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
- Foreign Investors Are Leery of China Bets, Despite Rebound Expectations — An exodus of foreign capital in 2022 marked a decisive break from past years’ inflows.
- China’s Opaque Decision-Making Confounds Business, Governments — Sudden zero-Covid reversal shows risks of trying to predict where Beijing is headed as Xi Zinping upends developed model.
- Jack Ma Cedes Control of Fintech Giant Ant Group — Chinese billionaire entrepreneur is taking a step further away from the business empire he created decades ago.
- House Republicans Turn Focus to Spending, China After Dramatic Speaker Vote — Intraparty divides could lead to bruising negotiations over government-funding measures.
- Developing Nations Aren’t Ready for EVs—Unless They Are Made in China — Auto manufacturers such as Great Wall Motor are making inroads in Southeast Asia, and a fight for Europe market share looms.
- China, a Pioneer in Regulating Algorithms, Turns Its Focus to Deepfakes — Beijing is among the first governments to regulate hyper-realistic, AI-generated media.
- China Reopens to the World as International Travel Restrictions End — Thousands of people flew into mainland China as Beijing scrapped mandatory hotel quarantines for arrivals.
- Worst May Be Over for Macau Casinos, but Challenges Remain — Bettors are set to arrive after China reopens its borders but the sector must now help wean the city off its gambling addiction.
- TikTok CEO Plans to Meet European Union Regulators — Shou Zi Chew heads to Brussels amid heightened scrutiny in Washington.
- ‘The Hong Kong Diaries’ Review: The Last Governor — The final British governor of Hong Kong saw portents of troubled times ahead but was told to keep his concerns to himself.
The Financial Times
- Beijing blocks listings of ‘red light’ companies to steer funding to strategic sectors — Securities regulator identifies some industries as off-limits to equity financing on Shanghai and Shenzhen exchanges.
- SK Bioscience says ‘national pride’ prevents China from accepting foreign Covid jabs — South Korean vaccine maker looks elsewhere to expand overseas business.
- US military deepens ties with Japan and Philippines to prepare for China threat — Top Marine Corps general James Bierman outlines sweeping reform to adapt force for possible conflict over Taiwan.
- Tesla owners in China protest against price cuts — Effort to revive sales leads to pickets by previous customers upset that their vehicles have lost value.
- Thousands cross Hong Kong-China border as Covid restrictions end — Families reunite after nearly three years and a boost is expected for the territory’s economy.
- Ireland’s immigrant investor programme draws in wealthy Chinese — Rich individuals worried about Beijing’s economic prospects flock to Dublin’s investment-for-residency scheme.
- Casino mecca Macau gambles on becoming a global tourist attraction — Big Six operators will invest $15bn over 10 years, with more than 90% spent on non-gaming developments.
- Jack Ma cedes control of Ant Group — Chinese billionaire’s reduced voting rights mean IPO plans can be rebooted.
- World awaits return of Chinese tourists as Covid curbs expire — Hospitality industries brace for influx of millions to gather pace as Beijing opens borders after three years.
- China’s collective memories of the pandemic deserve to be preserved — Beijing is wary of public displays of negative emotion, but they are necessary for a society to process trauma.
- Hong Kong activists in the UK fear the long reach of police repression — Territory’s national security law used to justify surveillance abroad with consequences for family back home.
- China’s new renminbi tactics leave traders guessing — People’s Bank of China uses ‘invisible reserves’ to manage currency fluctuation.
The New York Times
- As China Reopens Its Borders, Mixed Feelings at Home and Abroad — Friends and families are planning reunions; tourists are booking flights. But amid the anticipation, there’s a whiff of anxiety.
- As Asian Societies Age, ‘Retirement’ Just Means More Work — Across East Asia, populations are graying faster than anywhere else in the world, and while younger generations shrink, older workers are often toiling well into their 70s and beyond.
- Jack Ma, Ant Group Founder, Will Relinquish Control — Ant Group, the fintech sister company of the e-commerce behemoth Alibaba, is one of China’s most influential companies.
Caixin
- China’s Ex-Justice Minister Conned by ‘Political Swindlers,’ Documentary Says — Fu Zhenghua, a former justice minister convicted of corruption, had been exploited by ‘political swindlers’ for up to 20 years during his 47-year police career, according to an anti-corruption TV documentary produced by China’s top graft buster and state broadcaster CCTV.
- Pfizer’s Paxlovid to Be Dropped From National Subsidy Scheme as Talks Collapse — Pfizer Inc.’s breakthrough Covid drug will be excluded from China’s medical subsidy program this year, health officials said, after pricing talks broke down over the weekend.
- China Wraps Up Two-Year Tech Crackdown, Top Official Says — The special campaign to rectify 14 internet platform companies’ financial businesses is basically complete with few remaining issues to resolve, said Guo Shuqing, Communist Party secretary of the People’s Bank of China (PBOC).
South China Morning Post
- Chinese watchdog opens up on bribery case that shook Tomorrow and put tycoon Xiao Jianhua in jail — Top anti-corruption body Central Commission for Discipline Inspection names former Shandong official as recipient of millions in ‘loans’ from Tomorrow Group.
- Alibaba founder Jack Ma leaves Japan for Thailand as billionaire extends his study of farming technologies, people say — Pictures of billionaire Alibaba founder Jack Ma in Bangkok have surfaced on social media, following a trip to Japan late last year to study fish farms and related technology.
- Expelled Communist Party official named and shamed in televised confession for supporting cryptocurrency mining — Xiao Yi, the most senior Chinese official to be punished for defying Beijing’s ban on cryptocurrency mining, apologised for ‘acting recklessly’ in a state television programme aired on Sunday.
- Canada targets Hong Kong’s young and well-educated, grants 1,700 permanent residence and 33,000 work, study permits under new migration schemes — ‘Extensive efforts’ to lure young Hongkongers pay off as Canada issues over 17,000 open work permits.
Nikkei Asia
- U.S. lawmakers outline next frontiers of China tech competition — Senators at CES electronics show stress need to invest in cybersecurity and more.
- Turkey says relations with China have soured over Uyghur issue — Ahead of elections, Ankara insists it won’t extradite anyone.
Bloomberg
- Controversial China Diplomat Zhao Shifted From High-Profile Role — China has transferred a senior diplomat closely associated with the Foreign Ministry’s more confrontational shift in recent years to a new role, in the latest sign that Beijing is rethinking its so-called “Wolf Warrior” approach.
- China Citic Bank Offers Covid Shots in HK to Woo Mainland Cash — A Hong Kong unit of state-backed China Citic Bank Corp. is offering free Covid-19 mRNA vaccinations to sign up wealthy new customers as the border between the financial hub and mainland China reopened after three years of travel and quarantine restrictions.
- Hong Kong Scraps Contact Tracing App That Raised Privacy Concern — Hong Kong is discarding its Covid contact tracing app, one of the most visible components of its pandemic infrastructure.
- China Finds a Place in US ‘Battery Belt’ With Ford, CATL Deal — The partnering of American and Chinese industrial giants could speed the adoption of electric vehicles in the US. But the road ahead remains bumpy.
Reuters
- Jack Ma’s Ant is China tech’s tiniest bellwether — After his fintech champion Ant said its founder will cede control, shares in affiliate Alibaba, rose 7% in Hong Kong on Monday morning.
- Protesters clash with police at antigen kit maker factory in China — Online users said the protest was over wages and the layoff of several workers by the manufacturer, Zybio, in the central municipality of Chongqing.
- China’s Tianqi-led venture bids for Australian lithium firm Essential — A venture headed by China’s Tianqi Lithium made a $94.07 million bid to buy Australian lithium developer Essential Metals, in a big test of Australian regulators’ appetite for Chinese-led foreign investment.
Other Publications
- The Atlantic: Why Beijing Wants Jimmy Lai Locked Up — Tightening its grip on Hong Kong, China is determined to make an example of the prodemocracy media tycoon.
- The Washington Post: Tests on travelers from China offer rare snapshot of covid chaos — In late December, two flights from China to Italy brought in almost 100 coronavirus-infected passengers; about half of one flight and one-third of another tested positive.
- Foreign Policy: China’s COVID-19 Failure Isn’t a Win for Democracy — The pandemic years strained every system of government. By Bob Davis
- MIT Tech Review: A chip design that changes everything — Computer chip designs are expensive and hard to license. That’s all about to change thanks to the popular open standard known as RISC-V.
- Grid News: What three years of China’s covid travel restrictions cost the world — Students, scientists and businesspeople are among those who have paid a price for China’s closed borders.
