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
- Xi Jinping’s Leadership Style: Micromanagement That Leaves Underlings Scrambling — Chinese president delves into the details of policy and sometimes issues cryptic instructions that officials go overboard trying to carry out.
- Putin, Xi Affirm Russian-Chinese Cooperation to Counter Western Pressure — Leaders agreed to work together to defend their nations’ security interests amid high tensions with U.S., Europe.
- U.S. Set to Ban American Investment in Some Chinese Companies Over Surveillance — A draft Treasury Department announcement says the companies, including a large drone maker, help China’s mass surveillance of Muslim ethnic groups.
- China Presses EU Over Taiwan by Targeting One of Smallest Members — Lithuania pulls diplomats from China, citing pressure from Beijing.
- Covid-19 Cuts Short Blinken’s Effort to Rally Asian States Against China — The Secretary of State dropped planned meetings in Thailand after a journalist tested positive.
- Harvard Professor Charles Lieber’s Trial Gets Under Way — Nanoscientist’s lawyer says he was careless, not criminal, in failing to report some ties to Chinese university.
- Investors Bargain Hunt in Evergrande Bonds Amid Default — While bond funds expect a long, complicated restructuring, some say the property developer’s debt is a buy at 20 cents on the dollar.
The Financial Times
- Chinese creditors sue Evergrande for claims totalling $13bn — Domestic claimants seek edge over offshore bondholders to recoup losses after developer’s default.
- Taiwan opposition clings on for political relevance as voters shun Beijing — The KMT is pinning its hopes on four referendums to reinvigorate its political fortunes.
- Putin and Xi discuss closer co-operation amid worsening relations with the west — Moscow and Beijing discuss protection of ‘international interests’ during 90-minute call.
The New York Times
- Hu Xijin, Chief of China’s Global Times, Will Retire — Hu Xijin, editor of the Communist Party tabloid Global Times and pioneer of the country’s fiery online posturing, is retiring from his role.
- The Island Paradise Near the Front Line of Tensions Over Taiwan — New missile batteries planned for the Japanese island of Ishigaki reflect a drastic shift in Japan’s views on China.
- Biden’s China Dilemma: How to Enforce Trump’s Trade Deal — The Biden administration must decide whether to enforce a Trump-era trade deal that has not fulfilled its promise.
Caixin
- Exclusive: Private Equity Tycoon Unseen for Two Weeks — Chinaequity’s Wang Chaoyong disappears as Beijing police sought him amid company turmoil and regulatory probes.
- In Depth: Aggrieved Car Owners Mull False Advertising Suit Against Chinese Electric-Car Maker — Disgruntled Ora Good Cat owners pile pressure on parent firm Great Wall Motor, seeking redress and more compensation for a misleading ad.
- BeiGene’s Shares Plunge 16.4% on STAR Market Debut — Chinese cancer-drug developer records weak first day amid lackluster performances of other biotech companies in Shanghai and Hong Kong.
- State-Owned Investor to Buy Securities Firm Linked to Fallen Chinese Tycoon — China Chengtong will pay $2.1 billion for over 98% of the company connected to Xiao Jianhua’s Tomorrow Holding.
South China Morning Post
- LinkedIn launches new app in China without social feed after shutting main service — LinkedIn, the Microsoft-owned social media network for job-hunters and recruiters, has launched a new app specifically for mainland China after the company announced in October it would pull its global platform from the market.
- China and Russia pledge to step up efforts to build independent trade network to reduce reliance on US-led financial system — China and Russia have pledged to speed up their efforts to set up an independent trade network to reduce their reliance on the US-led international financial system.
- Intel plans US$7 billion chip plant in Malaysia, expanding presence in Asia amid semiconductor shortage — Intel Corp is spending US$7.1 billion on new chip packaging facilities in Malaysia, a major investment to ramp up its global footprint and address a crippling global chip shortage it expects to persist until 2023.
Bloomberg
- SenseTime Said to Mull Reopening Hong Kong IPO Orders Monday — Chinese artificial intelligence firm SenseTime Group Inc. is considering reopening orders for its Hong Kong initial public offering as soon as Monday, according to people familiar with the matter, after tensions with the U.S. government delayed its debut.
- China Tells Evergrande to Prioritize Paying Workers, Suppliers — China Evergrande Group is prioritizing payments to migrant workers and suppliers as regulators urge the cash-strapped developer to head off any risk of social unrest, according to people familiar with the matter.
- China Chipmaker’s Major Shareholder Said to Reject Rescue — A major Tsinghua Unigroup Co. shareholder has pushed back against a prominent government-backed fund’s takeover bid, casting doubt on a deal portrayed as a bailout of one of China’s most important but debt-ridden semiconductor players.
- Democrat Blocks Uyghur Forced-Labor Bill Over Child Tax Credit — Senator Ron Wyden blocked a bill that would ban goods made with forced labor in China’s Xinjiang region after Senator Marco Rubio rejected his request to add an unrelated extension of the child tax credit.
Reuters
- Fretting about data security, China’s government expands its use of ‘golden shares’ — The Chinese government has been expanding its practice of taking minority stakes in private companies beyond those specialising in online news and content to firms possessing large amounts of key data, two people with knowledge of the matter said.
- UBS in talks with China Life for China asset management JV – sources — UBS Group AG is in talks with China Life Insurance Group to launch an asset management joint venture in China, two sources said, as part of the Swiss bank’s plan to bolster its presence in the world’s second-largest economy.
- Hong Kong’s jailed, exiled democrats lament Sunday election — Instead of holding rallies for the upcoming election, many are now detained and awaiting trial, living a daily prison routine of sleep, exercise, meals and study while rationed to two pens and six books a month. Others have fled the territory.
Other Publications
- Associated Press: China’s #MeToo victims face abuse, payback for going public — Women in China often face such troubles if they choose to speak publicly about sexual assault. In multiple high-profile cases, particularly during China’s brief #MeToo movement in 2018, victims were sued by the men who allegedly harassed them.
- Nikkei Asia: Macao casino operators prepare to evict junket rooms — More than 10,000 VIP sector workers to be affected.
- Globe and Mail: Hu Xijin, one of China’s most influential propagandists, leaves Global Times amid speculation of a forced retirement — One of China’s most well-known newspaper editors, who helped popularize a forceful, often belligerent online nationalism long before “wolf warrior” was even a phrase, is retiring.
- Toronto Star: Judge stays prosecution of man accused of trying to spy for China — A judge has stayed criminal proceedings against a man accused of breaching Canada’s secrets law because of an unreasonable delay in bringing the matter to trial.
