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
- Flying From China to U.S. Will Require Negative Covid Test — Federal health officials said the move reflects the coronavirus’s rapid spread in China.
- Apple Production in China Begins to Catch Up Despite Covid-19 Woes — Main facility recovers to about 70% of capacity and wait times for iPhone Pro models shorten.
- Chinese ‘Revenge Travel’ Will Lift Tourism in 2023 — Get ready for the return of the shoppers from the world’s second-largest economy.
- EU Foreign-Subsidy Limits Target China but Also Hit U.S. Companies — Under rules taking effect next year, the Inflation Reduction Act and other aid could trigger hefty reporting requirements.
- Stocks Fall as China’s Reopening Remains in Focus — While the year-end often sees a Santa Rally, investors are still digesting how the Chinese economy and rising global rates will affect shares.
- U.S. Champions of High-Speed Trains Find Adoring Fans—7,000 Miles Away — Ambassadors Rahm Emanuel in Japan and Nicholas Burns in China gain attention for their railway enthusiasm—far, far from Washington D.C.
The Financial Times
- EU debates China Covid measures as Italy demands bloc-wide response — France, Germany and others say no plans to impose restrictions on arrivals from China despite virus surge.
- Tencent shares extend three-month rally after China approves new games — Beijing has granted licences to 128 new games including from foreign developers.
- US to require negative Covid tests for air passengers from China — Italy also imposes restrictions after surge in cases following end of Beijing’s containment policy.
- China’s economy begins to reopen after 3 years of Covid isolation — Demand for international travel soars but some countries fear influx of tourists carrying the virus.
- Behind the women billionaires: China receding on gender equality — Economic growth, policy, prove double-edged sword for women as historic progress is undone.
- Luxury brands brace for a 2023 slowdown — But reopening in China could offset recessions in the US and Europe.
The New York Times
- China Covid: U.S. Testing Rule Meets a Collective Shrug — The U.S. travel rule drew a muted response in a country grappling with outbreaks and where mass, regular Covid testing was up until recently a daily reality for many millions of people.
- US to Require Negative Covid Tests for Travelers From China — Amid concerns about a coronavirus surge in Beijing, the Biden administration announced the change in policy for those entering the United States from China, including Hong Kong and Macau.
Caixin
- Cash-Strapped Chinese Developer Sells $1.8 Billion of Assets to State-Owned Rival — Cash-strapped private developer China Fortune Land Development Co. Ltd. announced it is selling 12.4 billion yuan ($1.8 billion) worth of assets to China Resources Land Ltd. to pay back its liabilities.
- China Appoints New Taiwan Affairs Office Head — Song Tao, former head of the International Department of the Communist Party’s Central Committee, has been appointed the new director of the Taiwan Affairs Office of the State Council, the office’s website showed Wednesday.
- CATL-Linked Battery Materials Company Stages Hot IPO — Chinese battery components manufacturer Shijia-zhuang Shangtai Technology Co. Ltd. held an initial public offering Wednesday on the Shenzhen Stock Exchange, beating expectations as its market capitalization exceeded 12 billion yuan ($1.72 billion) at one point.
South China Morning Post
- Qing dynasty expert Gao Xiang named head of China’s leading policy think tank — Leading historian promoted as president of the Chinese Academy of Social Sciences, which helps to shape party ideology.
- Alibaba CEO takes over cloud business from unit head after major service breakdown in Hong Kong — In a letter from Daniel Zhang Yong to the cloud business unit, the CEO and chairman said Alibaba Cloud could not afford to lose the trust of its clients.
- How do China’s millions of blue collar workers find their jobs? Short video services are now a key channel, report finds — Short video has quickly emerged as the second most popular choice for blue collar workers to find jobs in China, with a share of 17.7 per cent, according to survey.
Nikkei Asia
- Inside China’s online nationalist army — How social media users weaponized patriotism.
- Chinese leasing major BOC Aviation buys 40 Boeing 737 Max jets — Travel demand rises, but troubled plane still grounded in China for now.
- CATL-linked battery materials company Shangtai stages big IPO — Market cap tops $1.7bn at one point, exceeding expectations.
- TSMC reaffirms ‘commitment to Taiwan’ despite U.S. chip push — Chipmakers says its has spent $60bn at home to expand cutting-edge production.
Bloomberg
- Here Are the Places Imposing New Covid Rules for China Travelers — China may be reopening, allowing its 1.4 billion people to come and go largely without restrictions, but just as it is, a slew of other countries are tightening measures for travelers from the world’s second-biggest economy, concerned the tsunami of virus cases there may spawn new Covid variants.
- China Tightens Reins on EdTech in New Blow to Private Tutors — China will further tighten oversight over its battered online education sector, in a clear signal that Beijing’s not yet prepared to unshackle the private tutoring arena despite loosening curbs on tech giants.
- TSMC Starts Next-Gen Mass Production as World Fights Over Chips — Taiwan Semiconductor Manufacturing Co. kicked off mass production of next-generation chips Thursday, ensuring the island remains the linchpin of a critical technology fought over by governments from Washington to Beijing.
- Lithium Miner Sees 25% Price Drop in Boon for EV Industry — Lithium’s going to get less expensive in 2023, according to a Chinese supplier of the battery metal, potentially offering some relief to electric-vehicle makers squeezed by soaring costs.
Reuters
- China’s vast countryside in rush to bolster COVID defences — China’s thinly resourced countryside is racing to beef up medical facilities before millions of factory workers return home for the Lunar New Year holiday next month from cities where COVID-19 is surging.
- Australia says no change to rules regarding travellers from China — Australia is making no change to its rules around allowing travellers from China into the country, despite measures by some countries to require mandatory COVID-19 tests, Australian Prime Minister Anthony Albanese said on Thursday.
- UK not planning COVID testing for travellers from China — Britain has no plans to bring back COVID-19 testing for those coming into the country, a government spokesperson said on Thursday, in contrast to a growing list of countries mandating tests for travellers from China.
Other Publications
- The Atlantic: Just How Badly Does Apple Need China? — The tech supply chain is growing more complex. By Chris Miller
- The Guardian: Police in China can track protests by enabling ‘alarms’ on Hikvision software — Chinese surveillance manufacturer Hikvision has put in place tools to help police track protest activities.
