Hong Kong scraps COVID curbs, Islamic State attacks Chinese-owned hotel in Kabul

Here’s what else you need to know about China today:

Hong Kong scrapped some of its last COVID rules after the government announced that it is lifting quarantine restrictions for arrivals and ending the use of its virus-tracking app, in a bid to restore its once-glowing reputation as a financial hub.

• The city will begin quarantine-free travel with China as soon as January, local media reported per Bloomberg.

Islamic State militants attacked a Chinese-owned hotel in the heart of Kabul, Afganistan, leaving five nationals wounded and adding to growing concerns about the safety of Chinese citizens and interests in the region.

• The Chinese Foreign Ministry on Tuesday condemned the attack and advised (in Chinese) its citizens in Afghanistan to evacuate the country “as soon as possible.”

Berkshire Hathaway sells a chunk of BYD: Warren Buffet’s investment company sold about HK$267.69 million ($34.4 million) worth of Hong Kong-listed shares in electric car titan BYD, reducing its stake from 15.07% to 14.95%.

China is challenging the U.S.’s sweeping chip curbs at the World Trade Organization (WTO) for violating international trade rules, just a few days after the WTO ruled against Trump-era tariffs on imported steel and aluminum on similar grounds.

• Japan has followed the Netherlands (in principle) in joining the U.S.’s efforts to limit the export of advanced semiconductors to China.
• Meanwhile, Beijing is courting South Korea and readying a package worth 1 trillion yuan ($143 billion) to support its domestic chip industry.

China expects foreign tourists to come back in 2023: According to a new report on China’s tourism industry, foreign tourism to China is expected to rebound in 2023 when around 20 million international tourists are expected to visit China. See today’s Business briefs from the Chinese media, with more links and info on:

• Can’t find a job? Start a company.
• Loan growth slowed in November.

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