Highlighted links for Tuesday, August 2, 2022

Below are links to other noteworthy reports published in the last 24 hours from and about China. Click through to our China NewsBase to see all the other stories we collected today.

BUSINESS AND TECHNOLOGY:

Property sector could drag down rest of China’s economy
China’s economy could be dragged down by loss of confidence in property sector / CNBC
“The loss of confidence in China’s property sector could feed into a contagion that would further drag down the Chinese economy, analysts warned. The comments come after beleaguered developer China Evergrande Group failed to deliver a promised $300 billion restructuring plan over the weekend.”
China’s property crisis threatens to drag down steel industry / Bloomberg (paywall)
China’s PBOC pledges stable financing for property sector / Bloomberg (paywall)

Online grocer Missfresh is in deep trouble but trying to spin it
Chinese online grocer Missfresh denies it is liquidating / Caixin (paywall)
“Nasdaq-listed fresh food delivery platform Missfresh Ltd. has denied that it will liquidate and refund customers and suppliers, after the firm stopped paying most of its staff and shuttered its core instant-delivery retail business last week.”
Missfresh hit by lawsuits from investors and employees / FT (paywall)

U.S. CHIPS Act bars TSMC, Intel from expanding production in China
U.S. to stop TSMC, Intel from adding advanced chip fabs in China / Bloomberg (paywall)
“As the U.S. Congress passed an historic $52 billion federal program to boost domestic chipmaking capabilities, it included one significant caveat: Companies that receive the funding have to promise not to increase their production of advanced chips in China.”

A reshuffle at the world’s most valuable electric car supplier company
China’s CATL reshuffles management as billionaire executive exits / Reuters
“China’s CATL said on Monday its vice chairman and deputy general manager Huáng Shìlín 黄世霖 had resigned and would leave the battery maker to explore business opportunities elsewhere.”
Billionaire vice chairman of China battery giant CATL resigns / Bloomberg (paywall)

SCIENCE, HEALTH, AND ENVIRONMENT:

Hong Kong launches Sinovac’s COVID vaccine for babies
Hong Kong will first roll out only Sinovac shot for infants / Bloomberg (paywall)
“Hong Kong will initially offer only one choice when it expands COVID-19 vaccine access to some of its youngest residents: CoronaVac from China’s Sinovac Biotech Ltd.”
COVID-19: Children as young as 6 months can get Sinovac vaccine / HKFP

Genetic links between ancient Americans and East Asia
Ancient DNA links an East Asian homo sapiens woman to early Americans / Science News
“A previously undetected Homo sapiens population inhabited what’s now southwestern China around 14,000 years ago and contributed to the ancestry of ancient Americans.”

POLITICS AND FOREIGN AFFAIRS:

Is Pakistan making a big mistake by being so close to China?
The folly of Pakistan’s China gamble / Foreign Affairs (paywall)
Husain Haqqani and Javid Ahmad say “Relying on Beijing is a bad bet”:

Sri Lanka’s dire situation stemmed from the collapse of its economy in the midst of spiking commodity prices and a staggering debt crisis. It offers a bitter lesson to other floundering economies in similar situations, especially those that, like Sri Lanka, rely excessively on China.

U.S. government imposes new tariffs on Chinese goods amid inflation
USTR defends tariffs on China amid debate to lower some levies / Bloomberg (paywall)
“The U.S. government defended additional tariffs on hundreds of billions of dollars of Chinese goods imposed under Donald Trump, just as President Joe Biden assesses whether to cut some of the levies in part to address soaring inflation.”

New Zealand to fund Samoa amid increased Chinese interest
New Zealand announces funding for Samoa amid China tensions / Bloomberg (paywall)
“New Zealand Prime Minister Jacinda Ardern has announced financial support for Samoa on a visit to the Pacific Island nation, as she seeks to reaffirm New Zealand’s commitment to the region amid increased interest from China.”

Chinese military ship will refuel in Sri Lankan strategic port
Sri Lanka says Chinese military survey ship will port only to refuel / Reuters
“A Chinese military survey ship will visit a strategic port in crisis-hit Sri Lanka later this month only to refuel, a cabinet spokesman said on Tuesday, after neighboring India raised concerns over the vessel’s journey to the Indian Ocean island.”
India raises spying fears as Chinese ship due to stop at Sri Lanka’s Hambantota Port / SCMP (paywall)

Hong Kong opens reporting on activist’s national security case
Hong Kong high court quashes reporting ban on key national security case / Reuters
“Hong Kong’s High Court on Tuesday quashed a court reporting restriction for a landmark national security case involving a now disbanded group that once organized the city’s annual candlelight vigils to commemorate the 1989 Tiananmen crackdown.”
Hong Kong court quashes decision to enforce reporting ban on activist’s national security case in landmark ruling / HKFP

Zambia cancels $1.6 billion in Chinese loans to deal with its crushing debt
Zambia cancels $1.6 billion Chinese loans and halts infrastructure projects in move to avoid debt crisis / SCMP (paywall)
“Zambia has canceled $1.6 billion in agreed upon but not-disbursed Chinese loans, mostly from China Exim Bank and the Industrial Commercial Bank of China, to help manage its debt woes.”
Chinese creditors agree to landmark debt restructuring deal with Zambia / China Global South Project (paywall)

SOCIETY AND CULTURE:

A U.S.-China fantasy love affair
The impossible love story: Nancy Pelosi and Hu Xijin become popular imaginary couple / What’s on Weibo
“While everybody is watching whether or not Nancy Pelosi will visit Taiwan (with all recent indications suggesting that she will make a stop on the island), there is still time for some online banter amid growing tensions: Chinese netizens have created a fantasy love affair between U.S. House speaker Pelosi and Chinese Global Times commentator Hu Xijin.”

Prudish rules spark parodies from Hong Kong cosplayers
New guidelines against showing too much skin spark parody at annual Hong Kong anime, comics and games festival / HKFP
“Despite their divided views on new guidelines advising against revealing costumes, cosplayers told HKFP that they shared a common goal of bringing happiness to others.”

Esports fandom is thriving among women in China
How three Chinese women fell in love with esports / TechNode
“China is the biggest market for esports globally, having more than 400 million people into it, and 30% of its esports fans are women. In 2020, the country’s domestic esports market was worth approximately RMB 147 billion ($23 billion), which accounts for about 30% of global revenue.”