Washington’s mixed messages on economic ties with China

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

The U.S. should review trade ties with China and potentially invoke even greater tariffs if Beijing hasn’t lived up to the landmark 1999 trade agreement, the U.S.-China Economic and Security Review Commission (USCC) said in an annual report released today, while also recommending the creation of a cross-agency body to draft sanctions against China in the event of a conflict with Taiwan.

• The Hong Kong government “vehemently refutes” the report over its comments on the city’s “rubber-stamp parliament,” and the freedoms that have “all but vanished.”

Top U.S. and China economic officials are talking: China’s central bank governor, Yì Gāng 易纲, and U.S. Treasury Secretary Janet Yellen had a “very constructive” discussion on high energy and commodity prices, as well as macroeconomic outlooks for more than two hours on Wednesday, on the sidelines of the Group of 20 summit in Bali, Indonesia.

Henan has turned to retired Party cadres and PLA military personnel to help keep Foxconn’s COVID-hit iPhone factory running, as labor shortages caused by thousands of workers fleeing Beijing’s virus controls continue to squeeze production at the Zhengzhou site.

Tencent is dividing its $20 billion stake in Meituan among its shareholders, in a bid to further reduce its investments in technology and internet companies. The news comes after the Chinese internet giant slashed nearly 1,900 jobs in the third quarter, following about 5,500 layoffs in the previous quarter, in light of growing economic headwinds.

Something rotten at Missfresh: On Monday, the Nasdaq-listed Missfresh, which claims to have invented the distributed mini-warehouse retail model, reissued its 2021 annual report, showing that the company has only 55 employees left, and is in arrears with payments to employees and suppliers. In July, Missfresh closed down its main business operations in China. See today’s Business briefs from the Chinese media, with more links and info on:

• A 47.9-hour workweek.
• A big drop in the real estate market.

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