falling for the first time in six years.
- China’s Debt-to-GDP Ratio Falls for Fourth Straight Quarter — China’s total debt as a percentage of gross domestic product fell for a fourth consecutive quarter, as the government tries to strike a balance between ensuring stable economic growth and preventing financial risks.
Reuters
- China updates official news sources list to tighten information oversight — The Cyberspace Administration of China (CAC), the country’s top internet regulator, published an updated list on Wednesday of 1,358 internet news services, stating that information service providers can only reprint news from these sources.
- Evergrande vultures swoop into moral hazard — Fools rushed in to China Evergrande. The embattled Chinese real estate developer’s deals to sell its headquarters and property management arms may have run into political snags. Overpay for the assets and it looks like a bailout while a lowball bid invites cries of opportunism. Hesitant governments can hurt more than they help.
- China signs huge LNG deals with U.S. supplier Venture Global — China has agreed three huge liquefied natural gas (LNG) deals with U.S. exporter Venture Global LNG as the world’s second-biggest economy looks to secure long-term supplies amid soaring gas prices and domestic power shortages.
Other Publications
- The Washington Post: China’s test of hypersonic vehicle is part of a program to rapidly expand strategic and nuclear systems — China’s demonstration of hypersonic and orbital capabilities, first reported by the Financial Times, was shocking less for the technology, which its military has been developing for years, than for the fact that Beijing decided to test it at all, analysts say.
- Nikkei Asia: Alibaba emerges on shortlist to rescue chipmaker Tsinghua — Tech company sole private-sector candidate to bail out China’s once national champion.
- Nikkei Asia: The new Great Game: Central Asia struggles to balance three powers — China, Russia and the U.S. vie for influence in the post-Afghanistan era.
