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
- China Reins In Its Belt and Road Program, $1 Trillion Later — After loans have gone sour and projects have stalled, Beijing is revamping its troubled initiative.
- Forced Labor a ‘Top-Tier’ Compliance Issue, Says U.S. Official — Department of Homeland Security Undersecretary Robert Silvers said forced labor, an issue addressed in a new law targeting China, needs attention from C-suite, boards.
- World Bank Cuts China Growth Forecast as Covid-19, Real-Estate Crunch Take Toll — Emerging economies in Asia are seen outpacing China for the first time since 1990.
- China’s Yuan Has Further to Fall — China’s strong trade surplus and conservative monetary policy have helped keep its currency from falling even faster.
- Chinese Company Aims to Sell 3 U.S. Resorts for $1.3 Billion — Dajia Insurance is trying to capitalize on a surge in travel after taking over the properties from China’s Anbang Insurance.
- Video: U.S. Companies Are Reshoring Jobs From China at Record Levels — After decades of outsourcing jobs to China and Southeast Asia, U.S. companies are on pace to bring back 350,000 jobs.
The Financial Times
- The cost of China’s information vacuum — Reduced access for foreign experts is making it even harder for governments to understand decision-making in Beijing.
- Apple expands iPhone production in India in shift away from China — New Delhi has been working to lure companies seeking to diversify supply chains.
- Chinese carmaker Nio warns energy crisis slowing European expansion — Founder of electric vehicle maker says rollout of battery swapping stations is proving slower than expected.
- Renminbi falls against dollar despite new support measures — Chinese currency has fallen 11.5% this year as Fed raises rates to tame inflation.
- Sterling/HK stocks: UK earnings once a hedge, now a risk — Local utility companies could feel the biggest impact.
- China commodity trader woe a setback for Glencore — Mining group reduces supply to main broker Maike after intermediary runs into liquidity crisis.
- The scramble for rare earths carries big geopolitical risks — But without these metals there are limited solutions to our planetary problems.
- China growth to fall behind rest of Asia for first time since 1990 — World Bank is latest financial institution to slash Chinese economic forecast.
- ‘Sense of crisis’ has gripped South Korean chip industry, warns minister — Lee Jong-ho says new legislation will boost competitiveness in supply chain and security.
The New York Times
- Meta Removes Chinese Effort to Influence U.S. Elections — The parent of Facebook and Instagram said that it had taken down what was the first targeted Chinese campaign to interfere in U.S. politics and that the effort was limited.
- China’s Fishing Operations Raise Alarms Worldwide — With its own coastal waters depleted, China has built a global fishing operation unmatched by any other country.
- Dating Apps Thrive in China, but Not Just for Romance — China has cracked down on many tech companies, but has allowed dating apps that provide social connections to flourish.
- China Lets Its Currency Weaken Past a Key Barrier and Tries to Manage the Fall — The renminbi, which is tightly controlled by China’s central bank, has consistently traded at the weaker end of its range in recent weeks.
Caixin
- Former Head of Exim Bank’s Beijing Branch Kicked Out of Communist Party — Li Li, known as the ‘godmother’ of China’s shipping industry, accused by graft busters of a laundry list of corrupt practices including accepting huge amounts of bribes.
- In Depth: Cash-Strapped Local Governments Turn to Financing Vehicles to Plug Fiscal Shortfalls — Local government financing vehicles (LGFVs) have played a key role in China’s economic and social development over the past two decades, especially in funding and building infrastructure investment on behalf of local authorities across the country.
South China Morning Post
- US agency mounted ‘thousands of cyberattacks’ on Chinese university: report — A report says NSA-affiliated hackers targeted personal data at China’s Northwestern Polytechnical University.
- Chinese regulator pushes for broadcast delay of all online concerts and shows, tightening censorship of live-streamed content — The delay would enable personnel assigned by internet platforms to conduct real-time supervision of online performances and block what they deem as problematic content.
Nikkei Asia
- Vietnam emerges as Asia’s growth leader as China slows — Food, fuel subsidies risk long-term distortion, warns World Bank.
- Indian Ocean rivalry: China’s naval maneuvers irk New Delhi — Submarine deals and ship deployment hint at Beijing’s power projection.
- Chinese financial groups move into Hong Kong office market — Mainland IPOs fuel footprint expansion as foreign companies leave.
Bloomberg
- TikTok Ghosts Republican Lawmakers on China Data Issues — The Chinese video app has had little engagement with Republican naysayers—a strategy that could have serious consequences if national security concerns aren’t resolved.
- CLSA’s Top Global Banker Quits, Chair Steps Aside in Shakeup — CLSA Ltd.’s top global banker resigned and its Chairman Zhang Youjun stepped aside, marking another big shakeup at the Hong Kong brokerage that has been hit by a string of key departures over the past four years.
- Chinese Startup Challenges a Broken Credit Ratings System — A spate of defaults by Chinese borrowers with seemingly impeccable onshore ratings has left antsy investors in the world’s second-largest credit market craving credible research to distinguish good debt from bad. Now a little known startup is seeking to tap that demand and is winning fans.
Reuters
- China’s Xi makes first public appearance in Beijing since trip to Central Asia — Xi is widely expected to secure a precedent-breaking third term as leader at the Communist Party’s once-in-five-years congress next month.
- China’s biggest air show could take off again without C919 narrowbody jet — The C919 is close to certification but has never been displayed or flown at previous editions of Airshow China.
- ‘Overinvested’ China healthcare sector set for shake up, top venture fund says — “The whole healthcare sector was over-invested globally because of COVID-19,” Nisa Leung, managing partner and head of healthcare investments at Qiming Venture Partners, told Reuters in an interview.
Other Publications
- WIRED: This Vote Could Change the Course of Internet History — UN countries are preparing to pick a new head of the International Telecommunications Union. Who wins could shape the open web’s future.
- The Guardian: China growth lags Asia-Pacific for first time in decades as World Bank cuts outlook — East Asia and Pacific annual growth forecasts downgraded from 5% to 3.2% as China’s economy cools, largely due to zero-Covid policy.
