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
- China’s Tightening Grip on Foreign Firms Risks Hitting Investment — Some gauges suggest overseas inflows to the Chinese economy have stagnated.
- China-U.S. Fight for Influence Runs Through Police in Pacific — Police take on outsize importance in region where few countries have militaries.
- U.S. Allows Chinese Airlines to Increase Flights to 12 a Week — Passenger flights remain significantly restricted, as bilateral exchanges of people and information dwindle.
- TikTok Is Launching Ad Product for Publishers and Giving Them 50% Cut — New product will let publishers sell ads alongside their posts and take home half the revenue.
- Senate Votes to Disapprove of Biden Solar Tariff Exemption — Some Democrats join Republicans, setting stage for presidential veto.
- Canada Passes Law Aimed at Exposing Forced Labor in Supply Chains — The law will require more reporting from companies, but critics say it falls short.
The Financial Times
- Pinduoduo owner moves headquarters to Ireland amid US-China tensions — Shift could shield popular ecommerce app Temu from Washington’s actions against Chinese companies, say analysts.
- Chinese airlines will be allowed to expand their flights to the US — US transportation department’s decision will allow carriers from Asian country to boost weekly round-trip flights from eight to 12.
- Multinationals add China-Taiwan risk clauses to contracts as tensions rise — Experts say companies increasingly concerned about legal and commercial fallout from potential conflict over island.
- Mercedes-Benz puts forward China pragmatist to chair supervisory board — Carmaker set to appoint BASF chief Martin Brudermüller who last year warned against ‘China bashing’.
- Chinese tourist spending rebounds to pre-pandemic levels in boost to economy — Domestic consumption surges over labour day holiday but outbound travel has been slower to recover.
- Chinese group Putailai to build Europe’s largest anode factory in Sweden — The $1.3bn plant is the latest Asian-owned facility that has set up shop in the Nordic country.
- Top WHO Covid investigator fired for sexual misconduct — Peter Ben Embarek, scientist who led probe into origins of virus, faced disciplinary action over two complaints.
- Estée Lauder shares plunge after China slowdown hits sales — Beauty company warns on outlook for third straight quarter as Asia rebound disappoints.
- Opinion: For Hongkongers in Britain, democracy is something to be worked at — Those who fled the territory in the midst of a security crackdown keep hopes alive through political participation. By Georgina Quach
The New York Times
- Even as China Reopens, Security Visits Spook Foreign Businesses — Fears are growing that the Communist Party’s increasing focus on control over information about markets and companies is behind the questioning of firms.
- Why China’s Censors Are Deleting Videos About Poverty — Xi Jinping says he has defeated poverty, but discussion of economic struggle is taboo, scrubbed from the internet and banished from the news.
- Born in Asia but Based in Britain, HSBC Fights to Stay in One Piece — The global bank’s biggest shareholder, the giant Chinese insurer Ping An, wants HSBC to spin off its profitable Asian operation.
- Congress Clashes With Biden Over Tariffs on Illegal Chinese Solar Panels — In a rebuke to the Biden administration, the Senate approved a measure to reinstate tariffs on solar panels found to violate U.S. trade rules.
- Opinion: Even China Isn’t Convinced It Can Replace the U.S. — Assessments of China based on cherry-picked phrases from party propaganda overlook the frequent gap between rhetoric and reality. By Jessica Chen Weiss
Caixin
- In Depth: Chinese Firms Flock to Saudi Arabia in Middle East Gold Rush — Saudi Arabia is quickly rising on a list of hot investment destinations for Chinese companies, as the country goes through what many local Chinese residents have dubbed its “reform and opening up.”
- U.S. Permits More Flights by Chinese Carriers — Chinese airlines will be able to operate 12 weekly round-trips to the U.S., up from eight, the U.S. Department of Transportation (USDOT) said in an order issued Wednesday.
South China Morning Post
- China chip tool makers see windfall from semiconductor investment boom amid US trade restrictions — US sanctions against China’s semiconductor industry have allowed domestic suppliers to become more closely aligned with local foundries’ requirements.
- Foreign brands, consumers in China face rising tide of nationalism, but it’s not just about pride — Mini came under fire after Chinese visitors were refused free ice cream at Shanghai Auto Show.
- ‘Stop spreading lies’ about intimidation of MP, China tells Canada — Canadian outcry has included calls for a Chinese diplomat named in newspaper report to be expelled from the country.
Nikkei Asia
- Blinken hints at China trip this year to restart regular dialogue — Top U.S. diplomat underlines need to avoid competition veering ‘into conflict’.
- U.S. and Philippines to share real-time military intel on China — Defense guidelines unveiled amid growing concerns over Taiwan crisis.
- China takes commanding lead in EV charging patents — BYD and others compete to speed process in world’s largest market.
Bloomberg
- Taiwan’s Spy Chief Says ‘Five Eyes’ Helping to Grasp Xi’s Motives — Risk of Xi making a wrong decision rising: Taiwan spy chief
- China Asks SOEs to Enhance Security Checks When Picking Auditors — China ordered state-owned enterprises and domestically-listed companies to ramp up security checks when hiring accounting firms.
- Germany Urges China to Take Greater Responsibility on Climate — Special envoy says Beijing should help finance climate efforts.
Reuters
- Exclusive: US climate envoy Kerry says China has invited him for talks — The United States and China must work together to address climate change, Kerry said in an interview with Reuters on the sidelines of a conference on global warming in Berlin.
- Canada’s spy agency withheld information about China’s threats to lawmaker, Trudeau says — The Canadian Security Intelligence Service had determined that information about the threats against Michael Chong, a member of parliament with Canada’s main opposition Conservative party, were not concerning enough to inform him.
- Italy unlikely to renew China deal, but needs time, official says — Italy is highly unlikely to renew its Belt and Road Initiative (BRI) deal with China, which expires early next year, but needs time to discuss the issue with Beijing, a senior government official said.
The Economist
- China’s data-security laws rattle Western business executives — Authorities go after foreign companies for hazily defined data transgressions.
- A battle against spies in China is spooking locals and foreigners — A revised law gives the police plenty of excuses to target people they dislike.
- China needs foreign workers. So why won’t it embrace immigration? — Opposition to multiculturalism is fuelled, in part, by claims of racial purity.
- China’s local-debt crisis is about to get nasty — Worries from a far-flung province.
- China’s new “Top Gun” normalises war with America — A PLA-backed box-office hit takes China to the danger zone.
- Lego, the world’s top toymaker, focuses on China — Its local rivals are building new weapons, though.
Other Publications
- Associated Press: New legislation to counter China pushed by Senate Democrats — The new legislation will focus on such areas as limiting U.S. technology and capital from going to Chinese companies. It could also include curbs aimed at preventing China from buying U.S. farmland and provisions that would give the Biden administration more authority to review and potentially restrict foreign-made computer apps.
- CSIS: China’s New Strategy for Waging the Microchip Tech War — This report provides clues to understanding China’s updated semiconductor strategy in this new era of global technology competition. By Gregory C. Allen
- WIRED: Chinese VCs Lived the Silicon Valley High Life. Now the Party’s Over — Before the US cracked down on China’s tech sector, the country’s investors chased deals in California with Maseratis and Michelin-starred food.
- PIIE: New rules curbing US investment in China will be tricky to implement — To avoid major unintended consequences, any such regime will need to be carefully crafted and focused on a few critical technologies.
- The Globe and Mail: Barrick CEO Bristow rails against Ottawa’s interference in Canadian mining industry — “It’s impossible to exclude the Chinese out of the minerals and metals industry, or anything at the moment. This world is so integrated, and politicians are trying to divide it,” Mr. Bristow said.
