Highlighted Links for Thursday, November 3, 2022

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

BUSINESS AND TECHNOLOGY:

• Tesla’s China-made EVs drop from record-breaking September sales
  Tesla ships 71,704 China-made EVs in October – CPCA / Reuters
  “Tesla Inc delivered 71,704 China-made electric vehicles (EVs) in October, down 14% from a record high in the previous month, according to a report released on Thursday by the China Passenger Car Association (CPCA).”
  Tesla’s China deliveries fall in October from a record high / Bloomberg (paywall)

• Are NIO’s COVID-curbed factories out of the woods?
  China’s NIO resumes production at its two Hefei factories / Reuters
  “Chinese electric vehicle maker NIO said on Thursday it has resumed production at its two factories in the eastern city of Hefei, after COVID-19 curbs disrupted operations and delayed deliveries.”

• Embattled Evergrande chief gets his mansion taken away
  China Evergrande chairman’s Hong Kong mansion seized by bank / Reuters
  “A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), records from the Land Registry show.”
  Chinese bank moves to recoup billions of unpaid Evergrande loans / Caixin (paywall)

• Banking regulators pledge more fixes for financial woes
  China calls for more risk controls, oversight to tackle financial concerns / SCMP (paywall)
  China’s PBOC reaffirms pledge to make yuan more flexible / Bloomberg (paywall)

• Profits boost, revenues shrink for Chinese PC giant Lenovo
  China’s top PC maker boosts profit after cutting costs / Bloomberg (paywall)
  “Lenovo Group Ltd.’s earnings climbed 6% after China’s top PC maker relied on cost reductions and new businesses to weather an unprecedented slump in global computing demand.”
  Lenovo revenues shrink as PC market suffers global downturn / FT (paywall)

• U.S. urges allies to help curb China’s chip industry
  U.S. to amp up pressure on Dutch to block chip gear sales to China / Bloomberg (paywall)
  “The US and Netherlands are expected to hold a new round of talks this month on restricting China’s access to advanced chip technologies, during which Washington will ramp up pressure on its ally to block ASML Holding NV from supplying the Asian nation.”
  U.S. tech curbs threaten China’s quest for chip independence / Nikkei Asia (paywall)

• Venture funding freezes over in China
  China’s venture funding tumbles precipitously after crackdown / Bloomberg (paywall)
  “Venture capital investments in China are falling sharply this year, making it one of the worst-performing countries globally after the Communist Party’s crackdown and an overall decline in tech valuations.”

• Luxury shoppers can now get a very nice meal to go with a very nice bag
  Louis Vuitton debuts first China restaurant in Chengdu / SCMP (paywall)
  “Top French luxury brand Louis Vuitton has chosen the southwestern city of Chengdu for its first restaurant in China as purveyors of luxury goods expand their focus beyond the ultra-competitive first-tier cities and put more effort into providing experiences alongside their pricey products.”

SCIENCE, HEALTH, AND ENVIRONMENT:

• China’s coal conundrum
  China is burning more coal, a growing climate challenge / NYT (paywall)
  “The country’s emissions of greenhouse gasses rose last year at the fastest pace in a decade. Beijing is looking for alternatives.”
  China’s new emissions rules still won’t give carbon market teeth / Bloomberg (paywall)
  “China published new regulations for its national carbon market that are unlikely to reduce an oversupply of allowances keeping trading activity constrained and prices low.”

• Monkey business in space
  Chinese scientists plan monkey mating in space / SCMP (paywall)
  “Chinese astronauts on the country’s new space station will perform a reproductive experiment using monkeys, according to a scientist involved in the project.”

• Droughts aren’t over yet
  Southern China at risk of winter drought, drop in hydropower / Reuters
  “Southern China is expected to face a drought, which will reduce hydropower generation and mean more power output is needed from other sources to meet peak winter demand, a weather scientist said on Thursday.”

• COVID-zero strain
  China’s closed-loop crisis: ‘I’m human, not a machine’ / FT (paywall)
  “The sustainability of a system meant to keep factories operating is under intense strain.”
  I spent 10 days in a secret Chinese COVID detention center / FT (paywall)

POLITICS AND FOREIGN AFFAIRS:

• Xi’s right-hand man
  Who is China’s new No. 2? A business pragmatist or a Party loyalist? / WSJ (paywall)
  Lǐ Qiáng’s 李强 record suggests he could serve as a moderating influence on [Xí Jìnpíng 习近平], but he has also fallen in line when it mattered.

• China’s tilt toward Russia costs its allegiances in Europe
  How China continues to lose friends in Central and Eastern Europe / Nikkei Asia (paywall)
  “Refusal to denounce Russia’s Ukraine invasion alienates allies in the region.”

• Will Biden and Xi meet?
  A Biden-Xi summit presents latest challenge to U.S.-China ties / WSJ (paywall)
  “U.S. and Chinese officials are wrangling over whether the two presidents will meet around the Group of 20 summit in mid-November in an effort to prevent strained relations from deteriorating further.”

• EximBank to lead Zambia bailout
  Zambia says EximBank to represent Chinese lenders in debt talks / Reuters
  “The Export-Import Bank of China (EximBank) will lead Beijing’s team to renegotiate nearly $6 billion of loans that Zambia owes to Chinese state-owned creditors, the country’s finance ministry told Reuters on Thursday.”

• China denies fast-tracking reunification plans with Taiwan
  China envoy denies U.S. claim of faster timeline for taking Taiwan / Bloomberg (paywall)
  “Beijing has no timetable for unification with Taiwan, a senior Chinese diplomat in Washington said, pushing back on American warnings that the Asian nation is seeking to speed up its plans for seizing the democratically run island.”

• Are Asian superpowers aiding Myanmar’s military?
  China, Russia, India enabling Myanmar’s military rule: Report / Al Jazeera
  “Support from China, Russia and India is enabling Myanmar’s military to sustain itself and carry out human rights abuses despite its failure to consolidate power following last year’s coup, a group of international legislators has said.”

• Beijing makes veiled criticism of U.S. over South China Sea dispute
  South China Sea claimants must ‘jointly resist’ U.S., Wang Yi tells forum / SCMP (paywall)
  “Chinese Foreign Minister Wáng Yì 王毅 has urged claimants to the disputed South China Sea not to use or threaten to use force and to ‘jointly resist’ the United States — though he did not refer to the U.S. by name — provoking tensions.”

• Beijing can’t make up its mind about the role of women in China
  China tells women to ‘respect family values’ in revised law / Bloomberg (paywall)
  “China has told women to uphold ‘family values’ in an updated gender law, the latest sign females are facing growing pressure to adopt domestic roles in the world’s second-largest economy.”

SOCIETY AND CULTURE:

• Ageism in the workforce
  Older Chinese are willing to work. But finding jobs isn’t easy. / Sixth Tone
  “Age-related discrimination is said to be a major factor for rejections.”

• History of public parks in China
  The muddy origins of China’s first public parks / Sixth Tone
  “Private gardens for the literati were a fixture of Chinese life for centuries, but the country’s first public parks wouldn’t appear until the mid-18th century.”