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
- Xinjiang Residents Chafe at Covid Controls as China Readies for Party Congress — Officials aim to keep lid on outbreaks to avoid drawing criticism before crucial twice-a-decade congress.
- China’s EV Battery Runner-Up is Worth a Look — The public listing of CALB, China’s third largest EV battery maker, could be a bright spot in a tough year for Hong Kong.
The Financial Times
- Evergrande vows to restart all stalled property projects — Heavily indebted Chinese developer’s Hong Kong headquarters was seized last week.
- Hong Kong property groups get flexible as office space glut grows — Banks and others have been downsizing due to pandemic and economic crunch.
- Xi to reassert China’s influence on first foreign trip since start of Covid — Chinese leader set to meet Vladimir Putin in central Asia in signal that ‘anti-American front’ remains strong.
- US struggles to mobilise its East Asian ‘Chip 4’ alliance — Internal tensions and concerns over China undermine proposed grouping with South Korea, Japan and Taiwan.
The New York Times
- Xi’s China and Biden’s U.S.: It Feels Like a Cold War — Even at their worst moments, the Americans and the Soviets kept talking. Today, U.S.-China contacts are scarce, while Beijing and Moscow move closer together.
- Challenges for Russia and China Test a ‘No-Limits’ Friendship — Vladimir Putin and Xi Jinping are set to meet later this week. Russia’s battlefield losses and China’s slowdown could complicate their relationship.
Caixin
- In Depth: Ant Group Rebuilds for Regulators, but at What Cost? — The fintech company is a shadow of the titan it once was, with its highly lucrative consumer lending business decoupled from ubiquitous payments service Alipay.
South China Morning Post
- China’s Tencent, ByteDance defy headwinds at home to dominate global app revenues in first half — Regulatory scrutiny and an economic slowdown have not dented the global power of Chinese tech giants Tencent and ByteDance, which were the world’s top-ranked companies by app revenue in the first half.
- Hong Kong leader dismisses talk city’s financial and tech summit will flounder despite Singapore hosting fintech event at same time — Chief Executive John Lee says guests are keen to attend international events slated for the start of November.
- International universities may not automatically recognise Hong Kong’s new core subject which replaces liberal studies — The new subject, which was introduced last September to replace liberal studies, has a syllabus focused on national security, identity, lawfulness and patriotism.
Nikkei Asia
- Cyber warfare: China attacks force Taiwan to bolster defenses — Power plants, hospitals and other essential facilities seen as possible targets.
- Hong Kong mourns late Queen in quiet snub to Beijing — Tributes seen by some as a dig at Chinese clampdown on former colony’s freedoms.
- China threatened by unbreakable bond with Russia — Former superpower becoming burden on political and economic fronts alike.
Bloomberg
- Democracy Crackdown Moved Taiwan Chip Pioneer to Oppose Beijing — For chip tycoon Robert Tsao, it was a mob attack on Hong Kong democracy activists in 2019 that finally compelled him to turn against China’s rulers.
- Star’s Sydney Casino License at Risk After Scathing Inquiry — Star Entertainment Group Ltd. faces the potential loss or suspension of its Sydney casino license after an inquiry found it had lax anti-money laundering controls, allowed patrons to flout China’s capital controls and encouraged problem gamblers.
- US Chip Curbs Will Highlight Cracks in China’s AI Strategy — Computing power is critical to artificial intelligence, and Washington is taking that away from its fiercest rival.
Other Publications
- The Economist: China’s ponzi-like property market is eroding faith in the state — Its meltdown could scarcely come at a worse time for Xi Jinping.
- The Washington Post: Climate change in Hong Kong worsens housing crisis for city’s poor — Au has a million-dollar view of the Kowloon skyline from the rooftop hut he calls home. But inside the metal-and-concrete structure, perched atop a 10-story building, it feels like a million degrees.
- PIIE: First trade war, now Russia’s real war. Why US exports to China continue to suffer. — US exports to China of energy and semiconductor products have fallen in 2022, as hardening geopolitics impacts global trade.
