Highlighted Links for Thursday, September 22, 2022

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

BUSINESS AND TECHNOLOGY:

• China says U.S. EV tax breaks breach WTO rules
  China threatens action against ‘discriminatory’ U.S. EV tax breaks / Bloomberg (paywall)
  “China joined in the criticism of the new U.S. law providing tax breaks for electric vehicles, threatening unspecified action if needed to protect its interests from a law it says is ‘discriminatory.’”

• More on electric vehicles, smart cars, and the stuff that makes them
  U.S. decides against national security tariffs on rare earth magnets from China, Japan, EU / Politico
  “President Joe Biden has decided against restricting imports of neodymium magnets that come primarily from China and are used in electric vehicles, wind turbines and a variety of other tech and defense applications, the White House said Wednesday.”
  Battery maker CALB seeks up to $1.7 billion in Hong Kong IPO / Bloomberg (paywall)
  “CALB Co., a Chinese battery supplier for electric vehicle makers, is seeking to raise as much as HK$13.6 billion ($1.7 billion) in its Hong Kong initial public offering.”
  Geely-backed Caocao mobility and smart driving center ink cooperation with Pony.ai / Pandaily
  “On September 21, Caocao Mobility, a Geely-backed online ride-hailing platform, announced a new strategic cooperation involving Geely’s Smart Driving Center and autonomous driving startup Pony.ai, aimed at building an open commercial operation platform for intelligent driving.”
  Yesterday on The China Project: Loopholes in the algorithm: The race for autonomous driving in China.

• Audit inspections in Hong Kong
  China sends regulators to Hong Kong to assist U.S. audit inspection-sources / Reuters
  “Beijing has sent a team of regulatory officials to Hong Kong to assist the U.S. audit watchdog with onsite audit inspections involving Chinese companies, four people familiar with the matter said, as part of a landmark deal between the two countries.”

• Hong Kong stocks plummet after Fed hikes up interest rates
  Hong Kong stocks hit an 11-year low after historic Fed rate hike / CNN

• Chinese electricity firms in Myanmar ask for Russian gas
  Chinese power firms in Myanmar lobby junta to buy Russian gas / Bloomberg (paywall)
  “Chinese companies operating in Myanmar’s electricity generation sector have asked the junta for assistance in importing liquefied natural gas from Russia, news outlet Frontier Myanmar reported Thursday.”

• Alibaba Cloud eyes overseas opportunities to weather China’s stunted economy
  Alibaba commits $1 billion on global cloud services partner ecosystem to expand overseas amid China’s faltering economy / SCMP (paywall)
  “Alibaba Cloud, which runs the digital technology and intelligence backbone of Alibaba Group Holding, has committed a US$1 billion investment to upgrade its global partner ecosystem, as China’s faltering economy prompts the company to ratchet up its international expansion.”

• Trip.com catches a break in COVID-zero China
  Trip.com, China’s biggest online travel site, reverses to profit in 2nd quarter as global bookings gain / Forbes
  “Trip.com, China[‘s] biggest online travel site, said today it turned a profit in the second quarter compared with a year-earlier loss as global bookings improved despite continuing fallout from COVID-19 at home.”

• Big U.S. banks back U.S. government stance on China over Taiwan
  3 major U.S. banks to exit China if Beijing faces sanctions for invading Taiwan / Focus Taiwan
  “The Chairman and CEO of J.P. Morgan Chase Jamie Dimon, Chairman and CEO of Bank of America Brian Moynihan, and CEO of Citigroup Jane Fraser all told lawmakers in a hearing held by the House Financial Service Committee in Washington, D.C. that their institutions would follow the guidance of the U.S. government to exit China [if it invaded Taiwan] if necessary.”

SCIENCE, HEALTH, AND ENVIRONMENT:

• Survivor emerges over two weeks after the Sichuan earthquake
  Man rescued after 17 days lost in mountains / BBC
  “A man lost in the mountains for 17 days after an earthquake in southwest China has been rescued.”

• Beijing’s balancing act on betel nuts
  Is time running out for China’s betel nut industry? / Sixth Tone
  “Addictive and carcinogenic, betel nuts have nevertheless managed to stay under the radar of Chinese regulators. That may be changing.”

• China looks for answers to its shrinking population problem
  China launches new maternity, marital survey in bid to staunch population loss / SCMP (paywall)
  “The nationwide maternity and marital survey is one of the largest conducted by China as it tries to gain insight into why marriage and birth rates are falling in the world’s most populous country.”

• China’s overseas coal plants are still growing, report finds
  China has built 14 overseas coal plants since vowing no new ones / Bloomberg (paywall)
  “A year after President Xi Jinping promised China would stop building coal power plants overseas, the country has completed 14 such facilities beyond its borders and will finish another 27 soon, according to a new report [from the Center for Research on Energy and Clean Air and People of Asia for Climate Solutions].”

POLITICS AND FOREIGN AFFAIRS:

• China sends a small fish to Japan’s Abe funeral amid frosty relations
  China to send little-known official to Abe funeral, Japan says / Bloomberg (paywall)
  “China will send a former science and technology minister to the state funeral for ex-Japanese Prime Minister Shinzo Abe next week, Japan’s top government spokesman said Thursday. The selection of the relatively unknown Wan Gang comes amid difficult ties between the Asian neighbors, and contrasts with the U.S. sending Vice President Kamala Harris.”

• State-run Global Times reports U.S. hacked into China’s telecom networks
  U.S. agency hacked China’s telecom networks, Global Times says / Bloomberg (paywall)
  “U.S. intelligence agents gained control of parts of China’s telecommunications network after hacking into a government-funded university, a prominent state-backed newspaper [Global Times] reported, issuing Beijing’s latest accusation of U.S. cyber-intrusion.”

• China and Vietnam boost ties
  Vietnam-China ties warm up as trade flows / China-Global South Project (paywall)
  “China-Vietnam relations saw a major uptick this week, with new commitments to trade, facilitating the return of foreign students and continued work on a possible code of conduct for the South China Sea.”

• War of words over China’s foreign debt restructuring
  China hits back at debt criticism / China-Global South Project (paywall)
  “China rejected this week’s criticism by Brent Neiman, a top advisor to U.S. Treasury Secretary Janet Yellen, about its ‘unconventional’ approach to debt restructuring.”

• Will Hong Kong open back up?
  Asia’s world city might reopen to the world, finally / WSJ (paywall)
  “Hong Kong, which bills itself as Asia’s world city, has been closed to much of the world for more than two years. It might finally open up.”

• Biden’s tough talk on China, Russia, and Iran at the UN
  Biden at UN urges Russia accountability over Ukraine and slams China as he extols democracy / SCMP (paywall)
  Biden criticizes Iran and China on human rights and security issues / NYT (paywall)

• China and India’s awkward position over Russia
  China, India stand by Russia despite its setbacks in Ukraine war / WSJ (paywall)
  “Despite public expressions of doubt from [Xí Jìnpíng 习近平] and Modi, China is staying the course in its relationship with Russia and even seeking to deepen economic ties with Moscow, say Chinese officials familiar with Beijing’s thinking.”
  Putin tells Xi he understands China’s ‘questions and concerns’ over Ukraine / Guardian
  Indian foreign minister says goal is to bring relations with China ‘back to normal’ / SCMP (paywall)

• China urges Europe on climate change
  China urges Europe to take positive steps on climate change / Reuters
  “Europe and other developed countries must take ‘positive action’ to implement climate change goals as geopolitical uncertainties threaten to undermine their efforts, China’s top climate envoy told his German counterpart.”
  China says Europe must take ‘positive action’ on climate change / SCMP (paywall)

• Chinese chemical companies profit from U.S. opioid addiction further down supply chain
  The U.S. opioid problem is also a China problem / Diplomat
  “It’s unlikely the opioid crisis is part of some grand Chinese hybrid campaign against the United States, but the sale of precursor chemicals — and the illicit funds derived from it — has helped buttress China’s economy at a time when it has struggled to recover from the COVID-19 pandemic and the associated lockdowns.”

• Britain and China move to ease bilateral tensions
  Britain and China agree to keep talking as Foreign Minister Wang Yi meets new British counterpart James Cleverly / SCMP (paywall)
  “Wang told his British counterpart that ‘mutual respect’ was key to the relationship and the two sides should avoid confrontation.”
  Chancellor: ‘Let’s create a golden decade for the UK-China relationship’ / gov.uk

SOCIETY AND CULTURE:

• School gets ridiculed over plans for online boot camp
  ‘It’s a joke’: Chinese vocational school cancels attempt to bring traditional annual ‘military training’ online after public ridicule / SCMP (paywall)
  “A vocational school in northern China that planned to conduct its annual military-style boot camp online scrapped the plan after intense public criticism.”

• Karaoke parlor penalized for playing songs from celebrity accused of sexual assault
  KTV operator fined for offering songs by ‘tainted artist’ Kris Wu / Sixth Tone
  “Huayun Alliance Entertainment, a company operating karaoke parlors, or KTVs, in the southern province of Guangdong was fined 10,000 yuan ($1,410) in May for including two songs by the ‘tainted artist’ Kris Wu [Wú Yìfán 吴亦凡] in its music catalog, domestic media reported Wednesday.”

• Inflation worries in China
  ‘I used to buy 5 ribs, now I buy 2’: China’s pork costs trigger inflation worry / SCMP (paywall)

• Wedding brands target Gen Z brides
  How Gen Z are reshaping China’s half-a-trillion wedding market / Jing Daily
  “Driven by Gen Z couples, China’s wedding sector will triple in size this year, reaching half a trillion dollars. But how do the demands of this generation differ from those before it?”