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
- Biden Plans to Meet China’s Xi and Discuss How to Avoid Conflict — Planned meeting comes amid strains over Taiwan and U.S. controls on technology exports.
- China’s Billionaires See Huge Losses as Economy, Markets Sputter — Zero-Covid, plunging share values and a property slump erase hundreds of billions of dollars from coffers of the country’s tycoons.
- Bao Tong, Former Reformist Official and Critic of China’s Leader Xi, Dies at 90 — Top Communist Party official helped shape policies that opened China’s economy; later he was imprisoned following the Tiananmen Square protests.
The Financial Times
- Foxconn to keep expanding in China despite Covid disruption — IPhone maker says geopolitics more likely to prompt diversification.
- China courts global companies at its biggest import fair despite Covid controls — Few foreigners at Shanghai expo as lockdowns and quarantines restrict market access.
- Chinese tycoons’ fortunes shrivel as lockdowns and crackdowns bite — Xi Jinping’s commitment to zero-Covid and ‘common prosperity’ blamed for fall in wealth.
- Germany blocks another Chinese acquisition of a chip company — Move a further sign of Berlin’s tougher approach to protecting its high-tech sector.
The New York Times
- Germany Blocks 2 Foreign Investment Deals, Taking a Firmer Line on China — The decision to bar a Chinese-owned firm from acquiring a domestic semiconductor maker comes as Germany reappraises ties to its giant trading partner.
- After Months of Silence, Chinese and U.S. Climate Envoys Briefly Speak — John Kerry, the top U.S. climate negotiator, has met at least three times with his Chinese counterpart at COP27. Their countries are the planet’s biggest polluters.
Caixin
- Germany Blocks Chinese Acquisition of Auto Chip Fab — A subsidiary of China-based semiconductor manufacturer Sai Microelectronics was set to buy the production line for $85 million.
- China’s No. 1 Nickel Trader Gets Green Light for Hong Kong Listing — Lygend says it will use the IPO proceeds to boost production of nickel products, as the company deepens its footprint in manufacturing.
- Country Garden Pulls Out of S&P Rating Following Downgrade — Property development giant — which hasn’t defaulted on debt — blasts S&P over score that it says doesn’t fairly reflect its true credit status.
South China Morning Post
- China’s top chip maker SMIC warns on negative impact from US export controls after posting flat third-quarter revenue — SMIC said the new export controls imposed by Washington, along with weak demand, would weigh on business this quarter.
- China’s zero-Covid policy adding to fiscal debt woes as lab suspends testing services — A laboratory suspended coronavirus testing in Xuchang, Henan province, having earlier complained about high costs, with some cities in western and central China having already asked residents to start paying for tests.
- ‘China-chic’ trend builds on young people’s patriotism, cultural confidence — Young Chinese are less keen on Western fashion brands, but local ones still lack international prestige and influence.
- China’s economic tsar sends rare public message, warnings to future policymakers — Vice-Premier Liu He, 70, has been instrumental in the development of China’s economy over the past decade, but drastic policy shifts could affect his legacy.
Nikkei Asia
- Analysis: Xi puts economy on war footing with Taiwan in mind — Lessons from Russia: Tighten grip on communications, social media and deliveries.
- Foreign capital flees China market as local investors eye rebound — Hopes that Beijing will drop strict COVID curbs spur recovery bets.
- TSMC to secure neon in Taiwan after Ukraine shock for chip sector — Semiconductor giant aims for greener, more stable supply chains.
Bloomberg
- China’s New Leaders Back a More Targeted Covid Zero Approach — China’s top leaders reinforced the need to stick with the contentious Covid Zero policy, while urging officials to be more targeted with their restrictions so as to avoid damage to the economy.
- Apple Limits IPhone File-Sharing Tool Used for Protests in China — Apple Inc. has limited the AirDrop wireless file-sharing feature on iPhones in China after the mechanism was used by protesters to spread images to other iPhone owners.
- US, China Meet for Climate Talks as Xie Says Door Is Open — The US and China have started unofficial conversations on climate-related issues during the COP27 summit in Egypt, a potential signal that relations between the two world superpowers are warming despite a formal suspension of bilateral negotiations on related matters earlier this year.
Reuters
- Special report: A jailed Hong Kong lawyer defies Beijing’s campaign to subjugate the city — Chow Hang-tung is one of the few activists in Hong Kong still speaking out against the Communist Party’s crackdown in the city. Her story shows how Beijing is trying to silence civil rights lawyers in Hong Kong – as it is doing on the mainland.
- China-U.S. ‘red lines’ in focus ahead of expected Xi-Biden meet — The United States and China laid out early markers this week ahead of a meeting expected next week between their presidents on the sidelines of a summit of the G20 grouping of nations in Indonesia.
- China reaffirms zero-COVID stance, city of Guangzhou on edge — New case numbers are at their highest since April, and rebounding infections and China’s aggressive response to them are causing disruption for residents and businesses in cities across the country.
Other Publications
- The Economist: Financial markets bet on an end to China’s “zero-covid” policy — There are some signs change may be on the way.
- Associated Press: Chinese premier announces new aid for close ally Cambodia — Visiting Chinese Premier Li Keqiang announced a large development assistance package for Cambodia on Wednesday, oversaw the signing of 18 agreements on aid and cooperation, and attended the inauguration of a highway constructed with Chinese support.
- The Washington Post: What has changed between China and Taiwan? — Even before the latest surge in tensions, the risk of conflict in the Taiwan Strait was on the rise.
- Politico: GOP House Majority preps China cudgels — The GOP is on track to flip the House. That will put some of Capitol Hill’s most outspoken Republican China hawks at the controls of key Congressional committees.
- Foreign Affairs: The Weakness Behind China’s Strong Façade — Xi’s Reach Exceeds His Military’s Grasp. By Bonny Lin and Joel Wuthnow