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
- Chinese Firm Signs $540 Million Oil-and-Gas Deal in Afghanistan — Beijing is expanding its presence in Central Asia after the U.S.’s exit from Afghanistan, with an eye on mineral riches.
- China to Allow Rapid Tests to Confirm Covid Cases — Patients will no longer need negative tests to be discharged from hospitals.
- China-Developed mRNA Covid Vaccine Starts Test Production — CanSino says the gene-based shot targets the Omicron variant that is behind the country’s current outbreak.
- China Strikes Back at WHO Claim It Is Undercounting Covid-19 Deaths — Beijing says it has shared data in a transparent manner and that the country’s outbreak is under control.
- Tesla Slashes Prices in China After Deliveries Slump — Model 3 is now more than 30% cheaper than in the U.S.
The Financial Times
- Chinese researchers claim to find way to break encryption using quantum computers — Experts assess whether method outlined in scientific paper could be a sooner-than-expected turning point in the technology.
- China’s new renminbi tactics leave traders guessing — People’s Bank of China uses ‘invisible reserves’ to manage currency fluctuations.
- Tech investors wary of China’s charm offensive to attract funding — Beijing about-face met with caution after brutal regulatory campaign to tame large internet groups.
- China’s housing market teeters between boom and bust — Citizens are still willing to pour their life savings into property, as long as prices keep rising.
- Taiwan plans domestic satellite champion to resist any China attack — Country wants to emulate Elon Musk’s Starlink in wake of Ukraine war with low-Earth orbit start-up.
The New York Times
- China’s Covid Surge Threatens Villages as Lunar New Year Approaches — Millions are expected to travel home this month, spreading Covid to rural communities where health care services are woefully underdeveloped.
- Tesla Sales in China Slump as Competition Intensifies — Worry about the carmaker’s sales in the world’s largest car market is one reason the shares have plunged.
Caixin
- Analysis: China’s Limits on Dispensing Pfizer’s Paxlovid Could Delay Treatment — As China’s local health centers stock up on more of the highly sought-after Covid pill, Pfizer Inc.’s antiviral Paxlovid, the still limited supply has prompted some clinics to impose strict restrictions on buyers, raising concerns that those in urgent need could face delays.
- China’s CIC Crowned World’s Largest Sovereign Fund — China Investment Corp. (CIC) has dethroned Norway’s government pension fund to become the world’s largest sovereign wealth fund by assets, according to a new report.
- New Device’s OS Shows How China’s Tech Firms Guard Against Foreign Sanctions — Chinese startup Fyde Innovations released its first device running an operating system that isn’t built on foreign proprietary technology — meaning the company or its products will not be vulnerable to sanctions by the U.S. and others.
South China Morning Post
- Chinese firm BOE poised to help Apple reduce its reliance on rival Samsung’s screens, starting with next iPhone — Apple has tapped Beijing-based BOE to manufacture most displays for the iPhone 15 and 15 Plus, according to Apple supply chain analyst Kuo Ming-chi.
- Taiwan’s immigration agency backtracks and removes list of rules banning Hong Kong residents from protesting — Taiwan immigration agency says notice published on Tuesday banning Hong Kong residents from making political speeches and doing media interviews was ‘wrongly uploaded’ to its website.
- Huawei’s stealth chip production plan becomes a guessing game for industry insiders as US sanctions keep it hemmed in — Speculation continues to flare on Huawei’s chip-making capabilities ever since it filed a patent for advanced lithography in China late last year.
Nikkei Asia
- China adopts mild tone to smooth way for Xi visit to U.S. — Beijing dials down rhetoric to ensure warm welcome at APEC meeting in November.
- Panasonic to invest over $375m in China with eye on post-COVID growth — Company plans first new Chinese appliance factory in 19 years to keep up with consumers.
- Ant Group readies $1.5bn capital boost for consumer lending unit — Regulators approve funding proposal, paving way for parent to resuscitate IPO plan.
Bloomberg
- Silicon Crash Shows China’s Relentless Domination of Solar — The price of polysilicon, the main ingredient in solar panels, has halved, offering relief to the renewable energy industry — but US-China tensions could still get in the way.
- Buffett-Backed BYD’s Shares Trounce Tesla as China Economy Reopens — While shares of Tesla Inc. are melting down lately on demand concerns, Chinese rival BYD Co. is on a tear as investors applaud its record sales year and widening footprint in the world’s biggest electric vehicle market.
- China May Ease ‘Three Red Lines’ Property Rules in Big Shift — China is planning to relax restrictions on developer borrowing, dialing back the stringent “three red lines” policy that exacerbated one of the biggest real estate meltdowns in the country’s history.
- What to Watch as China Gives Commodities a Wild Start to Year — Commodities are having a volatile start to the year as China’s virus tsunami and policy shifts leave investors scrambling to calibrate expectations for 2023.
Reuters
- With few entry tests, Southeast Asia may gain most from China’s travel revival — Southeast Asia’s tourist economies are set to be leading beneficiaries of China’s scrapping of travel bans as they have steered clear of the COVID-19 tests before entry that Europe, Japan and the United States have imposed on Chinese visitors.
- Exclusive: China Energy places order to import Australian coal — China Energy Investment Corp has placed an order to import Australian coal, three sources familiar with the matter said on Friday, in one of the first deals since Beijing eased an unofficial ban imposed on coal imports from Australia in 2020.
Other Publications
- 1843 Magazine: These Chinese medics caught covid. They still had to show up for work — China’s doctors are battling panic, overcrowding and their own fevers.
- The Economist: Pakistan and China find they have little leverage with the Taliban — Hopes of greater influence after the departure of the Americans have remained unfulfilled.
- The Guardian: Wave of celebrity deaths sparks doubt over actual toll — Users of Chinese social media have questioned the country’s official statistics after a surge in the number of public figures dying.
- Rest of World: An online black market for Covid-19 drugs is exploding in China — Purchasing agents are sourcing medicines from India and border regions to sell on social media platforms.
- ProPublica: Talking to an Investigative Reporter Who Exposed Chinese Influence in Canada — In an interview with ProPublica, Sam Cooper describes how he unearthed scandals that have shaken the Canadian political system.