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
- Biden, Xi Cool Down Hostilities in Virtual Meeting — Afghanistan, North Korea and Iran, as well as human rights, climate change and concerns over Taiwan were among topics U.S. and Chinese presidents discussed.
- China Left in Shock Following Brutal Killing of Corgi During Covid-19 Disinfection — Video of epidemic-prevention workers beating pet dog prompts outcry in country sticking with ‘Covid Zero’ policy.
- NetEase’s Online Music Business Revives Plans for $1 Billion IPO — Cloud Village earlier shelved Hong Kong listing plans during a selloff in Chinese internet stocks.
- Chinese Developers’ Funding Lifeline is Fraying — Chinese local governments are beginning to exercise stricter control over the use of funds from pre-sold apartments.
- ‘It Is a Very Large Bank’—Hong Kong Defends Letting Jamie Dimon Skip Quarantine — Whirlwind visit by JPMorgan’s chief executive came just after the city tightened its Covid-19 restrictions.
- Video: Why China Has a New Stock Exchange in Beijing — The new Beijing stock exchange, which began trading Monday, is meant to help smaller companies get more investment to fund innovation.
The Financial Times
- US gunboat diplomacy in Asia is missing firepower on trade — Washington’s absence from deals such as CPTPP lets Beijing dominate economic governance in region.
- Biden urges Xi not to allow competition to ‘veer into conflict’ — Leaders hold first virtual meeting as ties between US and China fray over Taiwan.
- Global climate fight hinges on China’s $6.5tn green investments challenge — World’s biggest polluter faces ‘Herculean’ task making transformation from coal to renewables.
The New York Times
- Revising China’s History, to Glorify Xi Jinping — The Communist Party has anointed him one of its revered leaders, paving the way for an already powerful leader to wield even greater influence.
- U.S.-China Relations: What to Know — The Biden administration has called managing America’s relationship with Beijing “the biggest geopolitical test of the 21st century.”
- Wall Street Is Finally Getting Access to China. But for How Long? — Citigroup, JPMorgan Chase and Goldman Sachs are among those eyeing huge potential profits, undeterred by Beijing’s sudden policy changes and friction with the United States.
Caixin
- China Sketches Out Next Phase in Crypto Mining Crackdown — The National Development and Reform Commission will focus on industrial-scale mines and involvement of state-owned entities.
- China Plays Down Stagflation Concerns as Commodity Price Gains Seen Easing — Statistics bureau spokesman says factors boosting producer-price inflation are temporary and economic growth is stable.
- Courier Giant to List Its Money-Losing Local Delivery Service in Hong Kong — The ‘intracity’ offshoot of Chinese courier service SF Holding hopes to fund its fight for a bigger slice of the competitive logistics market.
South China Morning Post
- Xi and Biden show open, friendly face of summit while broaching the big issues — An exchange of friendly waves opened the high-stakes virtual meeting between Chinese President Xi Jinping and his US counterpart Joe Biden, with Xi briefing Biden on the Communist Party sixth plenum that paved the way for his third term.
- A state newspaper article belittling China’s celebrity cram school founder backfires — A state media article criticising a new business move by the embattled education firm New Oriental has triggered an online backlash, as netizens came to the defence of its celebrated founder who is scrambling to respond to China’s sweeping ban on private tutoring for children.
- Hong Kong saw itself as Asia’s data hub, but Beijing’s strict cybersecurity rules threaten that status — Hong Kong’s ambition to become a regional data and innovation hub is threatened by an increasingly complicated web of security data rules and outdated local ones that complicate the flow of data between the two territories, according to experts.
- Head of American Chamber of Commerce in Hong Kong to step down next year — Tara Joseph, president of the American Chamber of Commerce in Hong Kong, has confirmed she will be leaving the influential business organisation next year.
Bloomberg
- China Warns State Firms on Crypto Mining, Mulls Punitive Steps — China told its state-owned enterprises to stop cryptocurrency mining and said it’s considering punitive measures in the form of higher power prices on companies that defy the ban.
- Temasek Sells Off Chinese Tech Stocks Amid Crackdown by Beijing — Singapore’s state-owned investor Temasek Holdings Pte. sold shares of U.S.-listed Chinese technology companies from Alibaba Group Holding Ltd. and Didi Global Inc. to online education providers amid regulatory crackdowns.
- Hong Kong to Consider Stricter Flight Crew Curbs If Necessary — Hong Kong will consider imposing tighter restrictions on aircrew, Chief Executive Carrie Lam said, as the city prioritizes its Covid-Zero policy in a bid to reopen the border with mainland China.
- Hong Kong Defends Letting JPMorgan’s Dimon Skip Quarantine — Hong Kong let JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon skip the city’s 21-day hotel quarantine because of the size of the bank’s operations in the Asian financial hub, saying his trip was relatively low risk.
Reuters
- China condemns ‘money worship’, corruption of reform era in key document — China’s ruling Communist Party slammed the “money worship”, “extreme individualism” and corruption that emerged in the four decades since the country opened up, calling for stronger party leadership and moral discipline in a key resolution released on Tuesday.
- U.S. Senate leader will add China tech bill to defense measure — U.S. Senate Democratic Majority Leader Chuck Schumer said on Monday he will add legislation to boost U.S. competitiveness with China to a massive defense policy bill the Senate is due to begin considering this week, a boost for a measure that has been stalled for months in the House of Representatives.
- Men’s tour backs WTA call for probe into Peng sexual assault allegations — The governing body of men’s tennis (ATP) on Monday backed the Women’s Tennis Association’s (WTA) call for China to investigate allegations of sexual assault made by Peng Shuai against a former Chinese vice premier.
- China Telecom U.S. unit asks court to block U.S. FCC action — China Telecom Corp Ltd’s U.S. subsidiary asked a U.S. appeals court on Monday to block the decision of the Federal Communications Commission to revoke the telecommunication company’s authorization to operate in the United States.
Other Publications
- The Economist: Why it matters that magnesium is in short supply — China has cut production of the lightweight metal used in cars, packaging and planes.
- Nikkei Asia: China cram schools drop core tutoring programs amid crackdown — New Oriental and TAL shift focus from children to lifelong learning.
- Protocol: The new Beijing Stock Exchange’s companies are older and less tech-forward than promised — Protocol analyzed data from each of the new companies listed on China’s newest exchange.