Links for Wednesday, September 14, 2022

Third-party payments
China’s once-hot payments industry fizzles out under shifting fintech regulations / SCMP (paywall)
“China’s third-party payments business is withering, with at least 20 operators reselling or giving up their [licenses], which once fetched billions of yuan in the second-hand market.”

NetEast and Tencent finally get games approved
NetEase and Tencent subsidiary receive game approval in China for the first time this year / TechNode
“China’s media regulator, the National Press and Publication Administration (NPPA), issued 73 gaming licenses on Tuesday, the fifth batch of approvals this year. Chinese gaming companies such as NetEase, 4399 Network, and XD (TapTap) have titles approved in this batch.”
NetEase wins first video game license in 14 months / Caixin (paywall)

Xinjiang under COVID lockdown
Under COVID lockdown, Xinjiang residents complain of hunger / AP

Xi, Putin, and Central Asia
Xi and Putin to discuss Ukraine war at meeting – Kremlin / BBC
Summit with Xi, Putin will showcase ‘alternative’ to West, Kremlin says / AFP via HKFP
China’s leader emerges from COVID bubble for first foreign trip since 2020 / NYT (paywall)
China’s Xi arrives in Kazakhstan on first foreign trip since pandemic / Reuters
Chinese President Xi Jinping arrives in Kazakhstan on first trip abroad since pandemic began / SCMP (paywall)
Xi lands in Kazakhstan as China makes Central Asia power play / Nikkei Asia (paywall)
China keeps West guessing about economic pressure on Russia / AP
Strength of ‘limitless’ China-Russia ties to be tested at summit / Guardian

Ancient gilded black lacquer
The charm of ancient Chinese craftsmanship / Shanghai Daily
“‘Voyage de Savoir-Faire,’ an immersive digital exhibition on ancient Chinese craftsmanship and culture, opened at Shanghai K11 on Friday…[unveiling] a cultural journey across time and space, and reimagin[ing] the traditional Chinese craftsmanship of gilt-decorated black lacquer.”

300 million people locked down
Nearly 300 million residents caught in China’s latest lockdown wave / Nikkei Asia (paywall)
“More than 20% of China’s population is currently under some form of coronavirus-related restrictions, as the country stays the course on its strict zero-COVID policy despite the economic cost.”
China COVID cases hold below 1,000 amid tighter restrictions / Bloomberg (paywall)
Is Xi’s trip abroad the beginning of the end for China’s zero-COVID policy? / Diplomat
“The desperation of those caught in continued lockdowns is at stark odds with the hopeful signals sent by Xi’s foray abroad.”

FWD’s delayed IPO gets back on track
Tycoon Richard Li’s insurer FWD refiles for Hong Kong IPO / Bloomberg (paywall)
“FWD Group Holdings Ltd., the Asian insurer backed by billionaire Richard Li, has refiled an application for a Hong Kong initial public offering as it now weighs a listing next year amid market volatility.”

Tesla digs its heels in on China
Tesla Chair defends China presence as key to 20 million-car goal / Bloomberg (paywall)
“Tesla Inc. Chair Robyn Denholm has defended the U.S. electric carmaker’s focus on China and plans to expand further there, saying reaching a goal of making 20 million vehicles a year by 2030 will require manufacturing capabilities on every continent.”

iPhones and Macs may soon house the latest TSMC chip tech
Apple to use TSMC’s next 3-nm chip tech in iPhones, Macs next year / Nikkei Asia (paywall)
“Apple aims to be the first company to use an updated version of Taiwan Semiconductor Manufacturing Co.’s latest chipmaking technology next year, with plans to adopt it for some of its iPhones and Mac computers, sources briefed on the matter told Nikkei Asia.”

New rail line in Mongolia to help China weather winter fuel crunch
China gets a coal lifeline before winter with Mongolia rail spur / Bloomberg (paywall)
“China’s efforts to make sure it’s well-stocked with its mainstay fuel for what promises to be a grueling winter for energy markets received a boost with the completion of a new rail line in Mongolia last week.”

China consumes lowest amount of oil in over 30 years
IEA sees biggest China oil demand drop in over three decades / Bloomberg (paywall)
“China faces its biggest annual drop in oil demand in more than three decades as COVID-19 lockdowns and a property crisis weigh on growth in the world’s No. 2 consumer, the International Energy Agency said.”