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
- Xi Jinping Doubles Down on His Putin Bet. ‘I Have a Similar Personality to Yours.’ — The Chinese leader has long admired Vladimir Putin. Now, he is strengthening ties between the two nations with increased trade and energy partnerships.
- China’s Economy Struggled in Zero Covid’s Final Month — Weak data highlight pressure on China’s economy ahead of this month’s decision to ditch strict Covid controls.
- China’s Leaders Plot Pivot Back Toward Boosting Economy — Senior officials are setting a robust GDP growth target of more than 5% for next year as they loosen Covid rules and de-emphasize ideology.
- Beijing’s Pivot to Growth Comes Very Late — China’s leaders are finally sending stronger signals on reigniting growth, but some damage already done may be irreparable.
- China Protesters Face Possible Criminal Charges — Several demonstrators remain in detention, according to people familiar with their situation.
- China’s Covid-19 Surge Puts Strain on Medical Workers — The death of a medical student after a hospital shift heightens fears around the system’s ability to cope.
- China Home Prices Fall at Slower Pace Amid Beijing’s Efforts to Shore Up the Market — Average new-home prices in 70 major Chinese cities fell 0.25% in November from the previous month.
- Chinese Diplomats Leave U.K. Ahead of Questioning Over Clash With Protesters — The officials were to be questioned by police about a scuffle with demonstrators outside China’s consulate in Manchester.
- Citigroup to Pull Out of Consumer Banking in China — Move is part of wider step back from business in Asia, elsewhere.
- Opinion: Does China Really Pick Winners? — A new paper says China’s state subsidies don’t lift productivity.
- Opinion: The People Stand Up Against the Chinese Communist Party — Those blank pages carry a message of discontent that goes far beyond oppressive zero-Covid policies. By Chen Guangcheng
The Financial Times
- Beijing urged to roll out Covid boosters to avoid 1mn deaths — Report released as economic data reveal impact of lockdowns on output and consumer demand.
- US Senate votes to ban TikTok on government devices — Lawmakers worry Chinese video app represents security threat.
- Who is going to pay for Japan’s military build-up? — PM Fumio Kishida seeks costly rise in defence budget but faces challenge in convincing society.
- Chinese insurers pull coronavirus coverage as cases mount — Ending of zero-Covid strategy spurs industry to withdraw low-cost policies exposed to expected wave of infections.
- Crypto hangover hits Hong Kong — Shockwaves from FTX collapse come just weeks after territory pitched itself as a hub for digital assets.
- Chinese diplomats withdrawn over Manchester consulate assault — Beijing removes six officials 24 hours before UK expected to expel group.
- Spies and Lies by Alex Joske — inside China’s intelligence operation — A new book distils huge amounts of open-source information on Beijing’s Ministry of State Security.
The New York Times
- Traumatized by Covid, but Ruled by a Party That Never Apologizes — Gripped with grief, anxiety and depression, many in China want a national reckoning over the hard-line “zero Covid” policy. Holding the government to account may be a quixotic quest.
- US Wants to Counter China’s Moves in Africa, But Officials Try Not to Mention That — President Biden and his aides do not want the nearly 50 African leaders attending the event to perceive that official U.S. interests on the continent are mainly driven by a desire to counter China.
- Biden Aims to Inject New Energy Into US Relations With African Nations — With the United States lagging behind China in influence on the continent, the president pledged investments in key areas for development.
- China Withdraws 6 Diplomats From U.K. After Consulate Scuffle — The British government had asked the Chinese officials to waive their diplomatic immunity and allow an investigation into how a pro-democracy protester was beaten.
- ‘Make People Better’ Review: Clear Science, Confusing Storytelling — This muddy documentary dives into a complex story of genomic discovery, biomedical ethics and covert dealings.
- Podcast: She Was Supposed to Be China’s Future. After “Zero Covid,” She Wants to Leave. — Julie Geng was proud of China’s Covid response until the police came calling.
Caixin
- In Depth: How China Helped Build Indonesia’s High-Speed Rail — The Jakarta-Bandung link, a $7.36 billion Belt and Road project, overcame property disputes, construction hurdles, cost overruns and the pandemic.
- JD.com’s Logistics Arm Struggles to Deliver Beijing Parcel Backlog Amid Covid Surge — Company joins others including STO Express and Alibaba-backed Cainiao to bulk up courier numbers in the capital.
- Abbott to Exit Mainland Chinese Baby Formula Market by 2023 — American health-care giant cites shrinking market share amid stiff competition but will expand other businesses including diagnostics, devices and pharmaceuticals.
South China Morning Post
- China’s top flash memory maker YMTC faces production disruptions from potential blacklisting — Wuhan-based YMTC is already on the US unverified list, but the Entity List could threaten production of older-generation chips below 128 layers, analysts say.
- Covid-weary Chinese millionaires eye Singapore amid ‘chaos and unpredictability’ at home — Covid-weary Chinese millionaires are looking to Singapore as a safe haven to park financial assets, while taking advantage of the city’s relative freedoms, a welcoming environment and pro-business climate.
- Google defends decision to refuse Hong Kong request to make Chinese national anthem top search result for certain keyword queries — Tech giant makes it clear it will not manually manipulate organic web listings to determine ranking of a specific page.
Nikkei Asia
- Analysis: China’s female protesters break nation free from zero-COVID — Xi snubbed women in leadership shuffle but pent-up frustration may boomerang.
- China launches push for foreign markets after easing COVID curbs — Local governments want exporters to grab more orders overseas.
- China targets ‘likes’ in deepening crackdown on online dissent — New social media rules rolled out following public anger over zero-COVID.
Bloomberg
- Ford, China’s CATL Mull Workaround for a Battery Plant in Michigan or Virginia — Ford Motor Co. and China’s Contemporary Amperex Technology Co. Ltd. are considering building a battery manufacturing plant in Michigan in a complex arrangement designed to reap new tax benefits without running afoul of US-China political sensitivities.
- Xi Stays Silent as Covid Zero Strategy He Championed Crumbles — Xi Jinping has staked his personal prestige on few policies like Covid Zero, hailing China’s decision to “put people first” as morally superior to the US and once describing the pathogen as the “devil virus.”
- China’s Covid Death Toll Could Near 1 Million, Study Shows — Almost 1 million people in China may die from Covid-19 as the government rapidly abandons pandemic curbs, according to a new study by researchers in Hong Kong.
Reuters
- Boston student arrested after threatening pro-China democracy activist — U.S. prosecutors said on Wednesday a Chinese citizen attending the Berklee College of Music in Boston stalked and harassed an activist who posted fliers supporting democracy in China and reported the person’s activities to Chinese law enforcement.
- Exclusive: U.S. to remove some Chinese entities from red flag list soon, U.S. official says — The Biden administration plans to remove some Chinese entities from a red flag trade list, a U.S. official told Reuters on Wednesday amid closer cooperation with Beijing.
- China venture capital deals seen recovering from 3-year lows — Venture capital investment in China will likely recover gradually in 2023 after a year of battering by the country’s severe pandemic controls, a share market slump and China-U.S. tension, dealmakers and investors said.
Other Publications
- The Economist: Our model shows that China’s covid death toll could be massive — It should act as a wake-up call for the government.
- The Economist: What China can still do to avoid an enormous covid death toll — It must treat hospitals as a precious resource and start stockpiling drugs.
- Politico: Opinion: The Fevered Anti-China Attitude in Washington Is Going to Backfire — America has embarked on a difficult challenge: reversing decades of technological integration with China without damaging the U.S. economy or antagonizing allies. Unfortunately, the U.S. is doing this all wrong. By Jon Bateman
- Foreign Affairs: Germany’s Unlearned Lessons — Berlin Must Reduce Its Dependence Not Just on Russia, But China As Well. By Liana Fix and Thorsten Benner
- Associated Press: Music student from China charged with stalking over flyer — A Berklee College of Music student who is a citizen of China was arrested Wednesday for allegedly threatening and harassing an individual who posted a flyer in support of democracy in China, according to federal investigators.
