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’s Chip Equipment Imports Plunge After U.S. Export Controls — The drop followed new restrictions imposed in October by Washington on the export of advanced semiconductors and chip-manufacturing equipment to China.
- The Reckoning Ahead for China’s Zero-Covid Policy – Harsh short-term Covid measures were the logical product of China’s political pressures. So is the viral tsunami soon to come.
- Sour U.S.-China Relations Feed the Fentanyl Crisis – Beijing has stopped cooperating in restricting the flow of Chinese-made chemicals that Mexican cartels use to make the deadly drug.
The Financial Times
- Hong Kong property: developers mourn demise of ‘coffin homes’ boom — Slump reflects the waning fortunes of HK as the gateway to a China wracked by coronavirus.
- Indian opposition presses Modi on China border clashes — Nationalist leader struggles to deter more powerful neighbour from challenging status quo in Himalayas.
- China tells factories to prioritise government Covid orders — Companies report local officials are monitoring production lines to speed up supplies.
- WHO urges China to step up vaccinations after rise in Covid cases — Beijing asked to make more data available on disease severity, hospital admissions and occupancy rates.
The New York Times
- Without a Covid Narrative, China’s Censors Are Not Sure What to Do — The end of “zero Covid” has undermined years of official propaganda, and the vast censorship system is struggling to catch up.
Caixin
- In Depth: Why China’s Social Relief Efforts Have Fallen Short – Even today, the social relief system still follows guidance from a regulation document issued in 2014 by the State Council, China’s Cabinet, which many scholars say has weak legal standing and overly broad provisions.
- China Pharmacies Told to Give Out Free Fever Meds as Outbreak Grows — Chain chemist Meizhihui has begun handing out 100,000 free ibuprofen pills in Shaanxi province, with a cap on the amount.
- Germans Will Soon Be Able to Access BioNTech Jab on Mainland, Ambassador Says — The shot will be available over the next few weeks as the two countries are still working out the ‘final details’ of the agreement, Berlin’s envoy to China says.
South China Morning Post
- China’s zero-Covid foot soldiers left anxious in role as social ‘buffers’, study finds — Frontline workers had to meet top-down targets despite lack of agency while tackling public discontent with zero-Covid, researchers find.
- How Beijing’s circular economy policy is driving recycling in carbon-intensive sectors — A major policy push by Beijing to increase waste recycling in several energy and carbon emissions-intensive industries has helped lift materials recycling among listed Chinese firms, according to a sustainability data provider.
- WTO rules for Hong Kong in its trade dispute with US — World Trade Organization panel finds that US broke trade rules in forcing Hong Kong goods to be relabelled ‘Made in China’.
Nikkei Asia
- As COVID soars, China has 2 chains of command – Premier Li Keqiang and new No. 2 Li Qiang both have hands on the steering wheel.
- Gwadar protest leader warns Chinese to leave key Belt and Road port – Pakistani government faces increasingly confrontational local rights movement.
- Chinese drone startup expands in emergency medical transport – Antwork’s systems can automatically deliver goods even in rough weather.
Bloomberg
- Xiaomi Replaces President, Chairman Pledges Investment in R&D — Xiaomi Corp. will replace its president before the end of this year, the latest management change from the Chinese smartphone giant whose billionaire co-founder is betting $10 billion in the electric vehicles market.
- Tencent Billionaire Goes on a Tirade as Cracks Appear in Empire — Many multinational CEOs like to close out the year with a message of congratulations. Tencent Holdings Ltd.’s billionaire co-founder Pony Ma delivered a no-holds-barred rant about slacking, oblivious and even corrupt employees.
- The Fate of Luxury Hermes, Louis Vuitton, Gucci Rests on China Once More — Big Bling’s fortunes are inextricably linked to China, especially as high-end spending in the US and Europe comes down from its heady 2022 heights.
Reuters
- Shanghai hospital warns of ‘tragic battle’ as COVID spreads – It expects half of the city’s 25 million people will get infected by the end of next week, while the virus sweeps through China largely unchecked.
- Tesla’s key managers in China – Here is a look at Zhu and other key China managers who have helped Tesla’s Shanghai factory roar back from lockdowns to bring the electric vehicle maker close to its global growth targets for the year.
- Japan looks into claim that China is running covert police stations – Chief Cabinet Secretary Hirokazu Matsuno said Japan had told Chinese authorities that any activity that violated Japan’s sovereignty would be “unacceptable.”
Other Publications
- Foreign Policy: Forced Uyghur Labor Probably Helped Build Your Car – A new report ties auto manufacturing to Xinjiang’s genocide. Will consumers—and Western countries—care?
- The Guardian: Surge in China’s military operations reflects ‘new normal’ under Xi Jinping – President has made escalations against foreign powers more common amid drive to beef up People’s Liberation Army.
- Peterson Institute for International Economics: China’s dismal closeout of 2022 suggests shaky start for 2023 – And the latest data from the Chinese statistical authority show still further slowdown of the Chinese economy in November, threatening to pull this year’s growth rate below 3 percent.
- BBC: Fleeing China’s Covid lockdowns for the US – through a Central American jungle – China may be easing some of its severe anti-Covid restrictions but its draconian pandemic policies have driven many citizens to seek a better future elsewhere – whatever the risks in getting there.