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
- Russia’s Vladimir Putin Says China’s Xi Jinping Raised Concerns on Ukraine War — The Russian leader said that the Kremlin would clarify its position on Ukraine, without explaining further.
- U.S. Audit Inspectors Heading to China After Landmark Agreement — Outcome of inspections could determine whether Chinese stocks are allowed to continue trading in the U.S.
- China’s Downturn Moderates, Though Property Woes Linger — Stimulus measures, favorable statistical comparisons helped August readings, but real-estate weakness, Covid-19 controls weigh.
- Foreign Investors Sell Chinese Bonds Amid Taiwan Tensions, Yuan Weakness — Investors reduce their exposure to yuan-denominated bonds by another $5.1 billion.
- American Casino Giants Face Wild Card Rival as Macau Opens License Bids — Malaysian billionaire’s Genting Group makes an unexpected bid to compete for 10-year deal with incumbents Las Vegas Sands, Wynn, and MGM.
The Financial Times
- Putin’s Ukraine woes strengthen Xi’s hand in ‘no limits’ partnership — Russian leader’s comments at Samarkand summit show shifting power balance between Beijing and Moscow.
- Infant inflection: zero growth warning for baby formula market — Goldman Sachs takes more pessimistic view on declining Chinese birth rate.
- China’s local government financing vehicles go on land-buying spree — Property purchases seen as bailout for cities and provinces after exodus of private developers.
- Putin acknowledges Chinese ‘concerns’ over Ukraine — Russian president’s comments are first public admission of differences between Beijing and Moscow.
The New York Times
- TikTok’s CEO Navigates the Limits of His Power — Shou Zi Chew, TikTok’s chief executive, is balancing how to be an autonomous leader while juggling the demands of the app’s Chinese parent company.
- In Central Asia’s ‘Great Game,’ China Seeks the Advantage — Xi Jinping’s visit to Central Asia this week sheds a light on his country’s efforts to increase its sway in the vast, resource-rich region once considered Russia’s domain.
- ‘At the Breaking Point’: Tibetans, Under Lockdown, Make Rare Cries for Help — China’s ever-tightening Covid rules have prompted public complaints from residents of areas usually intimidated into keeping quiet.
- Putin Nods to Xi’s ‘Concerns’ on Ukraine War — The discordant messages of China’s president, Xi Jinping, and President Vladimir V. Putin of Russia suggested that despite an earlier pledge of “friendship,” Moscow does not have an unconditional ally in Beijing.
- Biden Issues New Order to Block Chinese Investment in Technology in the U.S. — The move, which is bound to heighten tensions with Beijing, reflects growing unease about China’s ability to access the personal information that Americans hand over to mobile apps and other services.
Caixin
- China to Sanction CEOs of U.S. Defense Firms Over Taiwan Arms Deal — Boeing’s defense and space division head Ted Colbert and Raytheon Technologies’ Chairman Gregory Hayes will be penalized, foreign ministry spokesperson Mao Ning said during a regular media briefing.
- Another ‘Big Fund’ Honcho Under Corruption Probe — Ren Kai, vice president of Sino IC Capital Ltd., was detained by authorities Thursday morning, several people familiar with the matter told Caixin.
- Local Government Financing Vehicles Struggle to Pay Their IOUs — More LGFVs are failing to redeem maturing commercial paper issued to their suppliers in lieu of cash payments, highlighting growing strain on their finances.
South China Morning Post
- EU seeks to strengthen Taiwan’s ‘silicon shield’ as military tensions with China threaten chip supply — The European Parliament overwhelmingly passes a resolution calling for a supply-chain agreement with Taiwan, as European businesses worry about stable access to the island’s advanced semiconductors.
- China’s semiconductor output posts biggest monthly decline in August, as Covid-19 controls, economic headwinds weaken demand — Domestic production of integrated circuits recorded a 24.7 per cent year on year decline in August to 24.7 billion units.
- 7 operators vie for 6 Macau casino licences as bids open in the world’s gambling hub — The seven companies comprised all six existing casino operators, plus a wild card bid by GMM Limited.
Nikkei Asia
- China’s food businesses seek the recipe to satisfy home diners — Pre-prepared meal kits have been a COVID hit with consumers but pitfalls remain.
- China births risk missing 10m mark for first time under Communist rule — Economic uncertainty, later marriages fuel decline despite end of one-child policy.
- ByteDance to spend $3bn to offer exit for investors — Plan values Chinese tech group and TikTok owner at $300bn.
Bloomberg
- Boeing Is Diverting Some Jet Orders From China as It Grapples With Global Tensions — Planemaker ‘can’t wait forever’ to deliver 737 Max, CEO says.
- China Sanctions Boeing, Raytheon Executives for Taiwan Arms Deal — China said it is sanctioning two top executives at Boeing Co. and Raytheon Technologies Corp. over the US’s biggest weapons deal with Taiwan in almost two years, a move that usually ends up being symbolic for the targeted individuals.
- Top Banks Pull Back From China Metal Financing After Crises — JPMorgan Chase & Co. and ICBC Standard Bank Plc are cutting back on financing to China’s troubled metals trade, adding pressure to a sector already hit hard by a struggling economy.
- Xi Goes Maskless, But Won’t Mingle Outside China’s Covid Cocoon — President Xi Jinping has taken a cautious approach to relaxing his virus prevention measures in Central Asia this week, as the Chinese leader navigates returning to a world that’s living with the virus after spending nearly 1,000 days at home.
Reuters
- China’s Xi skips dinner with Putin, allies as COVID precaution – source — Chinese leader Xi Jinping stayed away from a dinner attended by 11 heads of states at a regional security summit in line with his delegation’s COVID-19 policy, a source in the Uzbek government told Reuters on Friday.
- Vatican sought Xi-Pope meeting in Kazakhstan, China declined – source — The Vatican told China that Pope Francis was willing to meet Chinese President Xi Jinping while both leaders where in the Kazakh capital but China said there was not enough time, a Vatican source said on Thursday.
- Taiwan chipmaker Macronix says ‘doing very well’ after Huawei ban — Macronix Chairman and CEO Miin Wu told reporters at company headquarters in Taiwan’s chip hub Hsinchu that Huawei used to be their number one customer in 5G-related chips.
Other Publications
- BBC: Queen’s lying-in-state: China blocked from Westminster Hall — A Chinese government delegation has been banned from attending the lying-in-state of Queen Elizabeth II, according to parliamentary sources.
- The Economist: Xi Jinping won’t ditch Vladimir Putin, for now — China’s goal in Ukraine is Western disunity and failure, more than a Russian triumph.
- The Economist: New leaders will soon inhabit China’s top decision-making bodies — Will they change the country?
- The Economist: China has plans for grand canals — The building scheme is part of an effort to become a “transportation power.”
- The Verge: Is TikTok’s time running out? — A Senate hearing shows that distrust in the company continues to grow — and ByteDance might be forced to do something about it.
- BBC: Video: Britain’s new Hongkongers — Since last year, over a hundred thousand people from Hong Kong have left everything they know to escape a government accused of eroding freedoms and to start new lives in the UK.
