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 Orders Hong Kong to Get Covid-19 Under Control Before Xi’s July Visit — A top Chinese official expressed Beijing’s frustration over the city’s response to the Omicron outbreak at a recent meeting on the mainland.
- Xi Says China Respects Sovereignty of All Nations in Call With Putin — Chinese leader Xi Jinping told Russian President Vladimir Putin in a phone call Friday that he supported Russia and Ukraine resolving their differences through talks, saying that Beijing would decide its stance on Ukraine based on the merits of the issue.
- Alibaba Posts Slowest Revenue Growth Since Going Public — Chinese e-commerce giant says it will focus on retaining users instead of seeking user expansion.
- Alibaba Shares Are Cheap, but Not a Bargain — China’s e-commerce champion is still taking blows from multiple sides, but a deepening funk among consumers is now adding to regulatory headwinds.
- Playtika Shares Rise More Than 10% After Company Says It’s Exploring Strategic Options, Including a Sale — The mobile videogame developer’s shares had fallen sharply from last year’s high to below their IPO price.
The Financial Times
- China/coal: world’s biggest consumer will not suffer from disruption to Russian supplies — If some nations shun Russian exports, the leftover supply could give Beijing more options.
- Foreign evacuations gather pace as Russian troops bear down on Kyiv — China and India promise to help thousands of nationals leave despite bombed-out airports.
The New York Times
- Biden Officials Repeatedly Urged China to Help Avert War in Ukraine — Americans presented Chinese officials with intelligence on Russia’s troop buildup in hopes that President Xi Jinping would step in, but were repeatedly rebuffed.
- Russia’s Invasion of Ukraine Tests China’s ‘Sovereignty’ Rhetoric — China has presented itself as a defender of sovereign independence. But its reluctance to denounce Russia’s aggression forces it into an awkward position.
- Nils van der Poel Gives Away His Medal to Protest Beijing’s Abuses — In a rare rebuke of Beijing, Nils van der Poel, a speedskater, handed one of his gold medals to the daughter of Gui Minhai, a book publisher imprisoned in China.
Caixin
- Analysis: China Looms Large in Western Debate Over Russia SWIFT Ban — Cutting off Moscow’s access to the global payments system could push the country closer to China.
- Analysis: Ukraine Conflict Likely to Lead to a Stronger Yuan — China’s currency may begin to emerge as a safe haven for risk-averse investors.
- Solar Plant Installation Cost in China Increases for First Time in 15 Years — Country’s solar energy industry was an investor darling last year, but rising cost raw material is looking to dampen the sentiment.
South China Morning Post
- Speed skater Van der Poel gives Olympic gold medal to jailed Chinese bookseller Gui Minhai — Swedish speed skater Nils van der Poel has given one of the two gold medals he won in Beijing to Chinese-Swedish dissident Gui Minhai to protest against China’s human rights violations, Amnesty International said on Friday.
- Arm China CEO asserts semiconductor joint venture’s right to pursue an IPO independent from its SoftBank-owned British parent — The defiant head of Arm China, the mainland joint venture of British semiconductor design company Arm, asserts that the Chinese firm may go public in either Shanghai or Hong Kong after 2025, weeks after the SoftBank Group Corp-owned UK tech outfit revealed its initial public offering (IPO) plan.
- US-China trade: will Biden’s call to break free of China for rare earths help counter opposition to US mines? — Recent remarks by US President Joe Biden about countering China’s dominance in the supply chain of lithium and rare earths serve as an attempt to win over opposition to new American mines, according to Chinese experts.
Nikkei Asia
- China’s netizens split on Ukraine war as crude joke sparks anger — Crack about ‘sheltering’ young refugees condemned; others hail Putin’s boldness.
- U.K. expands eligibility for Hong Kong visa offer — Change lets adult children of eligible residents to apply independently.
- China’s push for delayed retirement kicks off as pension costs grow — Jiangsu Province to offer voluntary deferment as first step in raising age limit.
Bloomberg
- China’s Xi Urges Putin to Negotiate With Ukraine During Call — Chinese President Xi Jinping urged his Russian counterpart Vladimir Putin to negotiate with Ukraine during a phone call between the two leaders Friday afternoon, state media reported.
- China’s Dilemma Is How to Aid Russia When West Matters More — Russia’s invasion of Ukraine poses a difficult question for China: How can it support a key strategic partner when relations with the U.S. and Europe are so much more important for its economy?
- China’s Anti-Graft Body Criticizes Central Bank, Regulators — China’s top disciplinary watchdog sharply criticized more than two dozen financial regulators, state banks, insurers and bad debt managers following months of investigations.
- Chinese Coal Plunges After More Price Controls Imposed on Miners — China will limit the price of coal in its three biggest mining regions as it adds yet another layer of controls to stop the market from overheating.
Reuters
- China boosts oil reserves, ignoring U.S. push for global release — Washington has sought cooperation from China to bolster the impact of a coordinated release of strategic oil stocks from major consumers to dampen the surge in oil prices, which topped $100 a barrel this week for the first time since 2014 after Russia invaded Ukraine.
- China’s Shein shelves U.S IPO plan again due to uncertain markets – sources — Chinese fashion retailer Shein’s plan to list in the United States has been put on hold due to volatile capital markets amid Russia’s attack on Ukraine, said two sources with direct knowledge of the matter.
- UK expands eligibility for Hong Kong visa offer — Britain on Thursday expanded the criteria for its visa programme for people in former colony Hong Kong to allow adult children of eligible residents to apply independent of their parents.
Other Publications
- The Economist: Xi Jinping drew closer to Russia on the eve of war in Ukraine — Will he come to regret it?
- The Economist: Parallels with Taiwan colour Asian views of the war in Ukraine — Some fear a Chinese invasion has become more likely.
- The Economist: A story of a trafficked bride shocks China — A supposedly all-knowing state either failed to see horrors, or looked away.
- The Economist: Hong Kong’s refusal to live with covid-19 is causing chaos — The authorities plan to test all 7.4m residents and shove the infected in disused tower blocks.
- The New Yorker: What Is China Learning from Russia’s Invasion of Ukraine? — Xi Jinping’s unusually close bond with Vladimir Putin puts China in risky company. By Evan Osnos
- The Atlantic: Is Taiwan Next? — Russia’s invasion of Ukraine makes the frightening possibility of China seizing control of the island more real.