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 Manufacturing Activity Contracts for Second Straight Month — Manufacturing sector weighed down by raw material costs, a power crisis and a slowdown in the property sector.
- Chinese Developer Yango Group Proposes Bond Swap to Avoid ‘Imminent’ Default — Move comes after heavily indebted China Evergrande avoided default for a second time.
- As China’s Developers Struggle, Investors Prefer Property Managers — Companies that look after the country’s vast apartment complexes are in much better shape.
- One Upside to Economic Woes May Be China-U.S. Thaw — Strong exports and weak domestic demand in China, paired with scarce goods and inflation in the U.S., underline the two economies’ mutual dependency.
- U.S. Arrests Fugitive Chinese Businessman, Alleging Visa Fraud — Shi Jianxiang, who is wanted in China after the collapse of his fintech empire, lied about his name, the Justice Department says.
- China Gives Itself Wiggle Room on Climate Change Ahead of COP26 — Beijing’s action plan contains reference to building new coal-fired power plants, a late revision.
- Ai Weiwei Traces a Century of Making Authorities Squirm — Chinese artist writes about his family’s history of political commentary in a new memoir.
The Financial Times
- Greater private investment is essential to tackle the climate crisis — Achieving a just transition to meet the world’s energy demands must be a collective effort
- FTSE Russell considers revamping China index after launch of Hong Kong rival — Number of stocks included in Singapore futures contract to hedge mainland exposure could be doubled
- The data officers who have become China’s most sought-after staff — Sweeping legislation has created huge demand but job risks have risen alongside salaries
- China manufacturing slows as property and energy woes hit economy — ‘Shocking loss of economic momentum’ piles pressure on Xi Jinping
The New York Times
- How Much Are Countries Pledging to Reduce Emissions? — The newest plans by countries to fight climate change still fall short of what scientists say is necessary. Here’s what the 10 biggest emitters have promised.
- Global Shipping Delays Loom Over Retailers for the Holidays — The travails of a Chicago fishing company’s advent calendar highlight the supply chain hurdles for businesses trying to deliver items in time for the holidays.
- China’s Popular Electric Vehicles Have Put Europe’s Automakers on Notice — By selling battery-powered S.U.V.s and luxury sedans in places like Germany and Norway, China is striving to become a force in the global auto industry.
- Xi Hasn’t Left China in 21 Months. Covid May Be Only Part of the Reason. — Xi Jinping’s lack of face time with world leaders signals a turn inward on domestic issues and a reluctance to compromise on the global stage.
Caixin
- Release of Final Rules for Beijing Stock Exchange Signals It’s About to Open — Regulations set to take effect Nov. 15 cover issues including listing standards, information disclosure, corporate governance and the supervisory responsibility of different regulators.
- In Depth: Smaller Chinese Banks’ Dilemma as Lucrative Internet Partnerships Evaporate — Analysts say the lenders may find it hard to build their own online presence, should instead focus on local business borrowers.
- Su Hua Steps Down as Kuaishou CEO in Core Leadership Reshuffle — Co-founder Cheng Yixiao appointed CEO as Tik Tok rival continues to battle widening losses and shrinking market value.
South China Morning Post
- Chinese state-owned think tank flags national security risks of metaverse, citing potential political and social problems — A state-run think tank in China has warned of national security risks involved with the metaverse, as both Big Tech companies and start-ups join the gold rush in trying to make this concept of a shared virtual reality space a viable business model.
- China’s zero Covid-19 policy is becoming a heavy burden for some local governments — It is a tense moment for local government officials in China, especially those in border areas.
- Kuaishou’s Su Hua to step down as CEO, following moves by ByteDance and Pinduoduo founders amid China’s tech crackdown — Kuaishou Technology co-founder Su Hua is stepping down as CEO, becoming the third member of a new generation of Chinese technology billionaires to relinquish control in day-to-day operations of their companies amid the government’s protracted industry crackdown.
Bloomberg
- China Developers’ Bonds Tumble as Yango Flags Default Risk — A selloff in Chinese developers’ debt is deepening, with one of the 20 biggest developers joining a host of firms looking to dodge defaults as debt crises effectively shut them out of the overseas financing market.
- China Developers’ Dollar Bond Sales Fall to Lowest in 18 Months — Chinese real estate firms’ sales of dollar bonds tumbled to their lowest level since pandemic worries roiled markets last year, as default risks have effectively frozen borrowers out of the offshore market.
- EV Battery Maker Close to Becoming Second-Biggest Stock in China — China’s stock-market darling Contemporary Amperex Technology is close to overtaking a state-owned lender to become the nation’s second-largest listed company.
- U.S. Firms With Hong Kong Headquarters Hit 18-Year Low — The number of American companies with regional headquarters in Hong Kong has fallen an 18-year low, bolstering arguments that the city’s national security campaign and Covid Zero strategy are eroding its appeal as a global financial center.
Reuters
- China says U.S. COVID origins report is without credibility — A declassified U.S. intelligence report saying it was plausible that the COVID-19 pandemic originated in a laboratory is unscientific and has no credibility, Chinese foreign ministry spokesman Wang Wenbin said in a statement on Sunday.
- Analysis: China’s property woes put prestige global projects in play — China’s property sector woes could spell trouble for prestige mega-projects in London, New York, Sydney and other top cities as the developers behind them scramble for cash.
- China’s COVID-19 outbreak developing rapidly, health official says — China’s latest COVID-19 outbreak is developing rapidly, a health official said, as the authorities demanded high vigilance at ports of entry amid growing infections in a northeastern border city caused by the virus arriving from abroad.
Other Publications
- The Washington Post: TikTok owner ByteDance shortens China work hours, discouraging notorious ‘996’ routine — According to the company, employees have been told that they should not work beyond 7 p.m. and should seek permission in advance to stay beyond that time.
- Politico: Biden says Russia, China ‘didn’t show up’ on climate change commitments — At close of G20 summit, US president says Russia, China and Saudi Arabia have not done enough.
- Nikkei Asia: China’s Ganfeng Lithium inks 3-year supply contract with Tesla — Deal starts next year for world’s largest EV battery maker.
- Foreign Policy: Xinjiang’s Oppression Has Shifted Gears — Militarization is being scaled down as internal surveillance and propaganda increase.
- Rest of World: She drew millions of TikTok followers by selling a fantasy of rural China. Then politics intervened — Fans from the U.S. to Bangladesh find escape in Li Ziqi’s idyllic videos. But behind the camera, she’s just another player in China’s platform economy.
