Highlighted links for Wednesday, September 7, 2022

Below are links to other noteworthy reports published in the last 24 hours from and about China.

BUSINESS AND TECHNOLOGY:

China’s economy takes another hit in August
China’s foreign exchange reserves drop to near four-year low / Bloomberg (paywall)
China trade surplus with U.S. narrows to $36.77 billion in August / Reuters
Nomura cuts its China GDP forecast — again / CNBC
“Nomura cut its GDP forecast to 2.7%, down from the 2.8% estimate set in August.”

China’s tech giants are flush with cash
China’s top tech firms have saved more than $325 billion in cash: report / TechNode
“Chinese media outlet LatePost reported that China’s top 10 listed internet and technology companies by market capitalization had at least 2.25 trillion [yuan] ($325.7 billion) in cash or equivalent assets (such as fixed time and current deposits, bonds, or stock investments) on their balance sheets at the end of the first half of this year, an increase of 238 billion [yuan] over the end of the first quarter.”

Beijing appoints new PBoC deputy chief ahead of October congress
Banking veteran Zhang Qingsong appointed PBoC deputy governor / Caixin (paywall)
“Veteran banker Zhāng Qīngsōng 张青松 has been appointed a deputy governor of the People’s Bank of China (PBoC), an official announcement said.”
China names Zhang Qingsong as deputy central bank governor amid reshuffle / Reuters

Honda and BYD race for EV dominance with new plants and batteries
Thailand’s WHA, China’s BYD to announce plans for EV plant in Thailand / Reuters
“WHA Group, the Thai industrial estate developer, said on Tuesday that it and China’s BYD are set to announce plans for an electric vehicle (EV) manufacturing facility in Thailand.”
Honda to set up China venture with Dongfeng, Guangzhou Auto to procure EV batteries / Reuters
“Honda said on Wednesday its Chinese unit will establish a joint venture with Dongfeng Motor Group and Guangzhou Automobile Group Co at the end of the month to procure batteries for fully electric vehicles.”

Green funds are ballooning under Xi’s China
Xi’s ESG boom funnels billions into coal, liquor, defense stocks / Bloomberg (paywall)
“Already one of the biggest issuers of green bonds, the number of ESG, ‘sustainable’ and ‘green’ portfolios has exploded as well. At least 112 of these new funds have launched in the past 20 months, according to Bloomberg data, nearly triple the debuts over the previous four years combined.”

Can Zhengzhou recover from the real estate slump?
Chinese city to start building stalled housing projects amid mortgage boycott / Reuters
“The Chinese city of Zhengzhou vowed to start building all stalled housing projects within 30 days, by making good use of special loans, asking developers to return misappropriated funds, and encouraging some real estate firms to file for bankruptcy, said three sources with knowledge of the matter.”

A bounty of plastic production in Guangdong bodes well for EVs and electronics
BASF’s Verbund site starts production in south China / Xinhua
“German chemical giant BASF SE announced the first plants of its Verbund site in Zhanjiang City, south China’s Guangdong Province, started production as scheduled on Tuesday.”
韩正出席巴斯夫（广东）一体化基地项目全面建设暨首套装置投产仪式 / Guangdong Government

SCIENCE, HEALTH, AND ENVIRONMENT:

Another month of record-breaking heat in China
China registers hottest August since records began / Al Jazeera
“The average temperature nationwide was 22.4[°C] last month, exceeding the norm by 1.2[°C], state broadcaster CCTV reports.”
China sees record summer temperatures as heat set to persist / Bloomberg (paywall)

Will China’s cement industry hit its carbon peak earlier than expected?
China sees cement pollution beating target with peak before 2023 / Bloomberg (paywall)
“China plans to reach maximum emissions from its carbon-intensive cement industry before 2023, several years ahead of its national target.”

Overworked frontline workers
‘They’re not treating us like human beings’: China’s fed-up pandemic workers / FT (paywall)
Many frontline workers “complain of pay cuts and longer working hours with no overtime as the pandemic drags into a third year, with little sign President Xí Jìnpíng 习近平 will abandon his zero-COVID policy despite the economic consequences.”

Monkeypox arrives in Hong Kong
Hong Kong finds first monkeypox case in quarantined traveler / Bloomberg (paywall)
“Hong Kong reported its first monkeypox case, diagnosed in a 30-year-old man who reported symptoms while in hotel quarantine after flying into the city, the health department said.”

Earthquake evacuation hits zero-COVID curbs
China clears roads to earthquake epicenter, death toll rises to 74 / Reuters
“China has reopened roads leading to the [epicenter] of Monday’s 6.8 magnitude earthquake in the southwestern province of Sichuan and traffic has resumed, state media reported on Wednesday, while the death toll has risen to 74.”
China earthquake deaths rise to 74 as lockdown anger grows / AP
Debate rages after residents barred from earthquake evacuation due to COVID curbs / Caixin (paywall)
“The debate over what should be done when emergencies arise in locked-down regions has once again come into the spotlight after residents of Sichuan said they were barred from leaving their homes even as a major earthquake shook the province.”

POLITICS AND FOREIGN AFFAIRS:

France joins the slew of delegations visiting Taiwan
French and U.S. lawmakers to visit Taiwan this week / Reuters
“A delegation of five French lawmakers and another group from the U.S. Congress will visit Taiwan this week…The French delegation will be the first visit by high-level Europeans following a string of trips by U.S. officials and lawmakers that have infuriated China.”

Shenzhen Holy Reformed Church members fear China’s long arm overseas
Beijing hounds Chinese church seeking safety overseas / AP
“Days after flying to Thailand to seek asylum, members of a Chinese church huddled in a restaurant to share their stories with journalists. But when they peered over their shoulders, they spotted strangers taking videos of them with cellphones.”
Christian church that fled China seeks refugee status from United Nations / WSJ (paywall)

Xi Jinping faces no opposition
China’s Xi has broad support for continued rule, envoy says / Bloomberg (paywall)
“President Xí Jìnpíng 习近平 has broad public support for more time in office, China’s ambassador to Australia said, in rare comments by an official from the Asian nation on a norm-busting third term in office for the leader.”

Climate commitments under strain after lackluster G20
EU, China trade barbs over failed G20 climate talks / Reuters
“The European Union and China are questioning each other’s commitment to fighting climate change, following the failure of climate talks by the Group of 20 (G20) last week.”

Xi, Putin, and Biden
Xi and Putin to meet face-to-face next week, Russian envoy says: state media / CNN
“Chinese leader Xí Jìnpíng 习近平 and Russian President Vladimir Putin will meet on the sidelines of a summit in Uzbekistan next week, Russia’s envoy to Beijing Andrey Denisov told reporters on Wednesday, according to Russian state news agency Tass.”
Biden says he’s ‘sure’ he will see Xi at the G-20 summit if Chinese president attends / CNBC
Putin and Xi to meet in Uzbekistan next week, official says / AP

SOCIETY AND CULTURE:

WTA steers clear of China for a second time
Tennis tour moves year-end championships from China to Texas / AP
“The women’s professional tennis tour will hold its season-ending 2022 WTA Finals in Fort Worth, Texas, moving the event out of China for the second year in a row.”

Vetting public sector workers for intimate partner violence
Chinese city demands domestic violence records for local cadres / Sixth Tone
“The city of Jiuquan will consider abuse records while recruiting and promoting those working in the public sector.”

Communist fashion trends for China’s Gen Z
So square it’s hip: ​​Gen Z Tries on the communist cadre look / NYT (paywall)
“Why are some Chinese youth dressing like middle-aged civil servants? It might be ironic, or a longing for stability in uncertain times.”

Another holiday at home under zero COVID
On COVID alert, more Chinese cities advise residents to stay put for holiday / Reuters
“More Chinese cities advised residents on Wednesday to avoid unnecessary trips for the upcoming holiday long weekend, adding to COVID policies that are keeping tens of millions of people under lockdown and exacting a growing economic toll.”

Pet mill problem
China’s pet industry is booming. So are its horrific breeding mills. / Sixth Tone
“Most Chinese pet owners have no idea where their animals come from. That’s allowing a dark breeding trade to flourish unchecked.”

Ancient bronze relic found in China
Massive 3,000-year-old mythical bronze creature unearthed in China / ArtNews
“A large mythical creature cast in bronze, among other relics, was found [last] Wednesday at Sanxingdui, an [archaeological] site in southwest China. The artifact, weighing 330 pounds with a length and height of 3 feet, is the largest and most complete animal-shaped bronze unearthed at the site.”