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 Sends Off Late Leader Jiang Zemin With Siren Blasts, Somber Memorial — Current leader Xi Jinping praised Jiang, who promoted market principles, as a ‘great Marxist’.
- After Zero-Covid, China’s Health Industry Faces Titanic Shift — As the country reopens, healthcare spending patterns will shift rapidly—creating new winners and losers.
- China’s Covid Easing Fuels Stock-Market Hopes—and Fans Fears — Chinese stocks have swung wildly as the country tries to advance reopening plan while keeping a lid on Covid-19 outbreaks.
- Video: China Bids Farewell to Late Leader Jiang Zemin as Xi Calls for Unity Around Party — In his eulogy, Xi urged citizens to rally around the party.
- Video: China Eases Some Covid-19 Restrictions After Public Anger — Beijing is beginning to lay the groundwork for reopening China’s economy.
- Opinion: Australia Stays the Course Against Chinese Aggression — The new Labor government isn’t going soft on Beijing.
- Opinion: Tim Cook’s Bad Day on China — Apple speaks out boldly at home, but is silent about Beijing’s growing oppression.
The Financial Times
- China’s Communist party strives for unified image at Jiang Zemin funeral — Beijing seeks to honour former president without drawing contrast with Xi Jinping.
- China braced for Covid outbreaks among medical staff and migrant workers — Authorities fear virus surge in unprotected rural areas during lunar new year holiday as Beijing eases restrictions.
- China’s elderly vaccine refuseniks pose obstacle for Xi Jinping — Nearly 90mn Chinese are insufficiently protected against Covid as Beijing begins to unwind pandemic controls.
- TSMC triples Arizona chip investment to $40bn — President Biden to hail Taiwanese chipmaker’s second plant as boost for US manufacturing.
The New York Times
- China’s Xi Emphasizes Unity at Jiang Zemin’s Funeral — Paying tribute to President Jiang Zemin, China’s leader, Xi Jinping, urged the nation to rally around himself, a week after protests tested his authority.
- Global Car Supply Chains Entangled With Abuses in Xinjiang, Report Says — A new report on the auto industry cites extensive links to Xinjiang, where the U.S. government now presumes goods are made with forced labor.
- China’s Xi to Visit Saudi Arabia for Regional Summits — Xi Jinping is expected to sign a flurry of contracts with the Saudis and other Gulf States, highlighting Beijing’s growing clout in the region when Washington has pulled away.
- In Phoenix, a Taiwanese Chip Giant Builds a Hedge Against China — Taiwan Semiconductor Manufacturing Company, the world’s biggest maker of advanced computer chips, plans to unveil an ambitious factory upgrade in Arizona.
- Opinion: Why It Matters That China’s Protests Started in Xinjiang — The grief seemingly arose primarily from basic humanity and solidarity with the victims as fellow Chinese, all suffering in common from the excessive, irrational and dangerous “zero Covid” regime. By Jim A. Millward
Caixin
- China Relaxes Restrictions on Overseas Loans so Developers Can Repay Dollar Bonds — The practice was tightly restricted to prevent capital flight, but now it is hoped international branches of domestic lenders can help struggling property firms, sources say.
- Unrestrained Investment Creates Looming Glut for China’s Solar Supply Chain, Analysts Say — Polysilicon, the main raw material used in solar PV manufacturing, will be in “severe oversupply” in 2023 as reckless investments by industry newcomers are set to double annual production capacity.
- Beijing Scraps Covid Test Requirement for Public Places — Beijing residents no longer need to show a negative Covid test result to enter most public venues including supermarkets and office buildings.
South China Morning Post
- China cuts fines on a range of ride-hailing violations to help bolster the industry’s legal framework after Didi’s debacle — The move reflects the central government’s continued efforts to improve the legal framework of the world’s largest ride-hailing market, following the end of its year-long investigation of industry leader Didi Chuxing.
- Why former Chinese leader Hu Jintao was highest profile absentee from Jiang Zemin’s funeral — The 80-year-old did attend a brief ceremony on Monday, but did not appear at Tuesday’s longer funeral service.
- Geely-backed ride-hailing firm Cao Cao Mobility said to pick three banks for Hong Kong IPO plan — Chinese ride-hailing firm Cao Cao Mobility will add to the IPO pipeline in Hong Kong as analysts predict a rebound in fundraising next year.
Nikkei Asia
- Germany struggles to get China parts to replenish ammo stockpile — Supply of military aid to Ukraine is depleting Germany’s inventory.
- TSMC to triple U.S. chip investment to $40bn to serve Apple, others — Move to expand Arizona plant is a win for Washington’s semiconductor ambitions.
- China’s white-paper protests will have long-term impact: Kevin Rudd — Ex-Australian PM sees higher Taiwan invasion risk in 2030s.
Bloomberg
- Saudi Arabia Says China’s Xi to Visit This Week — Saudi Arabia said Chinese President Xi Jinping will visit the kingdom from Wednesday for a summit that will showcase growing ties.
- China’s Factories Struggle With Slow Dismantling of Covid Curbs — Before October, Qiang had about 30 workers in his garment factory in Guangzhou’s Haizhu, a district often dubbed the apparel manufacturing capital of China. After more than a month of Covid lockdowns, all of them have fled, bringing production to a halt.
- Republicans Warn Biden: Don’t Let Green Goals Override Forced Labor Concerns in China — Republicans are warning the Biden administration not to prioritize green energy goals over enforcing federal import restrictions meant to discourage alleged human rights abuses in China.
- Tying China’s Metals Exports to Climate Risks Stoking Inflation — China’s steel and aluminum exports are under attack once again, as the US and European Union weigh new tariffs linked to carbon emissions.
Reuters
- China’s Xi to arrive in Riyadh on Wednesday to meet Saudi and Arab leaders — Chinese President Xi Jinping will arrive in Saudi Arabia on Wednesday for a two-day visit that will include meetings with several Arab leaders, the Saudi state news agency SPA reported on Tuesday.
- Few Chinese keen to travel abroad soon, even if COVID curbs ease – report — Fear of infection with the disease was the top concern of those saying they would postpone travel in a survey of 4,000 consumers in China by consultancy Oliver Wyman.
Other Publications
- NBC News: Hackers linked to Chinese government stole millions in Covid benefits, Secret Service says — The theft of state unemployment funds is the first pandemic fraud tied to foreign, state-sponsored cybercriminals that the U.S. government has acknowledged publicly.
- The New Yorker: What Chinese People Think of Their Government’s “Zero COVID” Policy — Many citizens don’t know anyone who’s had the disease, yet their faith in the country’s restrictive rules is waning. By Peter Hessler
- Foreign Policy: China Wants Your Attention, Please — Beijing’s massive expansion of state media hasn’t quite worked as planned. But watch out for Xinhua’s growing global deals.
- Foreign Affairs: Taming China’s Tech Power — A Conversation With Commerce Secretary Gina Raimondo.