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 Weighs Zero-Covid Exit But Proceeds With Caution and Without Timeline — Beijing takes gradual approach to easing pandemic policies despite rising concerns about impact on economy.
- Possible China Covid Reopening Prompts Jittery Markets, Intense Speculation — Despite a rise in infections in many parts of the country and continued lockdowns, some investors bet the country will open up soon.
- Apple Warns iPhone Production Disrupted by China Covid-19 Restrictions — The company’s high-end iPhone 14 Pro and Pro Max models are being affected by reduced production capacity.
- China’s Exports Drop Sharply as Global Economy Slows — Consumers and businesses are reducing spending as central banks battle inflation.
- China’s Xi Jinping to Visit Saudi Arabia Amid Global Reshuffling — Riyadh’s expanded ties with Washington’s global rivals have helped deepen Chinese influence in the Middle East, where the U.S. once reigned supreme.
- China Investigates Central Bank Deputy Governor in First Major Probe Since Party Congress — The inquiry into Fan Yifei is the first into a senior official since Chinese leader Xi Jinping consolidated power last month.
- Hedge-Fund Manager Who Helped Expose Luckin Coffee’s Fraud Bets on Chinese Chain’s Comeback — Sean Ma, founder of Snow Lake Capital, says he expects the Chinese chain to overtake Starbucks in China.
- Twitter’s Free Speech Problem Is Tesla’s, Too — The car maker’s shareholders now face the added risk that its global operations could be held hostage to the messy politics of the social-media platform.
The Financial Times
- Chinese exports fall for first time since 2020 — Drop in trade highlights economy’s exposure to global slowdown and effects of zero-Covid policy.
- Oaktree sells Evergrande’s ‘Versailles mansion’ plot in Hong Kong — Heavily indebted Chinese developer takes $770mn loss on one of its most significant assets.
- Hong Kong is ‘actively looking’ at authorising crypto ETFs — The regulator’s apparently permissive stance stands in contrast to that of rival Singapore.
- HSBC investor Ping An publicly calls for break-up and ‘aggressive’ cost cuts — China’s biggest insurer says bank lacks Asia experience on board.
- Apple warns of iPhone shipment delays in wake of China Covid lockdowns — Situation worsens in Foxconn factory where workers have been leaving to escape Covid outbreak.
- Cruise ships desert China as Beijing reaffirms zero-Covid commitment — Asia-Pacific travellers accounted for up to a fifth of liners’ global revenue before pandemic.
- Chinese chip designers slow down processors to dodge US sanctions — Cutting-edge semiconductor companies tweak specifications to comply with export controls.
- Beijing quashes market rumours of quicker end to zero-Covid policy — Hong Kong and China stocks set for more volatility as officials warn of ‘severe’ winter flu season.
- Rugby Sevens offers Covid-scarred Hong Kong a taste of normality — Financial hub stages premier sporting and networking event for first time in three years.
The New York Times
- China’s Business Elite See the Country That Let Them Thrive Slipping Away — The business class, which shunned politics, is now questioning if there is still a place for them in a system dominated by one ruler, Xi Jinping.
- Apple Could Be Short of iPhones Because of Factory Disruptions in China — The company said Covid-19 restrictions were slowing production of the company’s new phones ahead of the holiday season.
- Taiwan’s Bomb Shelters: ‘A Space for Life. And a Space for Death.’ — Preparing for war over hundreds of years has left a mark on the island, with its hundreds of bomb shelters. Some are being turned into cultural oases.
- How Putin and Friends Stalled Climate Progress — A handful of powerful world leaders rallied around Russia and undercut global cooperation.
Caixin
- Deputy Chinese Central Bank Governor Probed, Sources Say — Deputy PBOC governor Fan Yifei became the first high-level official to be detained after the party congress.
- Cover Story: The Dilemma of China’s Power Market Restructuring — Drive to balance state control of electricity prices with market forces hits a $1.39 billion pothole in Zhejiang that officials can’t fill.
- Beijing Shames Local Authorities for ‘One-Size-Fits-All’ Covid Policies — Some of the problems cited were local governments applying excessive quarantine and lockdown measures and extending movement restrictions to unaffected areas.
South China Morning Post
- China’s lithium hold won’t be undercut by Opec-style cartel as Argentina, Chile, Bolivia consider alliance — Argentina, Chile, and Bolivia are discussing a possible agreement on the production and pricing of lithium, an essential component in electric vehicle batteries.
- China’s state-run cooperatives and food kitchens do not signal reversal of opening-up policy, analysts say — Uncertainty over China’s economic policy direction under the new leadership has roused suspicion of a return to the planned-economy era that experts say is unfounded.
- China’s chip imports see biggest drop in 2022 with accelerated decline in October amid US restrictions and weak demand — China’s chip import decline accelerated in October, falling 13.2 per cent in the first 10 months, as the country grapples with fresh US restrictions and the semiconductor industry faces a slump.
- Hong Kong journalist Bao Choy loses appeal against conviction for using car registration database while making documentary on 2019 protests — High Court judge upholds magistrate’s ruling, saying personal data in the vehicle registry was never intended to be used for journalistic activities.
Bloomberg
- Lithium Frenzy Sees China Ceramics Hub Refocus on Battery Metals — Factories that typically churn out bathroom tiles are retooling manufacturing lines to benefit from still-surging prices of the raw material.
- UK Minister Holds Taiwan Trade Talks in Defiance of China — UK Trade Minister Greg Hands is holding talks with Taiwanese officials to “future-proof” Britain’s economy in the coming decades, as Rishi Sunak’s administration looks to take a harder stance on China.
- Opinion: If We Want Lithium, Let China Finance It — The Asian nation has built world-class refining and electric-vehicle capabilities. Canada can keep Chinese investment dollars without losing control of critical minerals. By Liam Denning
Reuters
- Chinese ambassador warns Swiss: Sanction us and ties will suffer — The head of the Swiss agency that implements economic sanctions said in a newspaper interview in July she expects the neutral country to adopt any punitive measures the EU launches against China if it invades Taiwan.
- Taiwan to invest 10 mln euros towards chip production in Lithuania — Taiwan’s Industrial Technology and Research Institute will cooperate with Lithuania’s electronics manufacturer Teltonika to build semiconductor technology capabilities in the Baltic country.
Other Publications
- The Economist: Who wins from the unravelling of Sino-American trade? — A series of shocks is transforming international commerce.
- The Atlantic: Taiwan Prepares to Be Invaded — If China wants to do something drastic, President Tsai Ing-wen told me, “Xi has to weigh the costs. He has to think twice.” By Ben Rhodes
