Highlighted links for Monday, December 12, 2022
Notable China news from around the world.
Below are links to other noteworthy reports published in the last 24 hours from and about China.
BUSINESS AND TECHNOLOGY:
Is China’s central bank just a Band-Aid funding fix for indebted Belt and Road countries?
China props up Belt-and-Road borrowers via unusual channel / WSJ (paywall)
“China’s central bank has funneled billions over the past decade to around 20 countries, including Pakistan, Sri Lanka, Argentina and Laos, via swap lines that allow overseas central banks to exchange their domestic currencies for Chinese yuan.”
China is gorging on grain
China’s bumper grain harvest defies unprecedented challenges, sets record / SCMP (paywall)
“The record grain yield comes despite delayed plantings, heatwaves and prolonged zero-COVID disruptions, as China’s policymakers keep food security atop their priorities.”
Will China’s army of pandemic workers soon be out of jobs?
From pandemic heroes to villains: China’s COVID army faces the ax / Nikkei Asia (paywall)
“Millions of virus workers at risk of losing jobs as Beijing eases curbs.”
Beijing bans booze from Taiwan
China suspends alcohol imports from Taiwan as tensions mount / Bloomberg (paywall)
Mainland China hits Taiwan with booze ban as import rejections pile up / SCMP (paywall)
Tesla’s China slowdown
Tesla to suspend output at China factory later this month / Bloomberg (paywall)
“Tesla Inc. will suspend output in stages at its Shanghai electric car factory from the end of the month until as long as early January, according to people familiar with the matter, amid production line upgrades and slowing consumer demand.”
Transport workers shed COVID-zero shackles
Beijing eases zero-COVID restrictions on transport to revive economy / FT (paywall)
“China has lifted tough pandemic restrictions on transport workers that have slowed the flow of freight in the country, as Beijing rapidly eases its economically damaging zero-COVID policy.”
Chinese family offices are mushrooming up all over Singapore
Booming Chinese family offices recruit top bankers in Singapore / FT (paywall)
“A boom in mainland Chinese family offices setting up in Singapore is drawing in thousands of financial professionals, including from global investment banks, creating what some finance heads are calling a new ‘hedge fund’ industry in the city-state.”
Honda and GM secure EV battery supplies
Honda strikes deal for battery supply from China’s CATL / TechNode
“Honda has agreed to source 123 giga-watt hours (GWh) of lithium-ion batteries from Chinese battery giant CATL, as the Japanese automaker looks to boost sales in the world’s biggest electric vehicle market.”
GM joint venture gets $2.5B loan to build battery plants / AP
“A joint venture between General Motors and South Korean battery company LG Energy Solution has closed on a $2.5 billion federal loan to help finance three lithium-ion battery cell plants in Ohio, Tennessee, and Michigan.”
- The China Project reported last month: GM China is going electric.
Mad dash for EV sales in China
Chinese EV makers rush to boost year-end sales as subsidies expire / TechNode
“Chinese EV makers NIO, XPeng Motors, Zeekr, and Aito, as well as Tesla’s operation in China, are racing to get the last slice of the sales pie before the end of 2022, offering special promotions with the country scheduled to phase out subsidies for electric vehicles beginning next year.”
China’s COMAC delivers first passenger plane in race to challenge global rivals
China delivers first homegrown plane to take on Boeing, Airbus / Caixin (paywall)
“First of COMAC’s long-gestating C919 narrowbody jetliners is handed over to China Eastern for a short flight in Shanghai.”
China’s COMAC delivers first C919 passenger plane / Nikkei Asia (paywall)
- The China Project reported in July: COMAC is building Chinese jetliners and wants to take on Airbus and Boeing.
Google refuses to change its search results for HK protest anthem
Google refused Hong Kong request over protest anthem – HK official / Reuters
“Google has refused to change its search results to display China’s national anthem, rather than a protest song, when users search for Hong Kong’s national anthem, the city’s security chief said on Monday, expressing ‘great regret’ at the decision.”
China’s fast-fashion champion SHEIN expands overseas
Fast-fashion giant SHEIN explores becoming online marketplace / WSJ (paywall)
“The fast-growing company also has begun diversifying its supply chain away from China, where it was founded.”
- Earlier on The China Project: SHEIN’s fast-fashion sales machine earns billions as new competitors launch and Pinduoduo launches ecommerce price war in the U.S. with new app Temu.
SCIENCE, HEALTH, AND ENVIRONMENT:
COVID mRNA shots: Beijing approves use for German nationals, while Laos approves China-made vaccines
Beijing approves mRNA vaccines for German nationals in China / Caixin (paywall)
“The move was expected after German Chancellor Olaf Scholz said that China will make BioNTech SE’s Covid-19 vaccine available to foreigners.”
China to allow German expats to use German COVID-19 vaccines / Reuters
Beijing approves mRNA vaccines for German nationals in China / Bloomberg (paywall)
Second China-made mRNA COVID shot approved overseas / Caixin (paywall)
“Laos clears Stemirna vaccination after Indonesia endorsement of Walvax-Abogen product as experts push China to follow suit.”
Crazy bad air in Beijing
Beijing choked by worst air pollution in more than a year / Bloomberg (paywall)
“Residents told to stay indoors as rare December sandstorms suffocate China’s capital.”
POLITICS AND FOREIGN AFFAIRS:
Xi courts Gulf States as China rakes in more energy deals
China’s Xi pledges more Gulf energy deals / WSJ (paywall)
“Chinese leader Xi Jinping used the last day of a visit to Saudi Arabia to promise to buy more Gulf crude and start paying for some of it with the Chinese currency, the yuan.”
China’s Xi vows to buy more Mideast oil as U.S. focus wanes / AP
Xi seeks yuan settlement of China energy trades with Gulf states / Caixin (paywall)
China’s Xi calls for oil trade in yuan at Gulf summit in Riyadh / Reuters
Xi says Saudi Arabia is a foreign relations priority as Beijing and Riyadh elevate ties / Caixin (paywall)
Gulf Arab states draw closer to China as Xi visits Riyadh / FT (paywall)
Saudi Arabia says $50 billion investments agreed at China summit / Bloomberg (paywall)
With Xi’s trip, China capitalizes on Saudi-U.S. rift / Nikkei Asia (paywall)
Arab media expresses optimism towards the China-Arab summit / China-Global South Project (paywall)
Iran summons Chinese ambassador after GCC statement
Iran summons China envoy over islands dispute statement with UAE / Al Jazeera
“Chinese envoy ‘had a visit’ as Tehran expressed ‘strong dissatisfaction’ over China’s joint statement with GCC nations.”
China strengthen ties in Africa with infrastructure and military aid
In Africa, China is building influence, brick by brick / SCMP (paywall)
“New headquarters for West African regional bloc is Beijing’s latest multimillion dollar ‘gift’ in decades of diplomatic outreach.”
China boosts military aid to Africa as concerns over Russia grow / Nikkei Asia (paywall)
“China is strengthening its security cooperation with African nations, as the war in Ukraine raises concerns on the continent over continuing reliance on Russian military assistance.”
China wedged between the two Koreas
South Korea urges China to support dialogue with North Korea – S.Korea ministry / Reuters
“South Korea’s foreign minister told his Chinese counterpart on Monday the country expects China to actively support South Korea’s efforts for dialogue with North Korea, South Korea’s foreign ministry said.”
UN ups rights pressure on China
UN rights chief to follow up on abuse concerns about China / AP
“The top United Nations human rights official said Friday that his office will continue reaching out to Beijing about allegations of abuse in China.”
SOCIETY AND CULTURE:
China’s generation of jaded youth
Even as China eases COVID rules, some youths still fear a grim future / NYT (paywall)
“A sluggish economy continues to leave many young people unemployed, with few job prospects or hopes to tap into the rising incomes their parents enjoyed during boom times.”
Are people actually relieved at an end to COVID zero?
China relaxes COVID rules. But are people relieved? / Sixth Tone
“Sixth Tone speaks with people from various walks of life to gauge the public mood after the relaxation of coronavirus restrictions.”
It only costs $5,000 to guarantee a pass for English-language exams
“Online testing is a joke”: Chinese students use remote access software to cheat on U.S. college exams / Rest of World
“For just $5,000 students can buy their way to ace English exams.”
Shanghai sends university students home early
Shanghai universities let students head home early amid COVID spike / Caixin (paywall)
“Shanghai colleges have joined a growing number of schools across China allowing students to return home ahead of winter break, as higher education institutions try to ease the management burden of potential COVID-19 outbreaks.”
Jiang Zemin death stirs up protest art in China
‘You become creative’: the art of protest in Xi’s China / FT (paywall)
“‘Toad worship’ of the late premier Jiang Zemin has turned into nostalgia for a freer, more liberal era.”
Bilibili’s new animation series goes viral
Bilibili’s new Three-Body Problem animation tops 120 million views / TechNode
“Bilibili’s animated The Three-Body Problem series, an adaption of Liu Cixin’s Hugo Award-winning sci-fi trilogy Remembrance of Earth’s Past, recorded 120 million plays on the video streaming platform in its first two days, after the first two episodes became available on Saturday.”
Another ‘Three-Body’ animation wins praise from sci-fi fans / Sixth Tone
