Highlighted links for June 26, 2023

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

BUSINESS AND TECHNOLOGY:

Job market
China’s middle-aged jobseekers face age discrimination in unfriendly market as economic, unemployment pressures rise / SCMP (paywall)
“The coronavirus-battered economy over the past three years and the faltering recovery this year have challenged Beijing’s efforts to create enough jobs, which it views as crucial for sustaining growth and social stability.”

Electric vehicles
Berkshire Hathaway sells $86.3 mln worth of shares in China’s BYD / Reuters
“Berkshire Hathaway, the investment company owned by Warren Buffett, has sold 2.53 million Hong Kong-listed shares of electric vehicle maker BYD for HK$675.80 million ($86.3 million), a stock exchange filing showed.”
Miles apart: U.S. and Europe diverge on Chinese EVs / Politico
“The threat of China taking over the electric vehicle industry on two continents is shaping debates about jobs, trade and the fight against climate change.”

Decoupling, derisking, and their discontents
Fight decoupling to boost growth of developing nations, Chinese Premier says / Caixin (paywall)
“China is willing to work with the international community to counter trade protectionism and any form of decoupling or severing supply chains, Premier [Lǐ Qiáng 李强] said in Paris on Friday.”
China premier calls for strong cooperation on tech innovation with France / Caixin (paywall)
China’s premier avoids ‘factional confrontation’ with Europe on maiden trip / FT (paywall)
“China’s new prime minister used his first trip abroad to pitch a new approach to Europe, focusing on areas where the two sides see eye to eye in a bid to avoid replicating Beijing’s rocky relationship with Washington.”
France, Germany play safe during China Premier Li’s European trip / Nikkei Asia (paywall)
Charter flights and low-key tours mark a new approach for China’s premier / SCMP (paywall)
Tourism industry official deplores collapse of inbound tourism / Pekingnology
“Foreign visitors are crucial to restoring friendships and preventing ‘decoupling’ amid mounting unfavorable views from the West.”
Trump’s trade chief proposes new tariffs on all Chinese imports / Bloomberg (paywall)
“The architect of Washington’s trade war with China said the U.S. needs to unilaterally raise tariffs on all Chinese imports in order to limit economic ties with America’s biggest adversary.”

U.S.-China tech war
GLG scales back in China as Beijing zeroes in on due diligence firms / FT (paywall)
“Expert network consulting company Gerson Lehrman Group has become the latest due diligence firm to cut jobs in China as Beijing intensifies scrutiny of the sector on national security grounds.”

Consumer boycotts
Chinese are boycotting Japanese cosmetics over nuclear plant water release / Bloomberg (paywall)
“A consumer boycott in China over a planned release of water from the Fukushima Dai-Ichi nuclear plant is threatening to hurt Japanese cosmetics makers.”

Economic gloom
China economy gloom worsens with weak consumer spending data / Bloomberg (paywall)
“China’s consumer-driven recovery is showing more signs of losing momentum as spending slows on everything from holiday travel to cars and homes, adding to expectations for more stimulus to support the economy.”
S&P cuts China GDP forecast as calls for stimulus intensify / Reuters
“S&P Global cut its forecast for China’s economic growth this year, underscoring the uneven nature of the country’s recovery from the pandemic which is spurring calls for further stimulus.”

Chinese domestic tourism
China Dragon Boat Festival tourism trips above pre-COVID levels / Reuters
“Trips for tourism in China during last week’s three-day Dragon Boat Festival climbed 32.3% from a year earlier to an estimated 106 million, 12.8% above the pre-pandemic level in 2019, the ministry of culture and tourism said.”

Development and real estate
Hong Kong to fine-tune mortgage limits for first-time homebuyers / Reuters
“Hong Kong plans to ‘fine-tune’ the maximum size of mortgages available to first-time homebuyers, Financial Secretary Paul Chan said in a radio interview on Sunday.”
Sun Hung Kai launches Guangzhou flats, banks on high-speed rail link to attract Hong Kong homebuyers / SCMP (paywall)
“Sun Hung Kai Properties (SHKP) is launching a new residential project in Guangzhou, joining the ranks of developers looking to attract Hong Kong homebuyers to flats in Greater Bay Area cities.”

JD.com
JD makes management changes in pursuit of ambitious growth plan / TechNode
“Chinese online retailer JD on Monday announced changes to its senior executive line-up, involving its logistic arm and healthcare unit, days after releasing ambitious growth targets at its 20th-anniversary celebration last week.”
China’s JD.com to open grocery stores by merging 7Fresh, other units / Reuters
“Chinese ecommerce giant JD.com plans to open retail grocery stores through the merger of its 7Fresh supermarket unit with other business lines such as its group-buying arm Pinpin, a company spokesperson said on Monday.”
CEO of JD Logistics steps down for ‘health reasons’ / Caixin (paywall)
“The CEO of Chinese ecommerce giant JD.com’s courier arm…stepped down Monday due to ‘health reasons,’ the unit said in an exchange filing.”

TikTok
Former Disney PR chief Zenia Mucha to head TikTok communications at a pivotal moment / LA Times
“Zenia Mucha, who led Walt Disney Co.’s powerful public relations machine for nearly two decades, is joining social video platform TikTok.”
TikTok operating chief Vanessa Pappas to step down after five years / FT (paywall)
“TikTok’s chief operating officer Vanessa Pappas has stepped down after five years as one of its highest-profile U.S. executives, dealing a blow to the social media platform as it faces mounting regulatory scrutiny.”

Syngenta’s IPO
China’s biggest IPO in years poses $9 billion question for western banks / FT (paywall)
“Goldman Sachs, JPMorgan and other western banks have spent months lobbying to work on one of China’s biggest-ever stock market listings. Syngenta’s planned $9 billion Shanghai offering seems like a dream ticket for the banks: a large international company that has existing relationships with global institutions.”

Shein
Shein overstock is getting a second life in Latin America’s street markets / Rest of World
“An offline wholesale market for Shein clothing has flourished in countries like Mexico and Honduras. The company’s surplus stock is cheaply acquired and resold in places where ecommerce hasn’t taken off.”

SCIENCE, HEALTH, AND ENVIRONMENT:

Renewable energy
In China, world’s largest hybrid solar-hydro plant produces electricity on Tibetan Plateau / SCMP (paywall)
“The world’s largest hybrid solar-hydro power plant started producing electricity in the eastern Tibetan Plateau on Sunday, according to Chinese state media reports.”

Extreme weather
Beijing heat wave clouds long weekend and sets multi-day temperature record / AP
“Beijing and parts of northern China are experiencing record temperatures, with authorities urging people to limit their time outdoors.”
Beijing sweats in extreme heat for record third day / Reuters
Extreme floods and heat in China ravage farms and kill animals / NYT (paywall)
“China’s leader has made it a national priority to ensure the country can feed its large population. But weather shocks have disrupted wheat harvests and threatened pig and fish farming.”

Pain treatment: New research
Chinese study suggests role for ultrasound in brain-based treatments / SCMP (paywall)
“Chinese researchers have established that ultrasound can induce behavioral changes in mice, in a study they say could have broad applications for the treatment of chronic pain and other disorders.”

Mainland nurses in Hong Kong
Hong Kong nurse exchange scheme with mainland China has eased pressure on city hospitals, staff say / SCMP (paywall)
“The scheme was designed to bring 300 nurses from Guangdong to Hong Kong over two years for an exchange of medical knowledge.”

POLITICS AND FOREIGN AFFAIRS:

The Communist Party, elite politics, and government
China to roll out patriotic education law for internet users, overseas Chinese and schoolchildren / SCMP (paywall)
“China plans to roll out a new law that would push patriotic education for internet users, schoolchildren and overseas Chinese.”
China’s top graft buster ramps up internal anti-corruption efforts / Caixin (paywall)
“A senior publicity official with the Central Commission for Discipline Inspection (CCDI) has been placed under investigation by the country’s top graft buster, becoming the latest CCDI official to get caught up in China’s sweeping corruption crackdown.”

COVID origins
COVID virus wasn’t at Wuhan lab before pandemic, U.S. report says / WSJ (paywall)
“There is no evidence a Chinese laboratory at the center of the debate over COVID-19’s origins conducted genetic engineering on viruses related to the one that caused the pandemic, or held such viruses in its stockpiles before the 2019 outbreak, U.S. intelligence agencies said Friday.”
U.S. intelligence report finds no clear evidence of COVID origins in Wuhan lab / NYT (paywall)
“A declassified report says that the illnesses of three laboratory researchers in 2019 do not support or refute the theory that the virus that causes COVID could have slipped out of a lab.”
No direct evidence COVID started in Wuhan lab, U.S. intelligence report says / Reuters

Debt relief
China joins effort to avert sovereign debt crisis / Caixin (paywall)
“As China has emerged as the largest creditor to developing countries it is taking on a new role with global lenders helping sovereign borrowers restructure repayments amid the worst debt crisis for poor countries since the 1980s.”
Trapped in the crossfire of the U.S.-China rivalry / NYT (paywall)
“Suriname, a tiny nation ravaged by recession, inflation and impossible debts, saw its relief held up by superpower politics. It won’t be the only country.”
Zambia reaches watershed deal on China debt / WSJ (paywall)
“Zambia has reached a deal with China and Western creditors to extend repayment of $6.3 billion in loans, according to people familiar with the matter, the result of drawn-out negotiations that are seen as a test case for developing nations contending with massive debts accumulated under China’s Belt and Road initiative.”
Chinese media noticeably quiet on Zambian debt deal / China-Global South Project (paywall)
“Most major financial news outlets in the U.S. and Europe featured prominent coverage of Friday’s landmark Zambian debt restructuring deal but the story was barely mentioned in China.”

Hong Kong smuggling
Hong Kong customs makes record HK$1.5 billion seizure of smuggled goods, mostly electronics, bound for mainland China via Singapore / SCMP (paywall)
“Hong Kong customs officers have seized HK$1.5 billion ($191.5 million) worth of smuggled goods destined for mainland China via Singapore in its largest haul yet.”

U.S.-China competition and tensions
Packages from China are surging into the United States. Some say $800 duty-free limit was a mistake / AP
“Conservatives anxious to counter America’s leading economic adversary have set their sights on a top trade priority for labor unions and progressives: cracking down on the deluge of duty-free packages coming in from China.”
Biden plays down dictator remark after China reprimands U.S. ambassador / WSJ (paywall)
“President Biden said Thursday he didn’t believe his description this week of Chinese leader [Xí Jìnpíng 习近平] as a dictator had set back U.S. relations with China, after Beijing summoned the U.S. ambassador for an official reprimand following the president’s comments.”
Blinken backs Biden after he called China’s Xi a dictator / Politico
“Secretary of State Antony Blinken stood by President Joe Biden after Biden referred to Chinese President Xi Jinping as a dictator during a fundraising event Tuesday.”

U.S. charges Chinese fentanyl manufacturers
U.S. files first-ever charges against Chinese fentanyl manufacturers / Reuters
“The U.S. Justice Department on Friday filed criminal charges against four Chinese chemical manufacturing companies and eight individuals over allegations they illegally trafficked the chemicals used to make fentanyl — a highly addictive painkiller that has fueled the opioid crisis in the United States.”
U.S. charges 4 Chinese firms with selling chemicals to make fentanyl / NYT (paywall)
U.S. launches prosecutions of Chinese companies on charges of trafficking fentanyl ingredients / AP

Mongolia
China, Mongolia to discuss technology, railway connections and green development as prime minister begins six-day trip / SCMP (paywall)
“Mongolia is expected to enhance cooperation with China on technology, railway connections and green development as its prime minister kicked off a six-day visit to its neighbor on Monday.”

Australia and New Zealand
Australian prime minister’s visit to China to be locked in at ‘appropriate time’ / Reuters
“Australian Prime Minister Anthony Albanese said on Sunday that he would set the date for a China visit at an ‘appropriate time’ as he stressed the importance of bilateral trade and expressed concerns about an Australian journalist detained in Beijing.”
For New Zealand exporters, China both a target and a risk / Reuters
“As New Zealand Prime Minister Chris Hipkins prepares to lead a trade delegation to China seeking greater access for both the country’s primary exports and emerging sectors such as gaming, producers are diversifying away from their biggest market.”

India
Biden, Modi take careful aim at China, Russia in joint statement / Reuters
“The United States and India declared themselves ‘among the closest partners in the world’ on Thursday during a state visit by Indian Prime Minister Narendra Modi to Washington hosted by President Joe Biden.”
U.S. drones to help India track Chinese troops on disputed border / WSJ (paywall)
“India plans to purchase upgraded MQ-9B drones in a transaction valued at roughly $3 billion. The deal was announced by the U.S. and India Thursday in Washington, during Prime Minister Narendra Modi’s first state visit to the U.S.”

Russia
China plays down impact of Russia’s aborted rebellion on bilateral ties / FT (paywall)
“China has described Yevgeny Prigozhin’s attempted insurrection as Russia’s ‘internal affair’ as it tried to play down any potential impact on their close ties during a visit by Moscow’s deputy foreign minister Andrei Rudenko to Beijing.”
Wagner uprising unnerves Russia’s partners across Asia / Nikkei Asia (paywall)
Russia says China backs its efforts to stabilize the country after mercenary rebellion / AP
China looking to learn lessons from Yevgeny Prigozhin’s aborted Russian rebellion / SCMP (paywall)
China says it supports national stability in Russia after Wagner ‘incident’ / Caixin (paywall)
Chinese firm sent large shipments of gunpowder to Russian munitions factory / NYT (paywall)
“The previously unreported shipments between a state-owned Chinese company and a Russian munitions factory last year raise new questions about Beijing’s role in Russia’s war against Ukraine.”

Saudi Arabia
Saudi Arabia sends top delegation to China’s ‘Summer Davos’ / FT (paywall)
“Saudi Arabia will send one of the biggest official delegations to this week’s ‘Summer Davos’ in China, as Beijing deepens co-operation with the Middle East to reboot the world’s second-largest economy after three years of COVID-19 lockdowns.
Saudi Aramco sees ‘sound’ oil outlook for H2 on China, India demand / Reuters
“Saudi Aramco believes market fundamentals remain ‘sound’ for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday.”

SOCIETY AND CULTURE:

Education
Zhongkao, not gaokao, now the make-or-break exam, parents say / Sixth Tone
“China dictates that roughly half of all middle school graduates enter regular high school while the other half either attend vocational school or drop out. This policy, as well as longstanding concerns about the quality of vocational schools, are raising the stakes for students taking China’s high school entrance exam.”
As IT booms in China, humanities and arts majors struggle / Sixth Tone
“Despite concerns over career prospects and increasing competition among graduates, the IT sector in China is consistently offering higher-than-average salaries for graduates starting their careers, according to recent employment data.”
China’s anxious parents turn to tutoring black market after Xi Jinping’s crackdown / FT (paywall)
“The country’s for-profit tutoring industry, once anchored by U.S.-listed Chinese corporations that employed hundreds of thousands of people and commanded valuations in the tens of billions of dollars, has splintered into a black market where agents and tutors privately liaise with parents.”

Restaurant explosions
China blast wounds two in third restaurant explosion in under a week / Reuters
“A blast at an eatery in northwest China’s Gansu province injured two on Monday, according to state broadcaster CCTV, the third in a series of restaurant explosions in less than a week that have prompted a nationwide push to stem out fire hazards.”
Chinese authorities focus on fire hazards following restaurant blast / Reuters