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
- Ukraine Crisis Kicks Off New Superpower Struggle Among U.S., Russia and China — Beijing and Moscow now hold a stronger hand in confronting the West than during the Cold War.
- China Nods to Russia’s Interests in Attack on Ukraine — Beijing says it continues to respect sovereignty but points to ‘complicated and specific’ questions between Kyiv and Moscow.
- U.S., Allies Poised to Hit Russia With Broad Sanctions for Ukraine Invasion — Measures expected to target Russian banks and debt, ban exports of technology critical to industry.
- Justice Department Shifts Approach to Chinese National-Security Threats — Move ends Trump-era initiative that led to string of failed prosecutions of academics, shifting focus to more targeted threats.
- Hong Kong Exchanges Touts IPO Backlog After Record Annual Profit — IPOs raised the equivalent of $42.5 billion last year, though nearly two-thirds of that came in the first half.
- Alibaba’s Quarterly Profit Declines, But Revenue Rises — Revenue grew 10% from a year earlier, boosted by 20% growth in its cloud segment.
- Sri Lankan Officials Met With Bankers in Bid to Solve Debt Crisis — The island nation faces a July maturity on $1 billion in debt that some don’t expect the government to pay.
The Financial Times
- Alibaba reports slowest quarterly sales growth since 2014 listing — Chinese ecommerce giant hit by Beijing’s tech crackdown, Covid and rising competition.
- China ready to soften economic blow to Russia from Ukraine sanctions — Beijing banks’ financial support for Moscow could be influential in shaping direction of conflict.
- Bank of America executive to leave Hong Kong as exodus continues — Craig Coben is lender’s most senior departure as tough Covid rules force global groups to rethink operations.
The New York Times
- How China Under Xi Jinping Is Turning Away From the World — Global engagement has helped the nation prosper. But now, its leader seems intent on recasting the meeting of minds and cultures as a zero-sum clash.
- Justice Dept. to End Trump-Era Initiative to Deter Chinese Threats — The agency will instead introduce a broader strategy meant to address threats from a slate of hostile nations.
Caixin
- Exclusive: China’s Banks Told to Stop Taking Liberties With ‘Agreement Deposits’ — Some lenders have offered the product to customers who don’t qualify under the rules, such as banks’ wealth management subsidiaries, source says.
- Oil Prices Surge Amid Russian Assault on Ukraine — The conflict has sparked concerns over disruptions to the supply of Russian oil and natural gas, which Europe depends on.
- Chart of the Day: Russian Attacks Threaten Ukraine’s Burgeoning Trade With China — Russian military action in Ukraine has threatened to jeopardize China’s nearly $20 billion annual trade with the Eastern European country.
- In Depth: Could Pfizer’s Drug Paxlovid Change China’s Covid Policy? — China’s approval for the import of Pfizer’s new Covid-19 drug surprised many.
South China Morning Post
- Microsoft creates new team in China to help local video game developers expand overseas via Xbox — Microsoft is adding new employees in China to help Chinese video game studios and publishers expand overseas through its Xbox, according to an executive at the US software giant’s gaming unit.
- China sets ‘reasonable’ price range for thermal coal, cites ‘lessons’ from recent power crunches — China’s top economic planning agency has set a “reasonable” price range for thermal coal for medium- and long-term trading to stabilise supply and prevent excess price volatility, which were triggers for crippling power cuts last year.
- Taipei, Washington on same page when it comes to curbing Beijing’s semiconductor expansion — After selling his property in Taiwan last year, engineer Richard Chang bought shares in his current employer on the Chinese mainland. Such a bet might worry some, but Chang, who works for a semiconductor equipment company in China, is confident in his investment.
Nikkei Asia
- Dealing with the dilemma of the Chinese market — Move close and get burned at home, move away and lose traction with 1.4bn people.
- India and China stay on sidelines as Russia invades Ukraine — New Delhi protects Moscow relations despite risk to its Quad standing.
- U.S. grant to Nepal swept up in superpower rivalry with China — Kathmandu in turmoil as Beijing turns ‘coercion’ accusation back on Washington.
- LG Electronics exits solar panel business on stiff China rivalry — Company turns focus to more profitable EVs and TVs.
Bloomberg
- Jack Ma’s Ant Group Posts 21% Profit Rise on Investment Gains — Billionaire Jack Ma’s Ant Group Co. likely saw profits rise an estimated 21% in the three months to September, despite a regulatory overhaul as part of Beijing’s efforts to rein in the nation’s fast growing tech giants.
- Alibaba Posts Lowest Growth on Record After China Crackdown — Alibaba Group Holding Ltd. reported the slowest revenue growth since it went public, underscoring how China’s crackdown on its technology sector is taking a financial toll on the e-commerce giant.
- Fewer Hong Kongers Than Expected Are Moving to the U.K. — The number of Hong Kongers applying for a visa that provides a pathway to U.K. citizenship fell far short of Home Office estimates despite the political crackdown in the city.
- China’s Giant Grid Plans World’s Biggest Battery Storage Fleet — China’s key grid operator plans to have the world’s largest battery storage fleet by 2030, as the nation works to stabilize power supply with wind and solar adoption accelerating rapidly.
Reuters
- Exclusive: Tesla plans new Shanghai plant to more than double China capacity – sources — Once the new plant is fully operational, Tesla will have the capacity to produce up to 2 million cars per year at its expanded Shanghai facility, the company’s main export hub, according to the people, who asked not to be identified in discussing still-private plans.
- China starts building 33 GW of coal power in 2021, most since 2016 – research — China started building 33 gigawatts of new coal-fired power generation capacity last year, the most since 2016, research published on Thursday showed, a sign the country is falling back on fossil fuels as economic worries mount.
- ATP Tour to stage events in China this season — The men’s ATP tour will host four tournaments in China this season, unlike the women’s WTA tour which has suspended events in the region due to concerns over the treatment of former doubles world number one Peng Shuai and the safety of other players.
Other Publications
- The Washington Post: China, seemingly surprised by sudden Ukraine incursion, denies backing Russian attacks — While Beijing urges calm, Chinese analysts blame the United States and Ukraine for provoking Moscow.
- Foreign Policy: Why Australia’s Chief Spy Rebuked Its Prime Minister Over China — A successful strategy to counter Beijing’s influence is falling prey to politics.
- MIT Tech Review: The US government is ending the China Initiative. Now what? — The Justice Department’s effort to prosecute cases of economic espionage had drifted from its stated mission and drawn fierce criticism for appearing to target researchers because of their ethnicity.
- Rest of World: Who’s really behind the Bible app going viral around the world? Christians are flocking to the King James Version Bible app, and the digital trial leads to a Hong Kong shopping district and a Beijing-based developer.
