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
- Inquiry Into Covid-19’s Origins Splits U.S. and China — Washington calls for new studies into when, where and how the pandemic began, while Beijing says scrutiny should turn to other countries.
- F-35 Sale to U.A.E. Imperiled Over U.S. Concerns About Ties to China — Washington seeks assurances for a $23 billion arms sale as Emirates expand security and technology cooperation with China.
- China’s Yuan Hits Strongest Level in Nearly Three Years — The currency has been buoyed by the country’s rapid recovery from the coronavirus pandemic.
- The Coming U.S.-China Race Over 5G in Cars — Chinese companies have a head start using a cellular standard that the U.S. only recently adopted.
- Tesla to Store China Data Locally in New Data Center — U.S. electric-car maker has faced scrutiny in China of its handling of potentially sensitive vehicle data.
- China’s ‘Green Bonds’ Often Look More Like Regular Bonds — In some cases, up to half the proceeds go to financing companies’ day-to-day operations.
- Australia Reviews China Port Lease Near U.S. Military Outpost — China’s Landbridge dismisses national-security concerns, saying its investment in Darwin Port is commercial, and threatens lawsuit if lease is terminated.
- China Tries to Temper Rising Commodity Prices — Beijing seeks to ensure prices for raw materials such as copper, iron ore don’t hurt recovery.
- China’s Xiaomi Shrugs Off Covid-19 and Trump — Xiaomi has avoided the sustained U.S. pressure that hit Huawei’s smartphone business, but repeating 2020’s strong performance will be tough.
The Financial Times
- Chinese trade provides boost to North Korea’s battered economy — Increase in tankers active in waters around the two countries suggests resurgence in fuel transfers or sales.
- US renews calls for investigation into origins of Covid-19 — Beijing hits out at lab leak ‘conspiracy created by US intelligence agencies’.
- China dismisses US call for probe into Covid lab leak — Beijing says Anthony Fauci is ‘fanning a huge lie’ and insists virus could have escaped from US.
- Australia shrugs off China trade dispute and opens new markets — Farmers and miners discover customers across globe after Beijing imposes steep tariffs.
Caixin
- U.S. Judge Issues Final Order Removing Xiaomi From China Military Banned List — Verdict coincides with the Biden administration’s decision last week to postpone the start date of a ban on new U.S. investments in companies allegedly linked to the Chinese military.
- In Depth: Upstarts Shake Tencent’s Hold on China’s Gaming Industry — New generation of rivals including miHoYo, FunPlus and Lilith Games seize market share with high-quality content developed in-house.
- Meituan, JD.com Get Green Light to Trial Unmanned Delivery Vehicles in Beijing — Meituan, JD.com and Neolix have been granted permits to test their driverless delivery vehicles on designated public roads in Beijing, marking a breakthrough as such vehicles previously had only been allowed in semi-closed areas like industrial parks.
- Online Tutor Firm 17 Education Reports Widening Loss, but Staggering Revenue Growth — Chinese online tutoring company 17 Education and Technology Group reported widening losses in the first quarter, even as revenue more than doubled.
South China Morning Post
- China’s yuan rally fuels central bank debate on using currency appreciation to fight commodity price surge — The rally in China’s yuan in the past month has fuelled a public debate among central bank officials on whether China should tolerate greater appreciation of the yuan to help combat surging commodity prices and imported inflation.
- Pinduoduo’s active buyers inch ahead of rivals as e-commerce giant’s quarterly revenue more than triples — Pinduoduo cemented its position as China’s most used e-commerce platform in the first quarter as annual active buyers inched ahead of key rivals and revenue more than tripled year-on-year.
- SigmaStar is eyeing US$780 million IPO in Shanghai as China’s semiconductor industry raises capital to expand — Chip maker SigmaStar is seeking to raise at least 5 billion yuan (US$780 million) in an initial public offering (IPO) in Shanghai, according to people familiar with the matter, as China expands its semiconductor industry.
Bloomberg
- Another Top Bitcoin Miner Follows China’s Lead With Ban — Iran banned the mining of cryptocurrencies like Bitcoin after a series of blackouts across major cities, in the latest sign of growing unease over the digital asset’s energy usage.
- NetEase’s Music App Files for $1 Billion Hong Kong IPO — Chinese gaming giant NetEase Inc.’s music streaming arm has filed for an initial public offering in Hong Kong as the Tencent Holdings Ltd. rival ratchets up competition in online content.
- Hong Kong Lawmakers Set to Pass Beijing-Drafted Election Revamp — Hong Kong’s opposition-free legislature is expected to approve sweeping changes to the city’s electoral system ordered by the Chinese leadership, dramatically curtailing the ability of dissenting voices to participate in government.
Reuters
- Exclusive: China bars banks from selling commodities-linked products to retail buyers – sources — China’s banking regulator has asked lenders to stop selling investment products linked to commodities futures to mom-and-pop buyers, three people with knowledge of the matter told Reuters, to curb investment losses amid volatile commodity prices.
- China’s Beidou navigation system to serve $156 billion home market by 2025 — Beidou, China’s answer to the U.S.-owned GPS navigation system, will back domestic products and related services worth 1 trillion yuan ($156.22 billion) by 2025, the official Xinhua news agency said on Wednesday.
- China’s Inner Mongolia escalates crackdown on cryptomining — China’s northern region of Inner Mongolia escalated a campaign against cryptocurrency mining on Tuesday, publishing draft rules to root out the business, days after Beijing vowed to crack down on bitcoin mining and trading.
Other Publications
- Nikkei Asian Review: China’s space ambitions target satellites, a US vulnerability — American military’s reliance on Earth orbit creates Achilles’ heel.
- Foreign Policy: Biden Is Continuing the Trump Administration’s Revised Stance on Tibet — The U.S. government has shifted language away from Beijing’s position.
- The Diplomat: How China Is Losing Europe — China has made serious mistakes in crafting its Europe policy, resulting in the current rift.
- Axios: At 100, Chinese Communist Party claims credit for the Chinese dream — Chinese Communist Party leaders are pulling out all the stops to celebrate the party’s founding 100 years ago.