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 to Bid Farewell to Jiang Zemin While Tapping Down Public Expression — China said it would hold a ceremonial send-off for Jiang Zemin on Tuesday next week, to be attended by Chinese leaders and military officials.
- China Missed a Window to Be Better Prepared for Covid-19 Surge — A drive to build up hospital resources lost ground as virus control took priority.
- Covid Controls Hit Chinese Factories, Adding Risks to Global Growth — Gauges of activity in Chinese manufacturing, services and construction deteriorated by more than expected this month, a sign of weakening economic output.
- China’s Covid Protests Began With an Apartment Fire in a Remote Region — Firefighting delays in the city of Urumqi, seen by many Chinese as related to strict pandemic controls, set off wide demonstrations against the country’s zero-Covid restrictions.
- Twitter Becomes Stage for China Protests Despite Ban by Beijing — Twitter is proving a critical platform for getting videos and images of protests occurring across China out to the rest of the world.
- Opinion: The U.S. Government Keeps Buying Chinese Drones — Some departments have outlawed their use, but others persist despite the national security risk.
The Financial Times
- Dutch minister defends trade links with China — Economy minister signals Netherlands will not undermine relationship with Beijing despite US pressure over high-tech exports.
- China’s superapps and media mourn Jiang Zemin with black and white tribute — Businesses and state institutions face delicate task of paying respects to late president without offending Xi Jinping.
- European Council chief raises China’s Covid measures in Xi meeting — Chinese president tells Charles Michel there are no ‘strategic differences or conflicts’ between two sides.
- China’s Covid tsar says fight against virus entering ‘new stage’ — Sun Chunlan’s comments buoy hopes of Beijing softening pandemic restrictions.
- India’s plan to take on China as south Asia’s favourite lender — With the private sector’s help, New Delhi has stepped up spending on infrastructure in neighbouring countries.
- Chinese students and young workers look to Hong Kong for a better future — Beijing’s zero-Covid policy fuels increase in people moving to former British colony.
- Tech start-ups shun Singapore and Hong Kong for US Spacs — Blank-cheque companies in Asian financial hubs show little results.
- Chinese property developers plan private placements after ban lifted — Regulator U-turn aims to ease real estate sector credit crunch and boost growth.
- Nato debates measures to confront ‘challenge’ from China — Western alliance members must increase protection of strategic industries and technologies, says US.
- Influence Empire — can Tencent negotiate China’s shifting political winds? — Lulu Chen’s book charts how the success of WeChat has placed Pony Ma’s tech empire at the forefront of Beijing’s censorship and surveillance.
- The Great Wall (Of Indifference) — Is China actually, truly, really uninvestable?
The New York Times
- After Xi’s Coronation, a Roar of Discontent Against His Hard-Line Politics — Protests in China have roused a tradition of dissent that had seemed spent after 10 years under Xi Jinping. The effects may far outlast the street clashes.
- NATO Nations Grow More Receptive to US Pleas to Confront China — After the pain of an energy crisis brought on by the Ukraine war, Europe is keen to reduce its strategic vulnerabilities to China, not to speak of other authoritarian governments.
- Xi Jinping Faces Another Dilemma: How to Mourn Jiang Zemin — The former president’s death drew tributes from Chinese people at a fraught moment for the current leader, Xi Jinping, who faces widespread criticism of his harsh Covid policies.
- Opinion: Xi Broke the Social Contract That Helped China Prosper — Politically, Xi Jinping, China’s top leader, has violated a time-tested technique his predecessors used to defuse social tensions: divide and conquer. By Yasheng Huang
Caixin
- In Depth: U.S. Audit Row Dims Big Accounting’s Prospects in China — Caught in the crossfire of the dispute with Wall Street regulators and with growing competition at home, Chinese members of the global Big Four accounting networks face a tougher future in China.
- China to Fully Reopen by Mid-2023, Top UBS Economist Predicts — Hu Yifan projects surge in economic growth as authorities exit strict Covid control policies by next year’s third quarter.
- Chinese Firms Talk Up Sodium Battery as Alternative for EVs — Companies including battery giant CATL are accelerating research and production of sodium-ion products as lithium prices soar.
South China Morning Post
- Jimmy Lai’s national security trial: Hong Kong court postpones case to December 13 amid coming legal interpretation by Beijing — Lai’s defence team does not oppose latest adjournment, citing Immigration Department’s refusal to extend barrister’s visa.
- Twitter, Telegram soar in popularity as users circumvent Great Firewall to avoid censorship — Photos and videos of anti-Covid lockdown rallies in China have been circulating on Twitter and Telegram, while those on WeChat and Weibo have been quickly deleted.
- Xi meets European Council President, pledges supply chain cooperation — Chinese president also supports EU’s mediation role in Russia’s war in Ukraine during meeting with Charles Michel.
- China’s e-commerce market is changing as big players such as Alibaba adjust to thrifty consumers amid leaner times — Pinduoduo’s jump in revenue contrasts with tepid growth for other players, reflecting changing behaviour of Chinese consumers as economy takes a turn for the worse.
Bloomberg
- China Loosens Grip on Covid Exactly Three Years After First Ever Case — Official says Covid fight in new phase, concessions emerge.
- Xi Urges Calming Crisis in Ukraine During Talks With Michel — Nations must promote peace negotiations, China’s leader says.
- Opinion: China’s Middle Class May Be Xi Jinping’s Biggest Threat — While many assumed the government had bought off this influential group with decades of rising incomes, its political awakening may have just begun. By Minxin Pei
Reuters
- China set to loosen COVID curbs after week of historic protests — Cases nationwide remain near record highs but the changes come as some cities have been lifting their lockdowns in recent days.
- China’s lithium newcomer Zijin eyes rich returns from battery demand — The head of China’s Zijin Mining Group Co Ltd said lithium prices now at record levels could halve by end-2025, however they will still forge ahead with heavy investment in the sector.
Other Publications
- Foreign Policy: Jiang Zemin Helped China Become a Global Powerhouse — With a steady hand — and some willingness to face criticism — he ushered China into the world economy. By Victor Shih
- Nikkei Asia: Analysis: Quash the ‘white paper’ — Xi’s Chinese dream turns into nightmare — Weekend unrest possible ahead of International Human Rights Day.
- The Economist: China’s failing covid strategy leaves Xi Jinping with no good options — China’s leaders appear to be searching for a middle ground, but it is not clear there is any.
- The Atlantic: How Many COVID Deaths Will Chinese Protesters Accept? — Strict zero-COVID policies have kept disease from spreading, but at enormous social cost. How far should they be rolled back?
