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
- Where Have the Traders Gone? A $4 Trillion Market Is Stuck in a Rut — Hong Kong’s stock market has stalled, trading volumes are slumping and foreign investors are backing away.
- After Crackdown, China Sees New Wave of ‘Everyday Feminism’ — With Beijing having snuffed out public advocacy, a growing interest in gender issues can be seen in the popularity of books and podcasts.
The Financial Times
- Chinese developer Sunac makes debt restructuring breakthrough — Court approval of $10bn plan agreed with creditors brings some relief to country’s crisis-hit property sector.
- Alibaba accused of ‘possible espionage’ at European hub — Belgian security service says Chinese group’s logistics arm in Liège under scrutiny over use of sensitive data.
- Why Russian and Chinese spy scandals are a threat to us all — As western governments increasingly call out foreign spies, the risks to travellers in Moscow and Beijing will grow.
- China jitters turn private equity investors towards India and Indonesia — But analysts warn of steep learning curve and limited exit routes for dealmakers.
The New York Times
- Nio Loses $35,000 a Car. That Should Scare the U.S. and Europe. — Chinese electric vehicle companies like Nio are pulling ever further ahead, partly through government support but also rapid technological advances.
South China Morning Post
- Scientists from China, Europe to target gamma-rays from Tiangong space station — The multi-country Polar-2 mission aims to learn more about the most powerful cosmic explosions since the Big Bang.
- Chinese Foreign Minister Wang Yi pushes Himalayan neighbours on ‘territorial integrity’ at forum near disputed border with India — Top Chinese diplomat stresses environment and infrastructure as he hosts diplomats in Tibet city near contested area of Arunachal Pradesh, which has been at centre of tensions between Beijing and New Delhi.
- Australia concludes China decoupling ‘impossible’ after carrying out series of classified studies — Three separate studies managed by three Australian administrations all came to the same conclusion: the trade relationship with China cannot be practically decoupled or diversified.
- China’s economic malaise boils down to ‘a failure to reform’ the system, Pathfinder report warns — ‘Structural threats to economic stability have never been greater’ for China, according to an annual scorecard by Rhodium Group and the Atlantic Council that suggests the nation’s economy could remain weak next year.
- IMF likely overestimating China’s economic growth prospects, US analyst says — Questionable data supplied by Beijing to the International Monetary Fund leads to an inaccurate and inflated projection, according to research group founder.
Nikkei Asia
- Taiwan to tighten tech safeguards against China this year — To list ‘core technologies’ in industries such as semiconductors, says official.
- France to host defense meeting with Pacific island nations — Paris seeks to increase engagement in region as U.S.-China alternative.
- Analysis: Inside Xi Jinping’s great military purge — Absences from National Day banquet reveal determination to cement army’s loyalty.
- China office vacancies worse than zero-COVID levels in top cities — Sluggish economic recovery squeezes demand in Beijing, Guangzhou.
- Taiwan to probe 4 firms accused of helping Huawei build chip plants — Taipei says no violation of U.S. trade sanctions has been confirmed.
Bloomberg
- PBOC’s Pan Gongsheng Faces First Big Test on International Stage — Pan Gongsheng is set to debut on the international stage next week, presenting the biggest opportunity for global economic and banking chiefs to rub shoulders with China’s top central banker and gain valuable clues on where he aims to steer policy.
- US Weaves Web of Intelligence Links in Asia to Counter China — The US is deepening intelligence cooperation with countries across Asia as it looks to counter Beijing’s sophisticated spying apparatus and blunt Chinese cyber attacks.
- Opinion: China Can’t Blame Everything on Wayward Billionaires — Fallen tycoons likely could not have engaged in the risky behavior that blew up their empires without lax oversight and help from local officials. By Minxin Pei.
- Opinion: If US Stops Funding Ukraine Russia and China Will Divide the West — Kyiv has fought too well to simply give up, but Russia and China will achieve their goal of splitting the West. By Hal Brands.
Reuters
- Evergrande crisis tests Beijing’s fallout management as creditor jitters mount — A messy collapse of the property giant could rip through the already-sputtering economy, with hundreds of thousands of unfinished homes across the country.
- US budget fight could create opening for China in the Pacific — A 45-day stopgap measure passed by the U.S. Congress to avert a government shutdown has left potential funding shortfalls for strategic Pacific island states.
- China to double size of space station, touts alternative to NASA-led ISS — The operational lifetime of the Chinese space station will be more than 15 years, the China Academy of Space Technology (CAST).
Other Publications
- CFR: China Isn’t Shifting Away From the Dollar or Dollar Bonds — China’s reserves has shifted its dollar reserves from Treasuries to Agencies, and made increased use of offshore custodians.
- Foreign Policy: How to Break China’s Hold on Batteries and Critical Minerals — The security of clean energy is easier to manage than the security of oil.
- Foreign Affairs: The U.S. Nuclear Arsenal Can Deter Both China and Russia — Expanding the U.S. nuclear arsenal would not ameliorate the nuclear threats posed by Russia and China—and might even exacerbate them.
- Foreign Affairs: A Tariff for the Climate — How a Foreign Pollution Fee Can Protect the Environment—and Help America Stand Up to China.
- The Washington Post: Youngkin takes $2M from TikTok investor despite app ban, China warnings — Jeff Yass, whose personal stake in TikTok’s parent company is worth a reported $21 billion, donated $2 million to Youngkin’s Spirit of Virginia political action committee.
- The Economist: Why investors cannot escape China exposure — The country’s minuscule stockmarket is only the start of the story.
- ProPublica: Southeast Asian Casinos Emerge as Major Enablers of Global Cybercrime — A growing number of casinos in Cambodia, Laos and Myanmar are engaging in large-scale money laundering, facilitating cyberfraud that is costing victims in America and abroad billions of dollars, according to new research by the United Nations.
- The Guardian: Closure of maternity wards fuels Chinese debate over population decline — Recent shutdown of obstetrics units not officially linked with falling birth rate – but online commentators speculate.
