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
- TikTok Parent’s Founder Zhang Yiming Steps Down as Chairman — ByteDance CEO Liang Rubo takes over as chairman, completing a leadership transition that began in May.
- Tariffs to Tackle Climate Change Gain Momentum. The Idea Could Reshape Industries. — The proposals come with risks, including undermining world trade rules and triggering trade disputes.
- Biden Says Xi, Putin Cede Climate Influence by Missing Glasgow Summit — Comments mark second time in recent days he has singled out Chinese and Russian leaders.
- Netflix Pulls ‘Pine Gap’ Episodes as China’s Rivals Object — The Philippines and Vietnam have taken issue with how the series portrays Beijing’s territorial claims in the South China Sea.
The Financial Times
- ByteDance’s Zhang Yiming steps down as chair of Chinese social media group — Founder of TikTok creator joins list of entrepreneurs seeking lower profile amid tech crackdown.
- Evergrande: the bond and interest payment deadlines to watch — Chinese developer narrowly averted default but is under pressure to meet obligations into next year.
- Westminster School scraps plans for linked institutions in China — Elite UK establishment points to recent changes to education policy by Beijing as one factor.
The New York Times
- China’s Peng Shuai Makes #MeToo Claim Against Zhang Gaoli — Peng Shuai’s accusation against Zhang Gaoli takes the country’s budding #MeToo movement to the top echelons of the Communist Party for the first time.
- The Strange Saga of Huawei — How the U.S. tries to keep the country safe and competitive as the future of technology becomes less American.
- Joseph S. Nye Jr.: What Is Going on With China is Not a ‘Cold War’ — If we play two-dimensional chess in a three-dimensional game, we will lose.
Caixin
- Chinese Fugitive Who Cheated Thousands Charged in U.S. With Visa Fraud — Shi Jianxiang, whose collapsed peer-to-peer lending platform raised $6.3 billion in a Ponzi scheme, was arrested in Las Vegas promoting his cryptocurrency venture.
- China’s Coal Prices Plummet After Regulators Step In — Spot and futures prices of the fossil fuel have fallen by about 50% over the last 15 days, a sign that measures to cool the red-hot market are having an effect.
- Kangmei May Get $1 Billion Rescue Led by Guangzhou Pharmaceutical — Scandal-plagued drugmaker and former chairman charged with paying $1.56 million of bribes and other crimes related to 2019 financial reporting fraud.
South China Morning Post
- ByteDance founder Zhang Yiming quits company board, but remains powerful behind the scenes, sources say — Zhang Yiming, the 38-year-old billionaire founder of TikTok owner ByteDance, has quit the board of the company, reigniting questions over how much control he will retain over the world’s most valuable unicorn.
- China’s central bank speaks up as data privacy advocate as it curbs unauthorised and excessive data collection by fintech companies — The People’s Bank of China said it will take the lead to curb the unauthorised and excessive collection of personal data by technology companies that provide financial services, as it steps up to the plate as an advocate of data privacy in the world’s largest fintech market.
- National security law: Hong Kong activist admits secession charge but insists his conscience is clear over independence push — Tony Chung, 20, becomes youngest person convicted under national security law and tells judge he has no regrets for continuing his independence campaign.
Bloomberg
- Hong Kong in Talks With China to Open Border, Report Says — Hong Kong is in advanced discussions with Chinese officials about potentially reopening their shared border, according to local media reports, as the former British colony pushes to overcome the mainland’s hesitancy to revive travel crucial to the city’s economy.
- Tencent Unveils First Chips in Push Beyond Online Content — Tencent Holdings Ltd. has unveiled its first chips, showcasing a yearlong foray into silicon design as the Chinese tech giant seeks to grow beyond digital entertainment.
- Top Solar Firm Longi May Be Next China Target in U.S. Ban — China’s Longi Green Energy Technology Co. may be the next solar panel maker to have products detained under a U.S. crackdown prompted by allegations of human rights abuses in the Asian nation, according to Roth Capital Partners.
Reuters
- China tennis star Peng says ex-vice premier forced her into sex — Former world No.1 tennis doubles player Peng Shuai, one of China’s biggest sporting stars, has publicly accused a former Chinese vice premier of forcing her into sex several years ago in a social media post that was later deleted.
- China opposes U.S. revocation of licence for China Telecom — The U.S. decision, made public a day earlier, means the U.S. subsidiary, China Telecom Americas, must discontinue services in the United States within 60 days.
- China ministry orders 38 apps to rectify excessive collection of personal data — The order marks the latest move in a continuing regulatory crackdown in China across a range of sectors, and arrives days after China’s Personal Information Protection Law (PIPL), a sweeping ordinance dictating online privacy practices, went into full effect.
Other Publications
- Associated Press: Explainer: Why are foreign tech firms pulling out of China? — Foreign technology firms have been pulling out or downsizing their operations in mainland China as a strict data privacy law specifying how companies collect and store data takes effect.
- The Washington Post: A novel way to reduce emissions? China tries confiscating coal from households. — In recent weeks in Tangshan, officials have urged residents to go green by ditching their coal stoves for electric heaters, according to local government announcements. Climate researchers say such measures will have limited impact on emissions, because households use a lot less coal than factories do.
- Protocol: Beijing wants to make the internet less annoying — New regulations try to clamp down on the stuff users everywhere hate the most.
