Good Morning. Welcome to The Wire’s daily news roundup. Each day, our staff gathers the top China business, finance, and economics headlines from a selection of the world’s leading news organizations.
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The Wall Street Journal
- China and Russia Are the X-Factors in Biden’s Afghanistan Withdrawal — U.S. is focusing more on big-power rivals, but the move could blunt Washington’s human-rights message.
- China Figures Out How to Produce Must-See Propaganda TV — ‘Minning Town’ is part of a sophisticated turn in Communist Party messaging; an international version, with fewer meeting scenes, is in the works.
- China Rivalry Spurs Republicans and Democrats to Align on Tech Spending — National Science Foundation would get $100 billion to spend on research under ‘Endless Frontier Act’.
- Ant and Others Embraced Crowdfunded Medical Coverage, but Now It’s Under Beijing’s Microscope — Chinese regulators have warned that the industry has the characteristics of commercial insurance without being supervised as such.
- Electric-Vehicle Startup XPeng Bets on the Tech That Tesla Rejects — One of three U.S.-listed Chinese EV makers, it is relying on innovation to overtake its rivals.
The Financial Times
- Chinese ratings group cuts Huarong outlook to ‘negative’ as bonds slide — Concerns swirl over the quality of the distressed debt manager’s assets.
- China’s crackdown reaches Hong Kong classrooms: ‘It feels like there is a noose over my head’ — New national security curriculum for schools raises censorship fears among teachers and parents.
- China GDP: five things to watch — First-quarter data expected to reveal strong growth a year after Covid shut down economy.
- Do China’s ‘wolf warrior’ diplomats really have any bite? — The country’s social media offensive over Xinjiang is in overdrive — and backfiring in the west.
The New York Times
- Seeking Cooperation on Climate, U.S. Faces Friction With China — John Kerry, President Biden’s climate envoy, is pressing China to do more to address global warming. But he faces an emboldened Beijing leadership that thinks the United States has lagged behind.
- Key Chains and Teddy Bears in Riot Gear: Hong Kong Promotes National Security — The government organized a day of citywide activities, from schools to the police academy, to encourage residents to support a recent national security law.
- Intelligence Chiefs Warn of Russian Troops Near Ukraine and Other Threats — Officials said that China’s push for global power posed a threat to the United States, and they dwelled on climate change, domestic extremism and more.
Caixin
- After China Huarong’s Bond Rout, Spotlight Shifts to Overseas Financing Unit — Investors are waiting to see whether the scandal-plagued financial conglomerate is going to repay the dollar bonds guaranteed by its subsidiary, analysts say.
- China to Stress Test All 4,024 of Its Banks — The examinations aim to help identify high-risk lenders and systemic risks, a central bank publication says.
- Global Aluminum Prices Driven Up by Prospect of Shorter China Supply and High Demand — The country’s appetite for commodities and its ambitions to limit emissions have sent prices to their highest point in years.
- Tencent Music Chairman Resigns Amid China’s Anti-Monopoly Crackdown — Tong Tao Sang’s departure comes a year after the market regulator reportedly dropped a probe against the company for anti-competitive behavior.
South China Morning Post
- China’s FDI inflows surge at fastest rate in 13 years during first quarter, surpassing pre-pandemic level — Foreign direct investment in China grew at the fastest pace in more than a decade during the first quarter of 2021, according to data released by the Ministry of Commerce on Thursday.
- China gives green light to five nuclear units to cut carbon and aim for climate goals, sources say — China approved the construction of five nuclear power units, with a total installed capacity of 4.9 gigawatts, roughly 10 per cent of the country’s total, two sources said, as Beijing strives for alternatives to fossil fuel to meet its climate goals.
- EU mulls end to extradition treaties with China over Hong Kong electoral reform, but not every member state agrees — Under pressure from the United States and reeling from a blitz of Chinese sanctions, the European Union is preparing new measures to punish Beijing for sweeping electoral reform that will marginalise opposition voices in Hong Kong.
- Can China’s Huawei transform itself from hardware giant into a leading software provider with cloud? — Chinese telecoms giant Huawei Technologies Co is taking time to set strategy for its cloud business as the Shenzhen-based company pushes ahead with a broader effort to turn itself from a hardware maker into a software provider in the face of harsh US sanctions.
Bloomberg
- China’s Very Bad Bank: Inside the Huarong Debt Debacle — It’s been 11 weeks since Lai Xiaomin, the man once known as the God of Wealth, was executed on a cold Friday morning in the Chinese city of Tianjin.
- Biden Follows Trump With Tight Curbs on U.S. Tech Sales to China — President Joe Biden has ditched many of his predecessor’s policies, but he agrees with Donald Trump on the need to limit exports of U.S. technology to China.
- ASML CEO Says Trying to Control Chip Sales to China Won’t Work — Export controls against China will not only fail to halt its technological progress but also hurt the U.S. economy, ASML Holding NV Chief Executive Officer Peter Wennink said, after trade tensions between Washington and Beijing led to restrictions on the sale of the Dutch company’s advanced chip equipment to Chinese firms.
Reuters
- China’s Geely targets slice of premium electric car market with ‘startup’ brand Zeekr — NINGBO, China/BEIJING (Reuters) -Chinese automaker Geely, owner of Volvo Cars, on Thursday launched a high-end electric vehicle (EV) brand named Zeekr, targeting China’s growing appetite for premium EVs that has boosted sales for Tesla and Chinese peer Nio.
- China’s Ansteel Group plans ‘strategic restructuring’ of regional rival Ben Gang — China’s state-owned Ansteel Group is planning a “strategic restructuring” of regional rival Ben Gang Group, a filing showed on Thursday, in a sign that the government is seeking to step up consolidation of its mammoth steel sector.
- Hyundai Motor Group plans to launch EVs in China every year starting 2022 — South Korea’s Hyundai Motor Group said on Thursday it plans to launch electric vehicles (EVs) in China every year starting 2022 to enhance its presence in the world’s biggest car market.
- China must halve power sector emissions by 2030 to meet climate goals: study — China needs to halve carbon dioxide emissions from its coal-fired power plants by the end of the decade if it is to remain on course to become carbon neutral by 2060, according to research published on Thursday.
Other Publications
- POLITICO: Senate’s bipartisan swing at China faces GOP curveballs — The parties’ interests overlap considerably on China, but their accord could wither in the heat of a 50-50 chamber.
- Foreign Policy: Taiwan and China Are Locked in Economic Co-Dependence — Both sides have leverage but have been reluctant to use it.
- Nikkei Asian Review: Mainland China passes Taiwan as top market for chipmaking gear — Global equipment sales hit record high as semiconductor shortage fuels growth.
- Axios: Senate Democrats float climate diplomacy plan ahead of White House summit — Senior Senate Democrats will introduce legislation on Thursday designed to make climate change a pillar of U.S. diplomacy, boosting initiatives to help other nations cut emissions and adapt to a warming world, Axios has learned.
- Defense News: China aims to weaponize space, says intel community report ― China is working to weaponize space with an array of capabilities intended to target U.S. and allied satellites as part of its ambitious plans to displace the U.S. in space, the U.S. intelligence community warned in its new Global Risk Assessment report.
- The Diplomat: Jumpstarting China’s Industrial Decarbonization Revolution — China’s decarbonization plans must begin with its steel sector, which contributes 15 percent of its total carbon emissions.