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All of this happened in China this week. A thread. 1/10
Taiwan tensions. Presidents Biden and Xi speak for a fifth time in what was described as a “candid” conversation. Xi tells Biden it's China's will to safeguard its “national sovereignty and territorial integrity” over Taiwan. 2/10
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Alibaba's homecoming plan. The e-commerce giant is switching its primary listing to HK from New York - a template for the 200 or so Chinese companies listed in the US. There's an initial stock-market excitement around the plan. 3/10
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Speaking of Alibaba - Jack Ma tours Europe. China's most visible billionaire has been making significant concessions to get out of the government's crosshairs. He now intends to reduce his economic interest in Ant Group. 4/10
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Politburo power. China's top leadership meet to discuss the economy, inflation, property market and credit needs. There's a youth unemployment issue, too. Readouts don't mention the 5.5% GDP target, and it looks like Big Stimulus isn't on the cards. 5/10
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Remember Evergrande? The clock is ticking for the embattled developer to deliver a preliminary restructuring plan by the end of July. Evergrande's CEO was forced to resign as the company looks into how $2b of deposits were mishandled. 6/10
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Cash crunch. Country Garden sells new stock at a 13% discount and will use some of the proceeds to pay down debt. China's largest developer was until recently considered one of the strongest in the industry. Its ratings slid into junk last month. 7/10
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Wuhan. The city is limiting movement in some areas after finding just four asymptomatic Covid-19 cases. China is showing no signs of moving away from Covid Zero, more than two years after Wuhan residents went through the world's first lockdown. 8/10
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Jeep explains. The carmaker shut its only factory in China because local politicians kept meddling in the market, CEO Carlos Tavares says. Also, Jeep doesn't want to risk falling victim to cross-sanctions if China's relations with the West worsen. 9/10
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Hong Kong borrowing costs rise. The prime rate is likely to hit 7-8% next year, which may force mortgage holders to pay 44% more a month, BI says. HK follows US monetary policy due a pegged currency - regardless of what the economy is doing. 10/10
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