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
- How Bad Are Things in China’s Property Market? — Government curbs on borrowing in China’s property sector have triggered uncertainty for many market participants.
- China Scrambles Fighter Jets Near Taiwan in Wake of U.S. Carrier Exercises — Sorties are the most sent by the People’s Liberation Army since October; U.S. Navy was conducting joint drills with Japan.
- Australian Prime Minister Loses Control of Account on China’s WeChat — Scott Morrison is shut out of account with 76,000 followers, sparking outcry among his supporters and claims of political interference.
- Winter Olympics Sponsors Caught Between Beijing, U.S. — Visa, P&G and Coca-Cola are keeping a relatively low profile as Washington highlights human rights in Xinjiang.
- Foreign Executives in Isolated Hong Kong Head for Exit, Sick of Zero-Covid Curbs — Flight bans, quarantine stays for arrivals and school closures jeopardize the city’s status as a business hub.
- For China’s International Students, Two Years of Limbo Take a Toll — Hundreds of thousands of college students locked out by China’s ‘zero-Covid’ restriction try to salvage their diploma from many time zones away.
- Under Fire Over Omicron Outbreak, Hong Kong’s Cathay Pacific Faces Bigger Losses — Carrier warns it will burn cash as city’s longer quarantine for crew hurts cargo flights.
- Chinese Stocks Glimpse Light at the End of the Tunnel — China’s central bank is tilting dovish as Fed and most other major central banks increasingly lean the other way.
The Financial Times
- Russia and China’s plans for a new world order — For Moscow and Beijing, the Ukraine crisis is part of a struggle to reduce American power and make the world safe for autocrats.
- China’s vape queen hit by Beijing investigation — Probe comes as Xi Jinping reinvigorates his long-running anti-corruption campaign.
- China vaping: Chu probe reflects broader e-cigarette crackdown — Loose regulation has allowed companies to make big profits but Beijing has given investors a wake-up call.
- China envoy appointment signals deeper ties with Horn of Africa — Beijing seeks to extend influence in order to protect investments in the volatile region.
- China’s extended naval reach in western Pacific fuels Taiwan tensions — Deployment of warships near southern Japan and east of Taipei is big expansion of Beijing’s military presence.
- Beijing Winter Olympics poses challenge to China’s zero-Covid policy — Event was intended to be symbol of country’s ascendancy but has been marred by pandemic and diplomatic tensions.
- China’s SenseTime ponders future after US blacklisting — Xu Li has pulled off an IPO despite accusations facial recognition company enables human rights abuses.
- China trade surplus that can’t be fixed from outside — Attempts by the US to reduce current account imbalances with trade policy are futile.
The New York Times
- How China’s Xi Jinping Is Staging the Beijing Olympics on His Terms — From Beijing’s unexpected bid through the coronavirus pandemic, China has managed to fulfill its promises and cow its critics.
- Winter Olympic Torch Relay Shrinks to ‘Prioritize Safety.’ — The relay, usually global and lasting for months, will take place over just three days, be mostly local, and only select members of the public will be able to attend.
- In Wuhan, China, Anniversary of First Covid Lockdown Passes Quietly — As China battles the highly contagious Omicron variant shortly before the Winter Olympics are set to begin in Beijing, Wuhan has so far been spared.
- Pakistan’s Army Is Trying to Balance the U.S. and China — As U.S.-China competition intensifies, Pakistan’s army fears getting trapped in a cul-de-sac with Beijing.
- ‘Miserable and Dangerous’: A Failed Chinese Promise in Serbia — Poor conditions for Vietnamese workers building a $900 million tire factory underscore a chasm between the promise of investment from China and grim realities on the ground.
- Biden Looks to Intel’s U.S. Investment to Buoy His China Agenda — The president said passage of a China competition bill was needed “for the sake of our economic competitiveness and our national security.”
- Biden Administration Suspends 44 U.S. Flights by Chinese Airlines — The retaliatory move came after the Chinese government canceled American, Delta and United flights to China after some passengers tested positive for the coronavirus.
Caixin
- Cover Story: Beijing Gears Up for Winter Olympics Amid Omicron Threat — Athletes and support staff from around the world are arriving in Beijing. The world is watching to see whether Beijing can pull off a “safe, streamlined and splendid” event as promised.
- China Gets a Step Closer to Unifying Its Fragmented $20 Trillion Bond Market — Central bank and top securities regulator approve measures to allow investors in part of the market to trade on the other.
- Foxconn Partners With Indonesia to Make Electric Cars — The contract manufacturing giant expects electric vehicles will make up 5% of its revenue by 2025.
- As Electric Car Subsidies Dry Up, BYD Hikes Its Prices — The Shenzhen-listed EV- and battery-maker is asking buyers to pay up to 7,000 yuan more per vehicle.
South China Morning Post
- Remember the Soviet Union, top Chinese policy adviser says in warning against blind pursuit of absolute security — Overemphasis on absolutes, whether it is defence spending or supply chains, is likely to be self-destructive, key CPPCC member Jia Qingguo says.
- China’s Communist Party expels Bo Xilai protégé in corruption probe aftermath — Xu Ming, a retired food reserves official and a long-time protégé of one of President Xi Jinping’s former rivals, has been expelled from the ruling Communist Party and will face corruption charges.
- China’s Guangdong GDP for 2021 set to top that of South Korea and most other countries — The economy of China’s southern manufacturing powerhouse of Guangdong likely surpassed that of South Korea for the first time in 2021, and if the provincial economy were that of a country, it would rank in the top 10 globally, according to official local data.
Bloomberg
- China’s ‘Little Giants’ Are Its Latest Weapon in the U.S. Tech War — Beijing is giving special government support to thousands of startups working on strategically important sectors.
- Lithium Hits ‘Ludicrous Mode’ as Battery Metal Extends 400% Gain — Lithium prices are continuing their breakneck ascent in China, with surging electric-vehicle sales underpinning a fivefold gain over the past year.
- Beijing Tests Shoppers Buying Fever Drugs to Root Out Covid — China’s capital is requiring anyone who buys commonly available anti-fever medicine to undergo Covid-19 testing, as authorities try to root out undetected virus infections without locking down the country’s most important city and host of next week’s Winter Olympics.
- Peng Shuai’s Absence Has Become an Issue at the Australian Open — In rushing to silence fans’ concerns about the Chinese tennis player Peng Shuai, sports authorities have only brought more attention to the issue.
Reuters
- Taiwan reports new large-scale Chinese air force incursion — Taiwan on Sunday reported the largest incursion since October by China’s air force in its air defence zone, with the island’s defence ministry saying Taiwanese fighters scrambled to warn away 39 aircraft in the latest uptick in tensions.
- Hong Kong’s top judge defends city’s rule of law in face of international concern — Hong Kong’s top judge on Monday said the city’s vaunted judicial independence was “a fact”, acknowledging international and local concerns as prosecutions mount under a Chinese-imposed national security law.
- U.S. opposes plans to strengthen World Health Organization — The United States, the World Health Organization’s top donor, is resisting proposals to make the agency more independent, four officials involved in the talks said, raising doubts about the Biden administration’s long-term support for the U.N. agency.
Other Publications
- Protocol: Why China is outselling the US in EVs 5 to 1 — Electric cars made up 14.8% of Chinese car sales in 2021, compared with 4.1% in the U.S.
- The Guardian: China hires western TikTokers to polish its image during 2022 Winter Olympics — Influencers told to extol country’s virtues on social media despite diplomatic boycotts of Beijing Games over human rights record.
