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 Reports First Omicron Covid-19 Case in the Mainland — The infection was discovered in a traveler who arrived in the port city of Tianjin from overseas last week.
- China Fines Weibo for Spreading ‘Illegal Information’ — Popular Twitter-like site is the second Chinese social-media giant to be punished in two weeks as internet controls tighten.
- Harvard Professor Goes on Trial on Charges of Lying About China Ties — Nanoscience expert Charles Lieber misled government, university about his links to Wuhan University of Technology, the government alleges.
- Chinese Telemedicine Stocks Feel the Pain as Tougher Rules Loom — Increased regulatory scrutiny and impending changes have taken the wind out of the country’s once-highflying shares.
- Muddled Priorities and Monetary Policy in Beijing — China has significant scope to fight off downturn—if it is willing to be realistic about what is needed.
The Financial Times
- China reports first Omicron case as fears mount for factory supply chains — Outbreak in Yangtze river delta forces manufacturers to suspend production.
- Antony Blinken blasts ‘aggressive’ China in Indo-Pacific policy speech — Secretary of state’s tour of region aimed at shoring up US credibility in region, say analysts.
- China Mobile set to list in Shanghai — World’s largest telco by subscribers was forced to delist in New York following sanctions imposed by Donald Trump.
The New York Times
- China Turns to Olympic Committee as Peng Shuai Scandal Lingers — The International Olympic Committee’s professed neutrality has provided coverage for Beijing, which delivers big audiences and funding in exchange.
- China Uses YouTube Influencers to Spread Propaganda — China’s government has supported foreign YouTubers who put a positive spin on its policies, in its latest effort to shape how the world sees it.
- Didi’s Wall Street Exit Signals Investors Playing by China’s Rules — Didi is moving its stock listing to Hong Kong, heralding more departures as Beijing ramps up scrutiny of China’s corporate sector.
Caixin
- Cover Story: Didi’s Rocky Road for Moving Its Stock to Hong Kong — The question now is how Didi could shift its listing venue in a complex market and regulatory environment and what will happen to current investors.
- Tsinghua Unigroup Files Draft Debt Restructuring Plan for Court Approval — Chipmaker reportedly obtains $9.42 billion from strategic investors to help pay back creditors.
- China Heightens Travel Restrictions in East China as Cases Climb — Authorities in East China’s Zhejiang province have imposed stringent outbound travel and transport restrictions, including slashing the number of flights to the nation’s capital Beijing.
South China Morning Post
- Omicron: Guangzhou reports China’s second case of variant — Man entered the country and repeatedly tested negative for Covid-19 during his 14 days in quarantine before returning positive result
- Starbucks’ problems deepen in China after more food-safety issues reported, US coffee giant orders review — A snap probe of most Starbucks stores in the eastern Chinese city of Wuxi found further food-safety concerns following an undercover media investigation that exposed expired ingredients being used and forced the US coffee chain to order a nationwide “self-inspection” of all of its 5,400 outlets.
- CEO of China’s top mobile phone chip designer expresses relief firm has survived parent’s debt crisis — The chief executive of China’s largest designer of chips for mobile phones has expressed relief that Unisoc did not go under due to the heavy debts of its parent, two days after Tsinghua Unigroup secured fresh investment from two buyout funds.
- FWD drops New York listing to sell shares in Hong Kong after a US$1.4 billion private placement with global investors — The Hong Kong-based insurer backed by tycoon Richard Li Tzar-kai, will drop its New York listing plan to sell shares on its hometown exchange, a source said.
Bloomberg
- Singapore Releases Citizen Who Spied for China in the U.S. — Singapore released a citizen from detention more than a year after he pleaded guilty in a U.S. court of spying for Beijing with the city state’s government saying the threat he posed as a foreign agent has now been “effectively neutralized.”
- Hong Kong Officials Deliver Treats to Quarantine-Riled Bankers — Officials at Hong Kong’s central bank are going out on their own in trying to quell the growing anger in the city’s financial community, delivering care packages to those ensnared by one of the world’s strictest quarantine regimes.
- House, Senate Near Agreement on Uyghur Bill Aimed at China — Lawmakers in the House and Senate are close to agreement on legislation aimed at punishing China for the alleged oppression of the Uyghur Muslims in Xinjiang, according to two people familiar with the discussions.
Reuters
- Harvard professor charged with lying about China ties faces trial — A Harvard University nanotechnology professor faces trial on Tuesday on U.S. charges that he lied to authorities about his ties to a China-run recruitment program and concealing funding he received from the Chinese government.
- China’s Guangdong province plans to move data centres undersea to cut power use — China’s Guangdong province, a major technology hub on the southeast coast, plans to move some of its big data centres to new sites undersea in a bid to cut energy use, according to plan published on Tuesday.
- U.S. chipmaker Magnachip, China’s Wise Road end $1.4 billion merger deal — The U.S. Treasury Department had said in August the deal posed “risks to national security”, while the Committee on Foreign Investment in the United States (CFIUS) had ordered the deal to be put on hold in June.
Other Publications
- The Washington Post: Documents link Huawei to China’s surveillance programs — A review by The Washington Post of more than 100 Huawei PowerPoint presentations, many marked “confidential,” suggests that the company has had a broader role in tracking China’s populace than it has acknowledged.
- Foreign Affairs: The Case for Cyber-Realism — Geopolitical Problems Don’t Have Technical Solutions By Dmitri Alperovitch
- The Intercept: Journal Retracts Paper Based on DNA of Vulnerable Chinese Minorities — The retraction by Human Genetics follows a scientist’s efforts to expose research that is complicit in human rights violations.
- Rest of World: How Shein beat Amazon at its own game — and reinvented fast fashion — By connecting China’s garment factories with Western Gen-Z customers, Shein ushered in a new era of “ultra-fast” shopping.