China News - 5 November 2020
International
Australian exporters scramble as fears of more China trade bans grow. After reports that China would implement curbs on exports from sectors in Australia worth more than $6bn, The Australian reports that Chinese state media appear to have confirmed the rumours. The Chinese government had initially denied the ban, saying its importers voluntarily cut back on Australian goods. But the Global Times, a state-controlled tabloid, made a reference to the ban as fact in a report yesterday. Such a ban would apply to Australian wine, lobster, sugar, coal, timber, barley and copper from Friday onwards. PM Scott Morrison has said “(We) are working closely with industry to pursue the appropriate channels within the relationship … to get some clarity and some resolution.” Australian companies exported $149bn of goods to China last year. The Australian, The Guardian, SCMP, 5 November
Australia calls for China to 'play by the rules' after reports of multibillion-dollar trade bans. The Guardian, 5 November
President Xi pledges to import more in keynote speech at international import expo in Shanghai. China will import over $22 trillion worth of goods over the next decade, Xi said. Reuters, Full speech (English)
Australia charges first person under foreign interference law. The charge follows a year-long investigation by the counter foreign interference (CFI) taskforce, led by the Australian Security Intelligence Organisation and the AFP. Although the CFI did not officially disclose details of the alleged offence, the 65-year-old man is a Chinese-Australian community leader who has held senior positions at Chinese associations in Victoria. The Guardian, Nikkei, 5 November
Police in Hong Kong have launched a hotline where residents can report breaches of the national security law imposed by Beijing earlier this year. Hong Kong residents can send images, audio and video files to the hotline. Hong Kong's police department said on Facebook that the hotline allows people to report "national security" issues without sharing their personal details. BBC, 5 November
Political lobbying and foreign influence: Politico covers the CRG report recommendations for heightened scrutiny of business appointments and more transparency around political lobbying funded by foreign governments. Politico London Influence newsletter, 5 November
With an eye on China, India gifts submarine to Myanmar. India is giving a Soviet-era Kilo-class submarine to Myanmar, a move that many analysts see as an attempt by New Delhi to counter China's clout in the region. FT, 5 November
China watch
Coronavirus: China closes door to British, Belgian and Philippine visitors. SCMP, 5 November
In China, bemusement over unresolved U.S. election on social media. Reuters, 4 November
Economy & tech
Taiwan tech firms expected to continue withdrawing from Chinese market, according to Vice Premier. Taiwan News, 5 November
Would-be Ant investors in $9bn strategic funds demand money back. More than 10 million retail investors who subscribed to five funds planning to invest in the share sale demanded their money back. Nikkei, 5 November
Longer reads & opinion
The day Jack Ma became Ray Dalio's nightmare. Beijing’s shock move to suspend Ant’s IPO is a reminder that investing in China can be scary, no matter what smart hedge fund managers say. Bloomberg, 5 November
Lahore’s metro line opened to fanfare – but what is the real cost of China's 'gift'? The Guardian, 5 November
Ant’s rocky road holds lessons for business in a digital age. The saga shows both how capitalist China has become and how Communist it remains, writes John Thornhill in the FT, 5 November
Chinese censors control the celluloid world, too. Even star director Zhang Yimou had to bend to their will in his new movie ‘One Second’. FT, 4 November