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 Weighs Moderating Property Curbs to Help Troubled Developers Unload Assets — Beijing is wary that financial risks could spread through the economy as it tries to rein in the real-estate sector.
- China’s Xi Gains Power as Communist Party Designates Him Historical Figure — Decision praises Xi’s ’great political courage’ and armors him against critics as he maneuvers to extend his rule.
- U.S., China Jointly Pledge to Step Up Efforts to Fight Climate Change at COP26 — Proposal by host U.K. seeks quicker emissions cuts, as weekend deadline at summit nears.
- China’s Tougher Regulation Is the New Normal, Tencent President Says — Videogame publisher’s growth and profitability slow, hit by Beijing’s strict new rules.
- Alibaba’s Singles Day in China Hit by Global Supply Strains — Power outages, chip shortages and production snarls keep merchants on edge and customers waiting during ‘Singles Day.’
- Feud at Smithfield Foods’ Parent Company Shows Messy Underside of Chinese Takeover — Son offers details about his estrangement with his father over WH Group’s strategy, including whether American pork products can fit in with Chinese tastes.
- ‘Captain America’ Protester Gets Nearly Six Years in Prison for Hong Kong Mall Chants — Former food delivery worker sentenced to more than five years under national security law over slogans deemed to promote the city’s independence from China.
The Financial Times
- Bond ructions intensify risk of ‘downward spiral’ for Chinese property groups — Borrowing costs in international junk bond market soar to a decade high after missed payments
- Chinese Communist party clears way for Xi to tighten grip on power — First ‘historical resolution’ in 40 years declares president’s leadership key to nation’s ‘great rejuvenation.’
- Xi Jinping warns of ‘cold war’ divisions as US rebuilds alliances — Biden’s security adviser says America is forging ahead with new Asia-Pacific framework.
- Hong Kong jails protester for chanting political slogans — Legal experts warn authorities could take ‘almost zero-tolerance approach’ to dissident voices.
- Chinese developer Kaisa faces crucial payment deadlines — Property company is second-biggest borrower on international high-yield markets after Evergrande.
- US and China pledge co-operation over ‘existential’ climate crisis — Envoys Kerry and Xie produce unexpected joint declaration at COP26 summit.
The New York Times
- International Space Station Dodges Chinese Space Junk — The object was expected to make a close pass with the outpost in orbit on Thursday night.
- China and the United States Join in Seeking Emissions Cuts — As nearly 200 nations struggle over global climate negotiations, the world’s two biggest polluters sign an agreement, but it was short on details.
- Evergrande Meets Another Interest Payment Deadline — Evergrande had three bonds for which grace periods for interest payments were set to expire on Wednesday.
- With Lengthy Sentence, Hong Kong Uses Security Law to Clamp Down on Speech — An activist, Ma Chun-man, was convicted of inciting secession after, he said, he chanted slogans to test the limits of the law.
Caixin
- Beijing Stock Exchange to Debut Monday With at Least 81 Listings — All of the stocks have been trading on an over-the-counter market
- In Depth: Can China Pull Itself Out of the Economic Doldrums? — With GDP growth expected to slide further in the fourth quarter amid ongoing power shortages, a property slump and export headwinds, the government may need to take action
- South China Cities Ease Vehicle Purchase Limits to Shift Sales Into High Gear — Guangzhou raises annual quota for hybrids while Shenzhen makes it easier for migrants to buy cars
South China Morning Post
- Universities tell stranded international students to prepare for return to campus in China — Duke Kunshan University and New York University Shanghai have both sent out emails saying they could be allowed back in time for next semester.
- National security law: Hong Kong’s self-styled ‘Captain America’ jailed for nearly 6 years for inciting secession — Adam Ma sentenced for chanting pro-independence slogans during anti-government protests.
- Hong Kong’s new M+ museum will display works by Ai Weiwei, but exhibitions will also ‘comply with the law’, arts hub official says — Arts hub authority chairman reveals some of Ai’s works will be shown in the opening exhibitions, but a photo of his that sparked controversy will not be.
- City University president will not renew his contract in 2023, becomes second top Hong Kong academic to leave in past two days — The news that Professor Way Kuo will be leaving his post comes just two days after HKUST president Wei Shyy said he would be stepping down early.
Bloomberg
- China’s Top Chipmaker Sees Abrupt Departure of Senior Executive — Semiconductor Manufacturing International Corp. said its Vice-Chairman Chiang Shang-Yi resigned less than a year after joining China’s biggest chipmaker, the second departure of a senior executive in two months.
- China Elite Hand Xi Key Victory, Paving Way for Indefinite Rule — President Xi Jinping delivered the first doctrine on Communist Party history by a Chinese leader in 40 years, giving him a mandate to potentially rule for life as a major meeting wraps up in Beijing.
- Top Solar Firm Longi Mulls U.S. Among Expansions Outside China — The world’s biggest solar manufacturer plans to build more factories outside its native China to benefit from a global boom in renewables.
- U.S. Won’t Open Solar-Trade Probe Into Asian Manufacturers — The U.S. rejected a request to launch an investigation into Asian solar manufacturers that critics warned would drive up costs for clean power and escalate tensions with China.
- China’s Population May Already Be Falling as Births Slow Further — China’s population may already be shrinking, with data so far this year showing a continued drop in the number of births, an independent Chinese demographer has predicted.
Reuters
- U.S. trade chief Tai says getting ‘traction’ with China in ‘Phase 1’ deal talks — The Biden administration is getting traction with China in talks over Beijing’s compliance with a Trump-era trade deal, U.S. Trade Representative Katherine Tai said on Wednesday, but she declined to predict an outcome while discussions continue.
- Didi prepares to relaunch apps in China, anticipates data probe will end soon – sources — Didi Global is preparing to relaunch its ride-hailing and other apps in China by the end of the year in anticipation that Beijing’s cybersecurity investigation into the company will be wrapped up by then, three people directly involved in the relaunch said.
- Olympics China deploys graft inspectors to oversee Beijing Winter Games — China’s anti-graft watchdog has set up a special team to supervise the Beijing Winter Olympics to ensure the Games are free from bribery, drugs, the spread of COVID-19 and other risks, the commission said on Thursday.
Other Publications
- The Economist: Evergrande is not the only looming danger in China’s financial system — Crony capitalism has flourished among the country’s small and mid-tier banks.
- New Yorker: Does Xi Jinping’s Seizure of History Threaten His Future? — The struggles of the first century of Communist Party rule are being buried by the need to cohere around what Xi calls “the great rejuvenation” of China.
- The Diplomat: China’s Global Network of Vocational Colleges to Train the World — At Luban Workshops locals are trained on Chinese technology with Chinese standards as part of a full court press to globalize Chinese tech.
