China News - 6 December
International
Cameron and Yi discussed intention to have “constructive relationship”. The Foreign Secretary spoke to his Chinese counterpart on Tuesday to make clear their “intention to have a constructive relationship”. Kylie MacLellan and Sarah Young. Reuters, 5 December
Sellafield nuclear site hacked by groups linked to Russia and China. It is still not known whether all the malware has been eradicated. Anna Isaac and Alex Lawson. The Guardian, 4 December
China says visa-free travel policy has boosted tourism. Spokesperson Wang Wenbin said “going forward, the Ministry of Foreign Affairs will continue to adjust visa policies to create more favourable conditions and further facilitate cross-border travel”. Andrew Hayley, Liz Lee and Bernard Orr. Reuters, 5 December
Economy & Tech
Moody’s cuts China’s credit outlook to negative. Rating agency Moody’s Investors Service cut its outlook on China’s sovereign credit to negative on Tuesday. Cheng Leng. Financial Times, 5 December
Western start-ups seek to break China’s grip on rare earths refining. Start-up tech firms are racing to transform the way rare earths are refined for the clean energy transition. Ernest Scheyder. Reuters, 4 December
Chinese investors drive rally in local government dollar bonds. Domestic buyers are attracted by offshore bonds’ high yields and are buying up the dollar bonds of China’s cash-strapped local governments. Hudson Lockett and Cheng Leng. Financial Times, 5 December
“Pose as lawyers, activists”: How Chinese accounts spread fake news in India. A recent report by Meta has highlighted the growing menace of fake Facebook accounts originating from China that then spread fake news about India. Ndtv, 5 December
China’s big pig breeders dig in as losses and debts mount. Large agribusinesses have pushed their way into the Chinese pig market so aggressively that, as demand has lessened, their hog prices are falling, losses are mounting and debt is rising. Dominique Patton. Reuters, 4 December
Opinion & long-reads
COP28: Should India and China benefit from a climate damage fund? China is the top emitter of greenhouse gases, and India is the third. Both countries have large economies but argue that they also have vulnerable communities which need financial support from such a fund. Navin Singh Khadka. BBC News, 4 December
Forest City: Inside Malaysia’s Chinese-build “ghost city”. Country Garden’s Forest City is a barren reminder of China’s property crisis. 8 years on, only 15% of the project has been built and 1% of the development is occupied. Nick Marsh. BBC News, 5 December
China’s accelerating rise in consumer defaults. The effect of a decrease in post-pandemic consumer spending is exacerbated by an unsophisticated governance regime in dire need of reform. Financial Times, 4 December
China biotech: investors fear a negative reaction from the US. As demand for vaccines lessens, growth is slowing. Wuxi Biologics is likely to miss this year’s original sales target by $400mn. Financial Times, 5 December