Links for Monday, August 29, 2022

Jaded youth
Chinese youth opt out of the rat race in search of personal peace / Al Jazeera
“Young people are abandoning demanding careers and ditching consumerism, but the ruling Communist Party needs them to work hard to further economic growth.”

Stimmy micromanagement
China sends officials to supervise policy rollout in provinces / Bloomberg (paywall)
“China’s government sent high-level officials to five provinces to supervise the rollout of its stimulus measures as Beijing pushes hard to counter an economic slowdown.”

Trade between Africa and Hunan, Zhejiang, and Guangdong
Chinese provinces race along Xi Jinping’s ‘green lanes’ to Africa trade / SCMP (paywall)
“Hunan leads emerging local-level drivers of China-Africa cooperation, alongside powerhouse provinces of Zhejiang and Guangdong.”

India overtakes China in smartwatches, no restrictions on Chinese smartphones
India surpasses China in 2022 Q2 smartwatch market / TechNode
“India surpassed China in the smartwatch shipment market for the first time ever in the second quarter of 2022, according to a Counterpoint Research report on August 25.”
India says no proposal to restrict Chinese phonemakers in sub-$150 price range / TechCrunch
“India is not proposing to restrict Chinese smartphone manufacturers from operating in the sub-$150 price range, a key minister said Monday, providing relief to scores of international giants in the world’s second largest handset market.”

Online grocery woes
Inside Missfresh’s hunt for investor cash ahead of collapse / FT (paywall)
“Executives at collapsing Chinese grocery delivery group Missfresh made a series of lofty promises to unwitting investors last year as they hurried to raise cash and stay afloat ahead of a Nasdaq debut.”

The worsening economy
Chinese tech giants had their worst quarterly growth on record, thanks to Beijing’s zero-COVID policy / CNBC
China industrial profits drop 1.1% in first seven months of 2022 / Bloomberg (paywall)
China’s industrial profit falls on COVID-19 measures, bad weather / WSJ (paywall)
China’s August factory activity likely shrank amid COVID flare-ups, property crisis: Reuters poll / Reuters
Loss of Chinese tourists forces Europe’s luxury retailers to rethink / FT (paywall)

Droughts are boosting fossil fuel usage
Climate graphic of the week: China coal power generation nears record during heatwave / FT (paywall)
“China’s coal power generation approached a record high this week, as a severe heatwave and drought threaten to cripple the country’s energy system.”

China suspends imports from world’s second-largest processor of chicken, beef, and pork
China halts some meats imports from U.S. processor Tyson Foods / Bloomberg (paywall)
“China has suspended some meat imports from U.S. processing giant Tyson Foods Inc., the country’s customs office said on Monday…after some pig trotters from the producer failed inspection.”

U.S. sails warships through Taiwan Strait
U.S. sails warships through Taiwan Strait in 1st since Pelosi / AP
U.S. sends first warships to Taiwan Strait since Pelosi visit / Bloomberg (paywall)
U.S. warships sail Taiwan Strait, defying Chinese pressure / NYT (paywall)
China’s military says monitoring U.S. Navy in Taiwan Strait / Reuters
U.S. warships transiting Taiwan Strait consistent with U.S. policy – White House aide / Reuters
U.S. warships pass through Taiwan Strait for first time since Pelosi visit / Washington Post (paywall)

Chinese government hacking?
China-linked bots attacking rare earths producer ‘every day’ / Bloomberg (paywall)
“Fake social media accounts linked to the Chinese Communist Party are posting daily attacks on Lynas Rare Earths Ltd., according to the Australian company.”