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, India and Other Developing Nations Seek $1.3 Trillion a Year in Climate Finance — Request is made in paper presented at COP26 summit; richer countries say they aren’t ready to pledge beyond 2025.
- China Plans to Sell Euro Bonds — Finance Ministry has mandated 12 banks, including Chinese, U.S. and European institutions, to manage the sale.
- German Navy, Eyes on China, Adds to Europe’s Pacific Presence — The frigate Bayern, visiting Tokyo, plans to work with Japan, U.S. and other allies.
- China Evergrande, Strapped for Cash, Offloads Its Jets — The heavily indebted property developer sold two Gulfstreams last month as bond payments loomed.
- Disney Meets Roadblocks to Releasing Movies in China — Three films including ‘Shang-Chi’ and ‘Mulan’ have been embroiled in political controversy. Marvel’s ‘Eternals’ is the latest.
- New Galápagos Conservation Efforts Aim to Counter China Fishing Fleet — Environmentalists applaud plan by Ecuador and others to create a vast area off-limits to industrial fishing, but enforcement will be hard.
The Financial Times
- European Parliament delegation tells Taiwan it is ‘not alone’ — Visit takes place as Brussels attempts to ease tensions with Beijing.
- Chinese developer Kaisa suspends shares as liquidity problems spread — Wealth management products guaranteed by real estate group miss payment.
- Snow Lake to liquidate Asia fund after executives quit — Hong Kong-based hedge fund bought Chinese stocks during Archegos family office wind down.
- Asia’s ageing societies tempt investors to back death industry — Demographic patterns and rising incomes create opportunities for consolidation.
- IEA warns Paris climate target at risk as US and China shun coal pact — Fatih Birol says chances of meeting goals ‘close to zero’ if dirtiest fossil fuel is not phased out.
Caixin
- China’s Top Graft-Buster Reveals Details of Loans-for-Bribes Schemes at ICBC — China’s top anti-corruption agency has revealed details of how two bankers at the world’s largest bank by assets meddled in loan approvals and skirted credit rules to illegally issue loans in exchange for bribes.
- In Depth: China’s Regulatory Wave Hits the Credit Reporting Industry — New rules aim to change the way companies collect information, laying out principles and detailed procedures for data management.
- Exclusive: Chinese Regulators Tell City Commercial Banks to Cap WMPs — China’s $13 trillion asset-management industry nears a year-end deadline for complying with sweeping new rules for marketing of wealth management products.
- Reporter’s Notebook: The Tight Controls to Ensure CIIE Is Covid-Free — Cosco Shipping and Eastern Air Logistics have been enforcing stringent pandemic prevention measures.
South China Morning Post
- Chinese city turns traffic lights red as it raises Covid-19 barricades — China reported 68 new local Covid-19 cases across 11 provinces on Friday, down from Wednesday’s peak of 93 but with infections spreading to the northeastern province of Liaoning.
- Shanghai, Guangdong debt pilot programmes aim to reduce China’s hidden local government liabilities — Two of China’s wealthiest regions have set up pilot programmes aimed at eliminating so-called hidden local government debt, but questions have been raised over how much can be done amid rising risks that Beijing may be forced to step in and bail out authorities.
- Shenzhen disciplines Uber-like ride hailing services in the city amid unchecked expansion — China’s southern tech hub of Shenzhen is trying to discipline Uber-like services in the city by lecturing ride-hailing platforms on following rules in the latest cat-and-mouse game between Chinese traffic regulators and unlicensed taxis.
- Kaisa to sell assets after missing payment as it faces a hectoring by Shenzhen authorities and group’s stocks halt trading in Hong Kong — Kaisa Group Holdings is selling assets to raise capital for liabilities including a missed payment on a wealth product and US$11 billion of dollar bonds, as it faces a hectoring by Shenzhen’s government and the trading of its stocks were halted in Hong Kong.
Bloomberg
- Chinese State Firm Weighs Bid to Take Over SCMP From Alibaba — State-owned Bauhinia Culture (Hong Kong) Holdings Ltd. is interested in a deal with Alibaba Group Holding Ltd. that would see the city’s most prominent English-language newspaper join its stable of media properties.
- China Arrests Ex-Police Official Days Before Major Party Meeting — China has arrested a former vice minister of public security, days before the ruling Communist Party convenes for its most-important summit of the year.
- Nearly Half of Hong Kong Reporters Mull Exit, Survey Finds — Almost half of Hong Kong-based journalists polled, or 46%, said they were considering leaving the city due to a decline in press freedom under a Beijing-drafted security law.
- Kaisa’s Missed Payment Is Scary Proof of China’s Culture of Shadow Financing — They are supposed to certify financial health. But the developer’s surprise missed payments are scary proof of a culture of shadow financing.
Reuters
- Exclusive: New Hong Kong university classes set out dangers of breaking security law — Last month, several thousand Hong Kong university students, some of them under the watch of a CCTV camera, were the first to take compulsory courses on the territory’s national security law.
- Jack Ma, Trump and Xi: How Chinese billionaire flew close to the sun — To the cautious cheer of investors, the billionaire Alibaba e-commerce tycoon is taking his first tentative steps back on to the global stage with a low-key trip to Europe where he’s cultivating hobbies like horticulture.
- China says it will hold supporters of Taiwan’s independence criminally responsible for life — This is the first time that China has spelt out concretely punishment for people deemed to be pro-Taiwan independence, as tensions rise between the mainland and the self-ruled island China claims as its own.
Other Publications
- The Economist: By falsifying history, China’s leaders risk repeating past mistakes — To learn from the past, one must study it dispassionately.
- The Economist: Xi Jinping is rewriting history to justify his rule for years to come — Who controls the present controls the past.
- Associated Press: China lashes out at press freedom survey in Hong Kong — In a statement, the Commissioner’s Office of China’s Foreign Ministry in Hong Kong warned the FCC to stop making “noise” and accused the organization of being “black hands” that intervene in the city’s affairs.
- Foreign Affairs: Xi Is Running Out of Time — China’s Economy Heads for a Hard Landing.
- Foreign Policy: The U.S. Is Still Beating China in Human Capital—For Now — Washington could lose its unique talent advantages unless it pushes reform.