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
- Fifty Years After Nixon’s Visit, China Tilts Back Toward Russia — The anniversary of a trip that opened the door for Sino-U.S. ties is marked in the shadow of a Moscow-Beijing entente.
- U.S. Looks to Make China Pay for Close Ties to Russia in Ukraine Crisis — Sanctions and UN debates are aimed in part at making Beijing feel discomfort over Russia’s invasion and dividing the two, U.S. officials say.
- Nepal Parliament Approves $500 Million in U.S. Aid Despite China’s Objections — Some Nepalese politicians fear U.S. aid program could lead to a tussle for influence between Beijing and Washington.
- Chinese Tesla Rival NIO Plans Secondary Listing in Hong Kong — EV manufacturer also seeks to join Singapore’s stock market.
- Australian Leader Casts Himself as China Hawk in Re-Election Bid — Prime Minister Scott Morrison promotes record on national security, economy as he tries to reverse slide in polls.
- With Agricultural Commodities Volatile, U.S. Seeks New Markets — Biden administration aims to reduce U.S. reliance on exports to China while trying to increase sales elsewhere.
- Hong Kong’s Covid-19 Regime Sparks Rush for Exit by Spooked Residents — School closures, mandatory tests and the threat of isolation in government facilities prove the final straw after two years of stringent pandemic controls that still failed to halt Omicron.
- Should the U.S. Government Subsidize Domestic Chip Production? Two Advocates Square Off — Some see an urgent need for help, others no need at all.
The Financial Times
- Xi pursues policy of ‘pro-Russia neutrality’ despite Ukraine war — Chinese president unlikely to abandon Vladimir Putin owing to mutual interest in opposing west.
- Don’t mention the invasion: China spins Russia’s war in Ukraine — Beijing adheres to Moscow’s narrative after weeks blaming the US for ‘hyping’ the threat of conflict.
- Criminal celebrities help Australia’s biggest wine producer fill Chinese void — Treasury Wines enlists Martha Stewart and Snoop Dogg for US turnround.
- Chinese game developers drive $20bn market cap wipeout of South Korea rivals — Companies turn to digital coins and fungible tokens to try to generate revenue.
- Chinese lenders squeeze African borrowers even harder — Ugandan government has to place all revenue from Entebbe airport into an escrow account.
- Hong Kong’s Covid crisis and lockdown threat put city on edge — Increasingly tough restrictions to deal with China’s biggest outbreak prompt exodus of residents.
- China demands Morgan Stanley share details on US block trade probe — Order from securities regulator could affect Wall Street bank’s expansion plans in the country.
- Payments: Russian banks may boost renminbi’s status via China’s ‘Swift’ — Moscow and Beijing share common cause to reduce use of dollars worldwide.
- China, Russia and the race to a post-dollar world — Financial markets are going to become a major field of battle — a place to defend liberal values and renew old alliances.
The New York Times
- New Research Points to Wuhan Market as Pandemic Origin — Two new studies say the virus was present in animals at the Huanan seafood market in 2019.
- Russia and China Cemented Economic Ties Before Ukraine Invasion — Facing a wary United States and worried about depending on imports by sea, China is buying more energy and food from its northern neighbor.
- Russia Vetoes UN Security Council Resolution Calling on it to Withdraw from Ukraine — Eleven countries voted in favor of the U.S.-backed measure, and three abstained.
- ‘Abrupt Changes’: China Caught in a Bind Over Russia’s Invasion of Ukraine — China has presented itself as a defender of sovereign independence. But its reluctance to denounce Russia’s aggression forces it into an awkward position.
- Biden Targets Russia With Strategy of Containment, Updated for a New Era — President Biden’s plan to counter Russia faces obstacles in an interconnected world. Russia also has a new, if not very enthusiastic, partner in standing up to the West: China.
- After Chinese Ban, Cryptocurrency Mining Got Worse for Climate — New research shows that China’s Bitcoin ban has sent the process of creating new coins, known as mining, to countries where it uses far less renewable energy.
Caixin
- In Depth: China Overhauls $23 Trillion Supply Chain Finance Mechanism — Central bank and top banking regulator move to tighten regulation of commercial acceptance bills, a risky form of credit that played a role in the Baoshang Bank collapse.
- 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.
- Evergrande Sells Off More Projects to Firms That Promise to Finish Them — The debt-ridden developer will offload stakes in four developments to its trust firm financiers as it seeks to keep enough cash coming in to pay its bills.
- In Depth: China’s Game Studios Face Long March as Titles Languish Unapproved — Companies are carving a way forward with new strategies, such as pivoting overseas and rolling out games that are not subject to the same scrutiny.
South China Morning Post
- Yahoo stops email service for mainland users in final retreat from China — US internet company Yahoo said it would officially stop providing email services to mainland Chinese users from February 28 onwards, following its announcement in November that it was withdrawing from China, where foreign websites such as Google’s search engine and Twitter have been unavailable for years.
- Chinese bank imposes ‘aggressive’ terms over Uganda airport debt — A top Chinese lender has imposed “aggressive” repayment terms on a US$200 million loan to expand Uganda’s international airport, US-based research lab AidData said Monday, criticising the bank for forcing the government to repay its debt before funding public services.
- Traders count on China’s ‘two sessions’ to reverse stock market decline as delegates set to endorse policy loosening to spur growth — Traders are pinning their hopes of a turnaround in Chinese stocks on top policymakers, who will gather in Beijing this week for the annual legislative and consultative conferences that set in motion economic policies and growth targets.
- Didi Global back-pedals on plan to cease ride-hailing operations in Russia as Western allies close ranks against invasion of Ukraine — Chinese ride-hailing giant Didi Global, which remains under a cybersecurity investigation by Beijing, has back-pedalled on its earlier decision to cease operations in Russia at a time when Western allies have started to close ranks against Moscow’s invasion of Ukraine.
Nikkei Asia
- U.S. should abandon ambiguity on Taiwan defense: Japan’s Abe — Former prime minister floats possibility of hosting American nuclear weapons.
- China’s Didi cancels exit from Russia under public pressure — Ride-hailing operator in struggle to stem losses.
- China’s Honor unveils first premium smartphone for global market — Former budget arm of Huawei aims to move into higher-end with Magic 4 series.
Bloomberg
- Sanctions on Russia Puts Focus on China’s Central Bank — China’s central bank could provide a financial lifeline to Russia if Beijing decides to buck Western efforts to cut its strategic partner out of the global financial system.
- China’s Muddled Ukraine Response Feeds Rare Domestic Debate — As China holds off in publicly criticizing Russian President Vladimir Putin’s invasion of Ukraine, a rare debate has emerged on Chinese social media over the military action by a close diplomatic partner.
- Goldman Gets Picky on Chinese Stocks as Global Selloff Worsens — Go tactical on Chinese stocks as global markets get roiled by the Ukraine-Russia crisis, said Goldman Sachs Group Inc. strategists, who are maintaining an overweight call.
- Blacklisted Chinese Chipmaker Seeks Vindication in U.S. Trial — A Chinese chipmaker blacklisted by Washington as a technology thief more than three years ago is finally getting a chance to prove it was wrongly accused.
Reuters
- China willing to work with U.S. on Build Back Better World initiative — The Group of Seven (G7) richest democracies, consisting of United States and its allies, proposed the Build Back Better World (B3W) initiative in June to help developing countries meet infrastructure needs, as they sought to counter China’s growing influence.
- White House calls on China to condemn Russia’s invasion of Ukraine — China has implemented some sanctions imposed by the United States and its allies against Russia over the invasion and spoke in favor of Ukrainian sovereignty last week, White House press secretary Jen Psaki said in an interview with MSNBC.
- China perseveres with mRNA COVID shot development amid Omicron, commercial uncertainty — China is unlikely to join the majority of countries in approving foreign-made vaccines based on messenger RNA (mRNA) technology before making its own, experts said.
Other Publications
- Associated Press: Analysis: Ukraine war tests growing China-Russia partnership — Three weeks ago, the leaders of China and Russia declared that the friendship between their countries “has no limits” as they met in Beijing on the eve of the Winter Olympics. But that was before Russia’s invasion of Ukraine, a gambit that is testing just how far China is willing to go.
- The Guardian: ‘They were fooled by Putin’: Chinese historians speak out against Russian invasion — An open letter written by five historians denounced the war. They hope to persuade Beijing to make their stance clearer.
- Quartz: How China can help Russia survive economic sanctions — China could become Russia’s economic lifeline as major economies hit Moscow with a barrage of sanctions.
- MIT Tech Review: How China built a one-of-a-kind cyber-espionage behemoth to last — A decade-long quest to become a cyber superpower is paying off for China.
