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
- Commerce Secretary Embraces a Beefier Industrial Policy to Combat China and Russia — Gina Raimondo, former Rhode Island governor, has courted constituencies that have a testy relationship with the administration, to the unease of progressives.
- SEC Warns Chinese Companies About Risks of Auditor Changes — As businesses switch auditors to avoid U.S. delistings, the agency’s acting chief accountant cautions of potential investigations and enforcement actions.
- Exports, the Engine of China’s Slowing Economy, Are Sputtering — The weakness in August shows impact of rising inflation and slowing global growth.
- China Evergrande’s Stake in Regional Bank Sold for $1.05 Billion — Group of state-owned and private companies was sole bidder for Shengjing Bank’s shares in court-arranged auction.
- Zambia Requests $8.4 Billion in Debt Relief From Foreign Creditors — China, as part of a committee of Zambia’s major creditors, had previously committed to providing debt relief to the government.
- Tencent Looks Abroad to Level Up — Chinese tech giant increases stake in French videogame maker as its domestic prospects darken.
The Financial Times
- China’s pandemic workers reach breaking point — Civil servants decry brutal conditions as cash-strapped local governments struggle to fund zero-Covid strategy.
- Hong Kong speech therapists convicted of sedition over children’s books — Guilty verdict over picture books judged to back separatism from China highlights tightening control.
- China exports fall as demand slows and lockdowns hit manufacturing — Trade misses expectations after offering a rare bright spot for world’s second-largest economy.
- China’s biggest four banks feel property pinch from failing loans — Stalled projects, mortgage boycotts and new regulations spill into banking sector.
- Opinion: Ignoring China’s disastrous ‘three Ds’ could be a global risk — Disease, drought and debt will have worldwide consequences.
- Opinion: Renminbi: exporter gain and consumer pain gives Xi a headache — Beijing will not want to pass on price rises to consumers in full.
The New York Times
- How China Has Added to Its Influence Over the iPhone — Apple is taking small steps toward India. But the production of its latest phone, set for introduction on Wednesday, shows how difficult it will be to make big changes.
- China’s Youth Try on the Communist Cadre Look — Why are some Chinese youth dressing like middle-aged civil servants? It might be ironic, or a longing for stability in uncertain times.
- WTA Finals Set for Texas This Year, but a Return to China Is Uncertain — The year-end event is due to return to China in 2023, but the tour said its suspension of tournaments there after Peng Shuai accused a former government official of sexual assault remained in place.
Caixin
- In Depth: The Weak Link in China’s New-Energy Power Plan: Weather — This summer’s catastrophic electricity shortfall in southwestern China’s Sichuan province exposed the biggest weakness in the country’s strategy for decarbonizing power generation: the weather.
- Xi Tells Nation to Mobilize for ‘Core Technology’ Breakthrough — President Xi Jinping urged China to mobilize nationwide resources to advance research in cutting-edge technologies and cultivate competitive advantages in key fields.
- Asia’s Largest Reinsurer to Get New Chairman — China Reinsurance President He Chunlei will replace Yuan Linjiang, who is expected to move to China’s sovereign wealth fund.
South China Morning Post
- Soho China’s billionaire founders relinquish top roles to pursue philanthropy after failed bid to sell company — Pan Shiyi stepped down as chairman while his wife Zhang Xin gave up the CEO post to pursue arts and philanthropy. Both will remain as executive directors.
- 5 Hong Kong speech therapists behind controversial children’s books convicted of sedition charge — The five had put out three picture books on sheep defending their turf from intruding wolves, and were accused of portraying Beijing as ‘totalitarian and ruthless’ regime.
- Chairman of Hong Kong’s biggest journalist group arrested on suspicion of public disorder, obstructing police — Ronson Chan, chairman of Hong Kong Journalist Association, taken into custody after officers intercepted him to conduct stop and search, sources say.
- Boris Johnson’s father vows to make film in Xinjiang, ‘undeterred’ by UN report — “Our project is a cultural and historical one. It’s a bridge-building one in particular. We’re not doing what the United Nations High Commissioner did, that is not our concern,” Johnson said.
Nikkei Asia
- China’s economic uncertainty fuels boom in soon-to-expire food — Middle-class shoppers hunt for bargains as concern grows over jobs and pay.
- Lotte makes fresh Vietnam start after China exit and ‘5 lost years’ — $900m shopping center paves way for No. 3 market after South Korea and Japan.
- Hong Kong speech therapists convicted over ‘seditious’ kids’ books — Government accused group of publishing titles that stirred hatred against state.
Bloomberg
- Xi’s ESG Boom Funnels Billions Into Coal, Liquor, Defense Stocks — Assets in China’s ESG funds have doubled since 2021, lifted by Beijing’s growing emphasis on poverty alleviation, renewable power and energy security.
- Tencent Set to Double Ubisoft Stake in Latest Overseas Bet — Ubisoft Entertainment SA shares sank 12% in Paris after Chinese gaming giant Tencent Holdings Ltd. raised its stake, which analysts said could put a full takeover on the back burner.
- Xi Calls for Revived Tech Push in China After US Escalates Curbs — Xi Jinping renewed calls for China to step up the development of technology critical to national security, issuing a forceful reminder just as escalating US sanctions threaten Beijing’s efforts to become self-reliant in semiconductors.
- SEC Tells Auditors to Vet New Chinese Clients That Trade in US — The Securities and Exchange Commission is telling American audit firms to be cautious about taking on as new clients Chinese firms that trade in New York.
Reuters
- New British PM Truss brings tougher UK stance on China — Truss views China as a threat to the rules-based international order that has governed post-World War Two trade and diplomacy, and she sees it as her role to build a bulwark against that.
- Australia’s PM says journalist detained in China should have access to family — Cheng’s family have said her two children and elderly parents, who live in Australia, have been unable to have any contact with her since she was detained.
- Samsung CEO seeks ‘common denominator’ in Sino-U.S. chip war — Kyung said Samsung had expressed concern about a U.S. proposal for a chip alliance dubbed Chip 4 – which would also include Japan and Taiwan – including the need for South Korea to seek China’s understanding before any negotiations.
- Opinion: Ping An’s HSBC campaign fails the financial test — To make the separation worthwhile for investors, though, the carved-out unit would have to trade at an improbably high valuation.
Other Publications
- Foreign Affairs: The Weakness of Xi Jinping — How Hubris and Paranoia Threaten China’s Future. By Cai Xia
- The Economist: The digital yuan offers China a way to dodge the dollar — In Beijing, officials are preparing for conflict.
- Associated Press: Beijing hounds Chinese church seeking safety overseas — The story of the exile of the Shenzhen Holy Reformed Church illustrates how the Chinese government is going to increasing lengths to control religious faith and its citizens, even far outside its borders.
- MIT Tech Review: The 1,000 Chinese SpaceX engineers who never existed — LinkedIn users are being scammed of millions of dollars by fake connections posing as graduates of prestigious universities and employees at top tech companies.
- ChinaFile: The American-Trained Rocket Scientist Who Shaped China’s Surveillance System — An Excerpt from ‘Surveillance State: Inside China’s Quest to Launch a New Era of Social Control.’
