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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China’s Covid-19 Infections Hit Peak in Populous Regions, Officials Say — Henan province reports that a majority of its 100 million people have had the virus.
- China Bars South Korean Visitors in Response to Covid-19 Rules — Visa suspension is first retaliation measure against countries that have placed travel restrictions on visitors from China.
- Ant Group Won’t Be Squashed After All — Fintech firm may never regain lofty valuation of late 2020, but that doesn’t mean it and sibling Alibaba can’t resume growing.
- China’s EV Sales Broke Record in 2022 as Overall Auto Market Stalled — Subsidies, high oil prices lead buyers to switch from gas-guzzling models.
- China’s Belt and Road Plan Is Down, Not Out — The country could be reshaping its overseas infrastructure push after pulling back during the pandemic.
- Beijing Signals Two-Year Internet Crackdown May Be Coming to an End — Top Chinese regulator says authorities concluded investigations into the financial platforms of Chinese internet companies.
- Space Launches Should Withstand Chinese Challenge, Pentagon Mandate Says — SpaceX, United Launch Alliance and others prepare for next multibillion-dollar contract round—and its new requirements.
The Financial Times
- Chinese bank tries to entice wealthy customers with mRNA vaccines — Hong Kong-based lender seeks to cater to mainlanders’ demand for western jabs.
- China suspends travel visas from Japan and S Korea over Covid curbs — Beijing accuses countries of ‘political manipulation’ for introducing testing requirements during exit wave.
- China’s plan to reset the economy and win back friends — Amid a chaotic exit from Covid lockdowns, China is looking to reduce its international isolation and boost its growth rate.
- Pfizer gears up to make Covid drug Paxlovid in China — Demand for antiviral treatment has rocketed after jump in infections following Beijing policy U-turn.
- China’s Covid patients face medical debt crisis as insurers refuse coverage — Narrow definition of cases leaves claimants on the hook after state-backed policies drop free care.
- Prominent Chinese ‘wolf warrior’ diplomat moved to obscure role — Foreign ministry’s rising star Zhao Lijian now listed as deputy director for boundary affairs.
The New York Times
- This Is What Shanghai’s Covid Outbreak Looks Like — The Chinese city is being gripped by a massive Covid wave, leading to a surge in hospitalizations and crowded funeral homes.
Caixin
- In Depth: Behind the Massive Sell-Off in Chinese Wealth Management Products — Following China’s easing of Covid controls, a slump in the bond market has led to plunging values of WMPs, stoking panic among retail investors.
- Local Governments Set to Borrow $146 Billion in First Quarter — As Beijing urges more spending to bolster the economy, 18 provinces and municipalities prepare regular and special purpose bond sales.
- Pfizer CEO Dismisses Reports of a Paxlovid Generic for China — The U.S. pharmaceutical giant is working on starting domestic production of the branded version of the Covid drug in the first half of this year.
South China Morning Post
- Xi Jinping calls for crackdown on ‘political crooks’ at meeting of top graft-busters — Harsh measures urged for those who claim to be well-connected and able to advance the careers of others for business favours and money.
- Pfizer says locally produced Covid pills may be available in China within the next few months — The drug maker has not yet reached a deal to provide Paxlovid through the country’s public health scheme due to a disagreement over pricing.
- Baidu said to be slashing jobs, trimming bonuses at intelligent driving unit — The alleged job cuts come days after company co-founder and CEO Robin Li Yanhong warned that the tech giant needs to sharpen its focus on profits.
- Dell’s plan to reduce China exposure points to accelerated decoupling and supply chain diversification, analysts say — Analysts say more Big Tech brands are evaluating their exposure to China production amid increasing geopolitical headwinds.
Nikkei Asia
- China’s new foreign minister Qin Gang embarks on Africa tour — Aid for Ethiopia expected as Beijing makes annual early-year visit to continent.
- China suspends visa issuance for South Koreans and Japanese — Beijing retaliates against Seoul and Tokyo’s entry curbs for Chinese travelers.
- Opinion: China cannot hide the COVID death toll from its people — Smartphones, internet and urban living rule out repeat of Mao’s famine cover-up. By Minxin Pei
Bloomberg
- Long-Haul Flight Passengers Should Wear Face Masks, WHO Says — Passengers on long-haul flights should be advised to wear masks and it’s not unreasonable for Europe to adopt travel restrictions as Covid-19 cases surge in China and the US, World Health Organization officials said.
- India’s EV Battery Challenge to China Hampered by Lithium, Copper Shortage — Shortages of raw materials from lithium to copper are hampering a multi-billion dollar bid to circumvent China’s hold on the supply chain.
- China to Tighten Scrutiny of Firms’ Foreign Debt Next Month — China’s new regulation to increase scrutiny of companies’ foreign debt will become effective Feb. 10 in the market’s biggest overhaul since 2015.
- Xi Warns China Officials to Avoid ‘Collusion’ With Big Business — Chinese leader Xi Jinping warned officials against colluding with the business world, underscoring that his government’s crackdown on the private sector will remain a concern for investors despite efforts to boost the economy.
Reuters
- Philippines top court voids old South China Sea energy deal — The Supreme Court in the Philippines on Tuesday declared the country’s 2005 energy exploration agreement with Chinese and Vietnamese firms was illegal, ruling the constitution does not allow foreign entities to exploit natural resources.
- Dalio’s Bridgewater cements rank in 2022 as top foreign hedge fund in China — Bridgewater has doubled its fund assets in China to more than 20 billion yuan ($2.93 billion) over the past year, according to two sources and government data, a feat that cements its position as the biggest foreign hedge fund in the country.
- Opinion: China’s wolf warriors start 2023 in retreat — Professional diplomats will cheer Zhao’s removal from the podium. The outspoken official spent the last three years spouting anti-Western rhetoric during media briefings and pandering to Covid-19 conspiracy theories.
Other Publications
- Foreign Policy: Taiwan’s Government Has a Messaging Crisis on China — Electoral shock showed that voters have other worries than Beijing’s threat.
- Quartz: China goes a step further in regulating deepfakes — The Cyberspace Administration of China wants deep synthesis providers to seek user permission before making their deepfake.
- Brookings: Can democracies cooperate with China on AI research? — Is cooperation helping China overtake democratic nations in AI? To what extent are technologists and companies in democratic nations contributing to China’s deployment of repressive AI tools?
