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, India Complicate Biden’s Climate Ambitions — Both countries have big and growing appetites for energy and rely heavily on coal.
- U.S. Concerns About China Put Focus on Taiwan’s Defensive Weakness — As Chinese military activity near the self-ruled island increases, security experts say it must do more to prepare for possible conflict.
- Pakistan Investigates Whether Attack Targeted China’s Ambassador — Bombing in Quetta follows string of attacks on Chinese interests in the country.
- Will Biden Use Every Tool Against China? — By Thomas Feddo. Trump fixed up an interagency panel that can filter predatory Chinese investment.
- Climate Change Offers U.S., China Chance to Cooperate…and Compete [Video] — While there are tensions between the U.S. and China about trade and technology, climate change is an area where the pair could work together. WSJ’s Gerald F. Seib explains why it could also lead to competition for global leadership.
- China’s Communist Faithful Flock to ‘Red Sites’ Ahead of Party Centennial — Leader Xi Jinping puts focus on Communist Party history in run-up to anniversary of its founding in July.
The Financial Times
- MPs unanimous in declaring China’s treatment of Uyghurs genocide — Beijing condemns non-binding vote that puts pressure on UK government to take harder line.
- Jack Ma/Ant Group: a disrupter who is no longer good for business — The billionaire and his businesses may have been too freewheeling for Beijing’s tastes.
- China and Hollywood: the end of the affair — Tinseltown grapples with censorship and competition as Chinese box office overtakes US.
- Tencent quietly backed Indian platform ShareChat despite restrictions — Social platform raised $225m in convertible debt from Chinese tech giant, circumventing FDI rules.
- China’s central bank fights Jack Ma’s Ant Group over control of data — Beijing wants to create state-run repository to manage fintech’s most valuable asset.
- UK spymaster issues warning over China’s cyber threat — GCHQ director Jeremy Fleming says Britain is a ‘big animal’ in the digital world but must adapt its sovereign capabilities.
- US aims to lead by example as countries pledge climate action — Summit Day 1: Biden says cutting emissions will boost jobs and China’s Xi promises to ‘phase down’ coal.
- For real progress on climate change, invite the developing world — The US and China must work together to help small economies reduce emissions.
- Hong Kong journalist’s conviction stokes fears over press freedom — Critics say Bao Choy’s prosecution is meant to discourage reporters from contentious investigations.
The New York Times
- Who Is Zhang Weili, the Chinese U.F.C. Champion Fighting on Saturday? — In China, she’s a symbol of women’s rights and a national hero. But Zhang Weili, who defends her U.F.C. title in Florida on Saturday, cares about just one label: champion.
- From Mao Zedong to Xi Jinping — A former Beijing bureau chief shares insights from her time in China.
Caixin
- Shanghai Financial Court Given Jurisdiction Over Cross-Border Cases — The court will soon be dealing with domestic complaints about securities issued and futures traded overseas.
- China’s Busted Illegal Fundraising Cases Worth $60 Billion Since 2018 — Regulators say they will pay close attention to potential illegal activities using the cover of blockchain and virtual currency to raise funds this year.
- Livestreaming Hawkers Fall Into Beijing’s Crosshairs — Internet regulator and six other government agencies issue trial guidelines to bring order to booming online sales sector.
- PayPal Plans to Launch Local e-Wallet in China with Focus on Cross-Border Payments — PayPal is looking to launch a local digital wallet in China with a focus on cross-border payment services in an attempt to fend off fierce competition from bigger rivals such as Alipay and WeChat Pay, which collectively dominate China’s domestic mobile payment market.
South China Morning Post
- China’s carbon-neutrality push prompts major coal-production region to beg banks for financing — China’s ambitious carbon-neutrality goals do not bode well for miners in the coal-producing province of Shanxi, which is already facing financing difficulties after a series of high-profile domestic bond defaults last year.
- Chinese tech titan Baidu and carmaking giant Geely to pour US$7.7 billion into making next-generation smart cars — Chinese technology titan Baidu and carmaking giant Geely are to pour 50 billion yuan (US$7.7 billion) into making next-generation cars.
- Taiwan foundry TSMC approves US$2.89 billion for capacity expansion in ‘mature technology’ amid chip shortage — Taiwan Semiconductor Manufacturing Co’s (TSMC) board has approved US$2.89 billion in spending to increase capacity, the company said on Thursday, responding to a global chip shortage that has affected carmakers in particular.
Bloomberg
- Steel Hits Fresh Highs in China as Output Curbs in Sharp Focus — Steel futures in China reached new highs as investors weighed the nation’s commitment to lowering production against its strong demand.
- China is Formulating a Hydrogen Plan But Its Timing is Uncertain — China is drafting a plan to develop its hydrogen industry as it seeks to cut emissions.
- Tesla’s Honeymoon With China May Be Over But the Marriage Will Go On — Elon Musk and his company came under attack at a prestigious auto show in Shanghai. That doesn’t mean the electric car maker is going to be hounded out of the People’s Republic.
- Senators Seek to Attach Self-Driving Car Reprieve to China Bill — Lawmakers pushing to allow U.S. automakers to sell as many as 80,000 self-driving cars apiece each year are trying to pin the fate of their measure to bipartisan legislation to enhance American competitiveness with China.
Reuters
- Exclusive: PAG plans $10 billion merger, offshore IPO of Chinese gases assets – sources — Private equity firm PAG plans to merge its two Chinese industrial gases portfolio companies and seek an offshore listing for the combined entity estimated to be worth more than $10 billion, two people with knowledge of the matter said.
Other Publications
- Economist: China’s domestic surveillance programmes benefit foreign spies — An aversion to encryption makes the country’s networks vulnerable.
- Economist: A collection of Chinese contemporary art falls prey to politics — It is part of the broader clampdown going on in Hong Kong.
- Economist: Leading democrats in Hong Kong are jailed — Some of the territory’s most respected democratic activists fall foul of the National Security Law.
- Nikkei Asian Review: China seeks to lure investors into REITs to finance infrastructure — Government intends to build $770bn market to support infrastructure projects.
- Foreign Policy: Why Rare Earths Are the Key to Just About Everything — They’re not actually that rare, but their importance to almost all modern technologies cannot be overstated.
- Foreign Affairs: Chinese Students Are Not a Fifth Column — Indiscriminate Bans Will Hurt—Not Protect—U.S. Innovation.
- The Diplomat: Engagement With China Worked After All — By Lance L.P. Gore. China’s sharp swing to the left under Xi surprised many. But rather than a new normal, his generation may be the last gasp of old-school Maoism in the country.
