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
- Canada Shifts on China to Build Credibility With Allies — Trudeau administration switches from strengthening ties with the Asian country to criticizing its behavior.
- China Asserts Military Power Against U.S. With Naval Drills, Air Intercept — U.S. says Chinese jet fighter flew within 20 feet of American spy plane last week, forcing evasive maneuvers.
- Beijing Calls for ‘Science-Based’ Response to Covid Outbreak — U.S. is among the countries calling for China to share more information.
- In China, Protesting Travelers Avoid Last Days of Quarantine — International arrivals have confronted authorities about a policy due to end Jan. 8.
The Financial Times
- Huawei declares it is ‘business as usual’ despite US curbs — Chinese technology group says Washington’s restrictions are the ‘new normal’.
- China steps up Covid variant monitoring as countries impose entry curbs — Genomic data-sharing on winter wave increases while fears mount over Beijing’s transparency.
- US accuses Chinese fighter jet of ‘unsafe manoeuvre’ that risked collision — Aircraft came within 6 metres over South China Sea on same day PLA simulated attack on American naval group.
- Covid and crackdowns muffle China’s live music scene — Industry takes stock of damage wrought by years of lockdowns and curbs on gatherings.
- UK weighs Covid restrictions for travellers from China — Move comes as US, Japan and India introduce tests and EU debates issue with Italy.
- EU rejects Italian demand to impose Covid curbs on arrivals from China — France, Germany and other states say situation does not warrant change in coronavirus policies.
The New York Times
- Xi and Putin Meet Again, Two Strongmen in a Weak Moment — Russia is isolated by its invasion of Ukraine and needs China more than ever. But China, facing a Covid crisis, is in no position to risk sanctions.
- How Bad Is China’s Covid Outbreak? It’s a Scientific Guessing Game. — In the absence of credible information from the Chinese government, researchers around the world are looking for any clues to determine the size and severity of the surge.
- U.S. Says Chinese Fighter Jet Flew Dangerously Close to American Plane — The Chinese jet flew within 20 feet of the nose of an American military aircraft over the South China Sea this month, nearly causing a collision, the U.S. military said.
Caixin
- China-Developed Covid Pill Matches Paxlovid, Study Shows — Junshi Biosciences and Vigonvita Life Science’s VV116 had similar results to Pfizer’s drug in a trial during the Shanghai outbreak.
South China Morning Post
- Up to Hong Kong leader or oversight panel to decide if tycoon Jimmy Lai can hire foreign lawyer, China’s top legislative body finds — Hong Kong’s top court had earlier dismissed administration’s bid to prevent media tycoon Jimmy Lai from hiring British barrister for collusion trial.
- China to revamp chip strategy under US pressure, but US$143 billion support package is not on the cards — An official at the China Semiconductor Industry Association says Beijing is likely to shift its focus away from overcoming weaknesses in the domestic chip sector.
- China’s local authorities misused US$5 billion from special purpose bonds, auditors tell legislature — National Audit Office found that 10 Chinese cities or counties had misused 13.7 billion yuan (US$2 billion) of special purpose bond proceeds for corporate operations and payroll.
- Hong Kong ends 2022 with five listings, closing a tough year with a bang as IPOs trickle back — The HK$394 million raised by three of the five companies are a much-needed boost for Hong Kong as it clings to third place behind Shanghai and Shenzhen among the world’s top IPO destinations in 2022.
Nikkei Asia
- China dims hopes of lighter touch on education companies — Beijing reiterates ban on for-profit tutoring but softens tone toward tech players.
- China EV makers worried by end of subsidies and chip crunch — Bumper sales year gives way to uncertain outlook for world’s biggest market.
- Chinese companies find Swiss listing haven amid U.S. pressure — $3bn raised on Zurich’s SIX exchange in 2022 with more in pipeline.
Bloomberg
- Xi Appoints US Envoy as Foreign Minister in Sign of Softer Touch — China appointed its ambassador to the US, Qin Gang, as the new foreign minister, as the nation shows signs of moving back to a lower-key diplomatic strategy after a growing backlash against its confrontational style.
- China Has No New Covid Variants as Sequencing Efforts Strengthen — No novel Covid-19 variants have emerged in China, according to a global consortium that’s tracking coronavirus mutations, potentially easing concerns that the country’s record wave of infections would give rise to new strains that could circulate around the world.
- Tencent-Backed Online Broker Abruptly Delays Hong Kong Listing — Futu Holdings Ltd., a Chinese online broker backed by Tencent Holdings Ltd., has abruptly postponed its Hong Kong listing less than a day before its scheduled debut on Friday.
Reuters
- China appoints Xi’s trusted aide Qin Gang as new foreign minister — A rising star in the foreign ministry, Qin rose through various positions including as the ministry’s spokesman and postings at the Chinese embassy in Britain.
- China grants conditional approval for Merck’s COVID treatment — China has granted conditional approval for the import of Merck’s COVID-19 treatment Molnupiravir, China’s medical products regulator said on Friday.
Other Publications
- The Intercept: Hacked Russian Files Reveal Propaganda Agreement With China — In 2021, government officials and media executives from Russia and China discussed the exchange of news and social content.
- Foreign Affairs: The Illusion of Controls — Unilateral Attempts to Contain China’s Technology Ambitions Will Fail. By Sarah Bauerle Danzman and Emily Kilcrease
- The Atlantic: Death on the Longest Night — My mother died as the coronavirus started to run rampant in China. By Jiwei Xiao
