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
- In China, Xi Jinping Faces a Difficult Year on Several Fronts — The pivot away from ‘zero Covid’ could have profound health, social, political and economic impacts.
- WHO Welcomes China’s Accounting of 60,000 Covid Deaths — Previously Beijing had logged daily deaths in single digits since the start of December.
- Yellen, Top Chinese Official to Meet, Try to Smooth Economic Ties — U.S.-China relationship remains important to global economy but faces tension on technology, trade and Taiwan.
- Didi Wins Approval to Restart New User Registration for Ride-Hailing Service — Move comes a year and a half after ride-hailing giant was targeted in a cybersecurity probe by Chinese authorities.
- Alibaba Seeks to Boost Sales Abroad With Buy Now, Pay Later — New offering would allow AliExpress shoppers in Europe to pay for goods only after delivery.
- Chinese and Local Workers Clash at Indonesia Nickel Smelter, Leaving Two Dead — Part of the facility in Central Sulawesi was burned down amid the violence.
- China Promotes National-Security Chief to Top Hong Kong Post — Zheng Yanxiong has been sanctioned by the U.S. for his role in a crackdown on dissent in the former British colony.
- China Says 60,000 Have Died of Covid Since Controls Were Lifted — Report marks first time Beijing has accounted for the toll of the current Omicron wave.
- EVs Made Up 10% of All New Cars Sold Last Year — China, Europe drive electric-vehicle expansion as U.S. gains traction.
- Canada Looks Poised to Pass Law on Forced Labor — Already passed by the Senate, the legislation would require companies to report on their efforts to stop goods made with forced labor from entering their supply chains.
The Financial Times
- The lure of Singapore: Chinese flock to ‘Asia’s Switzerland’ — Geopolitical tension has increased the city-state’s attraction as a financial outpost and safe haven. But can it maintain its neutrality?
- Didi resumes new customer sign-ups as China eases tech crackdown — Ride-hailing group was forced to delist within a year of New York debut.
- China’s GDP release: five things to watch — Tuesday’s data expected to show third consecutive period of disappointing growth.
- Taiwan presidential contender sparks US concerns over China tensions — Victory for vice-president Lai Ching-te in ruling party poll foreshadows turbulent year in cross-Strait ties.
- WHO calls on China to release more data on Covid outbreak — Beijing reports almost 60,000 deaths in month since abandoning pandemic restrictions.
- China reports almost 60,000 Covid-related deaths in a month — Beijing releases latest figures after facing earlier criticism for underplaying severity of outbreak.
- Alibaba enlists academics in lobbying effort to restore reputation — Push comes as group tries to recover from regulatory assault that wiped billions off its market value.
- Opinion: The Xi nobody saw coming — China’s hardline leader has reversed his decisions on a wide range of policies, wrongfooting the rest of the world.
- Opinion: Which will be the growth stocks in the loneliness economy? — As China’s population approaches shrinking point, investors contemplate the future of an ageing Asian market.
- Opinion: Hong Kong’s financial hub is at a crossroads — Can Asia’s key capital market maintain its international outlook?
The New York Times
- Covid Workers in China Clash With Police Over Unpaid Wages, Layoffs — Companies that reaped windfalls helping the government implement strict ‘zero Covid’ controls are now struggling to pay and keep workers.
- China Reports Nearly 60,000 Covid-Linked Deaths Since Lifting Restrictions — The unexpected disclosure was made as the country faces mounting criticism for providing unreliable data on its latest coronavirus outbreak.
- Biden and Kishida Vow to Bolster US-Japan Alliance as China’s Power Grows — The two leaders discussed tensions with China, North Korea and Russia and plans for deterrence in Asia with U.S. troops and missiles.
Caixin
- Cover Story: Where to Now for Alibaba in the Post-Jack Ma Era? — With Ma pulling further back from the reins of his e-commerce empire after ceding control of Ant Group, all eyes are watching to see if relations with the government can be patched up.
- Guangdong Racks Up $22 Billion Bill Funding ‘Zero Covid’ — Local governments’ coffers bore the brunt of the spending, which included mass testing and vaccination campaigns.
- Ex-New China Life Chairman Has Been Unreachable Since November, Sources Say — Insurance industry veteran Wan Feng could be under investigation for how the company invested its money during his time at the helm.
- China’s Central Bank Puts to Bed Rumor About List of Quality Developers — Lenders can decide which firms qualify for credit support under a new government plan, a PBOC official says.
South China Morning Post
- Chinese Foreign Minister Qin Gang calls on Israel to stop worsening Palestine issue with provocation — Comments in Cairo come as new Chinese foreign minister wraps up five-nation Africa tour with stop in Egypt and meeting with Arab League secretary general.
- China plans new law to restrict business activities of civil servants — It will be the first systemic legislation restricting current and former officials from dealings in the private sector.
- China’s emigration ‘run philosophy’ results in surge for Hong Kong visas amid city’s top talent hunt — Hong Kong’s Top Talent Pass Scheme and Quality Migrant Admission Scheme have become popular options for citizens in mainland China amid the city’s talent hunt and ‘run philosophy’ trend on Chinese social media.
- Tencent fired more than 100 people and blacklisted 23 firms last year in fighting bribery and embezzlement — China’s social media and video gaming giant has released the latest figures for its anti-corruption campaign, saying it reported more than 10 people to police.
Nikkei Asia
- Foreign investors rush back to Chinese stocks despite worries — After recent gains, market no longer seems ‘uninvestable’.
- Taiwan’s ruling party elects VP as new leader to spearhead revival — Lai to take the reins as questions swirl over his pro-independence stance.
- China trounces U.S. in AI research output and quality — Tencent, Alibaba and Huawei among the top 10 companies.
- Singapore’s new elite visa will help lure investment, official says — City-state is competing with places such as Hong Kong, Thailand for foreign talent.
Bloomberg
- Foreigners Return to China Bluechips as Stocks Near Bull Market — Global investors are snapping up Chinese blue chips from large consumer staples to financial firms again as the nation’s stocks rally on optimism about a reopening from Covid curbs.
- HSBC’s £1 Billion Buyout Fund With China Falters as Strains Grow — Right before the pandemic struck, a slated £1 billion ($1.2 billion) buyout fund backed by HSBC Holdings Plc and sovereign wealth fund China Investment Corporation was hailed as an example of growing business ties between Beijing and London.
- China Bad-Debt Firms Plan Property Support of Up to $24 Billion — Chinese financial regulators and the nation’s biggest bad-debt management companies plan to offer as much as 160 billion yuan ($24 billion) of refinancing support to high-quality developers in the first quarter, according to people familiar with the matter.
- Opinion: China Isn’t the AI Juggernaut the West Fears — The nation excels in computer vision and facial recognition, but practical applications are limited to surveillance. The U.S. has much broader expertise.
Reuters
- China lifts 18-month ban on new Didi users as tech crackdown wanes — China’s Didi Global has been given the green light from domestic regulators to resume new user registrations for its core ride-hailing services effective from Monday, signalling its 1-1/2-year long regulatory-driven revamp is ending.
- China’s Tencent said it fired more than 100 employees over corruption in 2022 — Tencent Holdings Ltd , Asia’s biggest internet company, on Monday said it fired more than 100 employees for violating law and company policies in 2022, citing reasons including suspected bribery and embezzlement.
- In China, no easy way to get Pfizer’s COVID drug Paxlovid — Chinese authorities have acknowledged that supplies of Paxlovid are still insufficient to meet demand.
Other Publications
- The Washington Post: Lunar relations: The U.S., China and a new brand of space race — NASA is hopeful that a new international coalition will help propel its return to the moon.
