Highlighted links for August 30, 2023

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

BUSINESS AND TECHNOLOGY:

Investing in China
U.S. firms complain China is ‘uninvestable,’ commerce chief says / Nikkei Asia (paywall)
“U.S. Commerce Secretary Gina Raimondo said U.S. companies have complained to her that China has become ‘uninvestable,’ pointing to fines, raids and other actions that have made it risky to do business in the world’s second-largest economy.”

IPOs on Chinese markets
Chinese regulator stalls IPOs, frustrating investors / The Information (paywall)
“It’s not too often that China-based leaders of major venture capital and private equity firms, including Neil Shen [沈南鵬 Shěn Nánpéng] of Sequoia Capital China and David Liu [刘海峰 Liú Hǎifēng] of DCP, gather as a group to voice their concerns to China’s securities regulator. But an opportunity arose in late July when the two were among dozens of investors who met with the China Securities Regulatory Commission to discuss challenges facing private investments in China.”

Goldman Sachs uses Chinese state funds to buy companies
Goldman Sachs bought UK and US companies using Chinese state funds / FT (paywall)
“Goldman Sachs has used a fund set up with Chinese state money to buy a series of US and UK companies, including one with a cyber security business that provides services to the British government, even as tensions rise between Beijing and the west.”

U.S.-China trade
Factories may be leaving China, but trade ties are stronger than they seem / NYT (paywall)
“The United States has spent the past five years pushing to reduce its reliance on China for computer chips, solar panels and various consumer imports amid growing concern over Beijing’s security threats, human rights record and dominance of critical industries.”

Electric vehicles
Chinese EV start-up Hozon raises $960 million in pre-IPO financing, looks to expand footprint at home and abroad / SCMP (paywall)
“Hozon New Energy Automobile has raised 7 billion yuan ($960 million) in pre-initial public offering (IPO) financing as the Chinese electric vehicle (EV) start-up gears up to tap the Southeast Asia market.”

Ecommerce
PDD co-founder Colin Huang’s fortune grows by $4.3 billion / Caixin (paywall)
“Colin Huang’s (黄峥 Huáng Zhēng) wealth surged $4.3 billion Tuesday as shares of PDD Holdings Inc., the Chinese e-commerce company he founded, rose in New York trading.”

AI
China exploring ways to make its own AI memory chips despite US sanctions, sources say / SCMP (paywall)
“China is exploring ways to produce its own high-bandwidth memory (HBM), the next-generation of memory chips tailored for artificial intelligence (AI) processors, as it pushes ahead with a semiconductor self-sufficiency drive amid US sanctions, industry sources said.”

Real estate and property development
China’s too-big-to-fail property giants just the tip of real estate crisis, as ‘suppliers are being dragged to death’ / SCMP (paywall)
“Indebted property developers such as Evergrande and Country Garden owe millions to small companies and their workers, showing how far-reaching the impact has become.”

Country Garden
Country Garden seeks 40-day grace period to avert default / Caixin (paywall)
“Country Garden Holdings Co. is seeking a 40-day grace period for a maturing 3.9 billion yuan ($540.8 million) onshore bond as the distressed property developer pushes to secure creditor support for stretching out repayment by three years.”

SCIENCE, HEALTH, AND ENVIRONMENT:

Typhoon nears China
Typhoon Saola, nearing category 5 strength, threatens China / NYT (paywall)
“The tropical cyclone was passing near Taiwan on Wednesday and edging closer to Hong Kong and the Chinese mainland.”

Fukushima nuclear water discharge aftermath
Anti-Japanese feeling rises in China after Fukushima water discharge / WSJ (paywall)
“Anti-Japanese sentiment is growing in China and spilling over into daily life with boycotts and hoarding after Tokyo started discharging slightly radioactive water into the Pacific.”
Why China is stirring up anti-Japanese sentiment / Foreign Policy (paywall)
“State-supported anger in the wake of Japan’s Fukushima wastewater release follows a nationalist script.”

China’s increasing grain consumption
China’s richer diet is straining the agricultural industry / Caixin (paywall)
“For years China had more than enough wheat and rice to feed its 1.4 billion people. But since the nation grew richer and diets shifted to more meat and dairy, the world’s second-most populous country is running out of enough arable land to keep up with the demand for high-protein food.”

Fighting corruption in healthcare
China’s corruption crackdown rips through healthcare sector / FT (paywall)
“Efforts to tackle bribery and fraud could have far-reaching impact on doctors, patients and multinational drugmakers.”

POLITICS AND FOREIGN AFFAIRS:

Belt and Road Initiative
How the BRI reshaped China’s medical aid spending / Sixth Tone
“After decades focused on Africa, the rise of the Belt and Road Initiative has refocused Chinese aid closer to home.”

Tragedies lead to firing of multiple officials
China punishes scores of officials for negligence in two fatal accidents / Caixin (paywall)
“Dozens of local officials, including provincial vice governors, have been punished in connection with a fire in Central China and a mine collapse in the north of the country, following investigations by the State Council into the two fatal incidents that combined left nearly 100 people dead.”

China sets image for Xinjiang
China ‘proactively building’ image as Central Asian media bosses taken on Xinjiang tour / SCMP (paywall)
“China is ‘proactively building’ the image of Xinjiang in Central Asia, an observer said, as authorities in the western Chinese region hosted media bosses from four former Soviet republics with deep cultural and historical connections to it.”

Hong Kong
Hong Kong squeezes activists in exile by interrogating relatives / Nikkei Asia (paywall)
“Hong Kong authorities have been detaining and questioning family members of democracy activists living in exile, adopting tactics considered a hallmark of the Chinese Communist Party.”

U.S.-China competition and tensions
U.S. commerce secretary rejects Chinese appeal to ease export controls / AP
“U.S. Commerce Secretary Gina Raimondo said she rebuffed an appeal Tuesday by Chinese leaders to reduce U.S. export controls on technology with possible military uses but the two governments agreed to have experts meet to discuss disputes over protecting trade secrets.”
U.S. to China: Don’t expect sudden resolution of bilateral issues / Nikkei Asia (paywall)
“U.S. Commerce Secretary Gina Raimondo said Wednesday that new communication channels set up with China would allow tough bilateral issues to be discussed but tamped down on expectations of thorny concerns being resolved ‘suddenly.’”
A clash of worldviews / Foreign Affairs (paywall)
“Leaders in both China and the United States appear genuinely interested in trying to stabilize their relationship, which is now at its rockiest point in 50 years. Both countries recognize that the tension between them has become so acute that they face a real and growing risk of war.”

The Philippines
U.S military in talks to develop port in Philippines facing Taiwan / Reuters
“The U.S. military is in talks to develop a civilian port in the remote northernmost islands of the Philippines, the local governor and two other officials told Reuters, a move that would boost American access to strategically located islands facing Taiwan.”

U.K.
Britain’s top diplomat visits China for the first time in 5 years with hopes of stabilizing ties / AP
“Britain’s top diplomat, James Cleverly, began a long-awaited visit to China on Wednesday as the two countries attempt to stabilize their ties that have frayed badly in recent years.”
Cleverly’s visit to Beijing boosts ‘sound and stable’ relations, Vice-President Han Zheng says / SCMP (paywall)
U.K. lawmakers refer to Taiwan as ‘an independent country’ in panel report / SCMP (paywall)
“A powerful panel of British lawmakers has described Taiwan as ‘an independent country’ that ‘possesses all the qualifications for statehood,’ in a move that is sure to draw the ire of Beijing.”
British policy on China lacks clarity and coherence, say MPs / FT (paywall)
“The UK government’s approach to China lacks clarity and coherence, and ‘confusion’ abounds across Whitehall about Britain’s policy tilt to the Indo-Pacific, according to a report by MPs.”
James Cleverly’s pragmatic China stance clashes with Tory hawks / FT (paywall)

India
India protests China’s land claim ahead of the G20 summit President Xi Jinping is expected to attend / AP
“India is protesting a new Chinese map that lays claim to India’s territory ahead of next week’s Group of 20 summit in New Delhi, a foreign ministry official said, exacerbating tensions during a three-year military standoff between the two nations.”

SOCIETY AND CULTURE:

Video games
China approves 31 foreign video games, including Avatar and Lord of the Rings, pushing 2023 total past previous year / SCMP (paywall)
“China’s video game regulator has approved 31 foreign-developed titles for the local market, including adaptations of blockbuster film franchises Avatar and The Lord of the Rings, in the second batch of such approvals this year.”

Equal opportunity in schooling
China eyes ban on entrance exams, advanced classes at preschools / Nikkei Asia (paywall)
“Chinese lawmakers have begun deliberating a draft law that would prohibit preschools from teaching at an elementary school level, part of a campaign to foster a more equitable society as parents cope with the rising costs of education.”

Corruption in sports
Amid anti-corruption drive, China’s sports regulator says ‘political stance’ is top priority for cadres / SCMP (paywall)
“China’s top sports regulator has pledged to place ‘political stance’ as the top priority in selecting cadres amid a sweeping anti-corruption drive in the sector.”

Basketball star moves on
Chinese basketball icon calls it quits / Caixin (paywall)
“Star player Yì Jiànlián 易建联 announced his retirement via social media early Wednesday.”
After China’s World Cup setback, basketball star Yi Jianlian retires / Sixth Tone

Chinese influence on social media
China behind biggest online influence network: Meta / Nikkei Asia (paywall)
“Operators linked to Chinese law enforcement are behind the world’s largest online influence operation, aimed at advancing Beijing’s interests and attacking its rivals, according to a new report by Meta.”

Student at center of UNC shooting revealed
Village hero story turns to tragedy as UNC student charged with murder / Sixth Tone
“The suspect at the center of Monday’s shooting at the University of North Carolina at Chapel Hill, defied difficult economic circumstances to study at top universities in China and the United States.”