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
- FDA Approves Cell-Based Multiple Myeloma Therapy Discovered in China — Johnson & Johnson acquired rights to the new drug and conducted studies in the U.S. confirming it worked safely.
- Billionaire Richard Li’s FWD Files for Hong Kong IPO — Pan-Asian insurer is said to be looking to raise about $1 billion.
- TikTok Joins Meta in Restricting Access to Russian State Media — A spokesperson for TikTok, a subsidiary of the Chinese company ByteDance Ltd., said Monday that the company has been in communication with the EU and limited access to the Russian-government linked entities.
- U.S., Allies Are Ramping Up Sanctions on Russia, but One Country Is Sitting Out — New Zealand lacks an independent sanctions law that would allow it to target the Kremlin.
- Hong Kong’s Covid-19 Measures Pressure Finance in Asian Financial Hub — Some professionals ask employers whether they can relocate, while a few foreigners decide to resign and move home.
The Financial Times
- US focus on Ukraine stokes doubts about Biden’s commitment to Taiwan — War in Europe could divert attention from long-term challenge from Beijing, say experts.
- US sends delegation of ex-defence officials to Taiwan in show of support — The move comes amid concerns China may boost pressure on the island-nation with Washington focused on Ukraine.
- The war in Ukraine and a decoupling world — Russia’s invasion has the potential to strengthen transatlantic ties.
- Hong Kong residents empty store shelves as lockdown looms — Beijing dispatches health officials to help manage China’s worst outbreak as panic buying surges.
- Hong Kong airport is falling off the radar — Tough Covid restrictions pushing airlines to reconsider the territory as a regional hub.
The New York Times
- War in Ukraine Hits Home for Taiwanese — Many in Taiwan see parallels with Ukraine. “We must use this time of peace to prepare for the worst,” says a nonprofit working to promote civil defense.
- ‘Chained Woman’ Spurs Social Media Movement in China — The woman became a symbol of injustice and authorities’ incompetence in fighting human trafficking, posing a credibility challenge to an omnipotent government.
- Why the Chinese Internet Is Cheering Russia’s Invasion — As the world overwhelmingly condemns the assault on Ukraine, online opinion in China is mostly pro-Russia, pro-war and pro-Putin.
Caixin
- In Depth: The Murky World of High-Frequency Futures Trading in China — Experts say such trading reaped about $725 million in total profits in 2019, about 60% of which went to foreign firms. With the rules still unclear, how to regulate these companies has become a challenge.
- Ping An’s Fintech Unit Files for Hong Kong Share Trading — OneConnect proposes listing its New York-traded stock in the city without selling fresh shares or raising funds.
- China’s Car Chip Supply Still Falling Short, Industry Official Says — Semiconductor production struggling to keep pace with demand due to the fast-growing EV sector.
South China Morning Post
- China’s algorithm law takes effect to curb Big Tech’s sway in public opinion — A new regulation in China designed to rein in the use of recommendation algorithms in apps went into effect on Tuesday, representing Beijing’s latest effort to curb the influence of Big Tech companies in shaping online views and opinions.
- China’s private sector struggling with ‘common prosperity’, Covid-19 and financing; SOEs thrive — In January 2022, Xian, a city in northern China, was 22 days into a lockdown due to a Covid-19 outbreak, when two private hospitals were ordered by local authorities to suspend operations for three months.
- Hongkongers continue to panic buy at supermarkets, pharmacies as potential lockdown looms — Residents rush to stock up on supplies despite government’s reassurance there is enough rice for entire population for 15 days.
Nikkei Asia
- China on verge of high-income status after wealth measure jumps 20% — COVID recovery and strong yuan drive GNI gains, but inequality still a challenge.
- Taipei plays down fears of ‘Ukraine today, Taiwan tomorrow’ — Island rattled by Putin’s war, but steels resolve against possible China attack.
Bloomberg
- Shunned Russian Oil May Be Grabbed by Hungry Chinese Buyers — Chinese companies are expected to scoop up discounted Russian oil should sanctions deter other buyers, traders said, potentially repeating a pattern seen when Iran and Venezuela were hit by U.S. curbs.
- U.S. Expects Chinese Tech Firms to Help Choke Off Russia Supply — Washington is expected to lean on major Chinese companies from Semiconductor Manufacturing International Corp. to Lenovo Group Ltd. to join U.S.-led sanctions against Russia, aiming to cripple the country’s ability to buy key technologies and components.
- Hong Kong’s Death Rate Is One of World’s Highest: Virus Update — Hong Kong’s Covid-19 fatality rate is now the highest in the developed world amid a wave of deaths among its under-vaccinated elderly population, ramping up pressure on officials to get the outbreak under control.
- Hong Kong’s Ballooning Covid Cases Shatter Investor Confidence — Investor confidence in Hong Kong is dwindling as the government loses its grip on an escalating omicron outbreak.
Reuters
- Analysis: After sanctions barrage, Russia’s emerging market allies explore workarounds — The other members of the erstwhile BRICs group – Brazil, India and China – are treading cautiously for fear of tripping on the sanctions, but the beginnings of a parallel financial system centred on Beijing are becoming detectable.
- China warns of ‘huge’ pressure on foreign trade as economic challenges mount — A top Chinese official warned on Tuesday that China’s economy faces multiple challenges at home and abroad this year, including “huge” pressure from uncertainty over global trade and from still-lacklustre domestic consumption.
- Biden sends former top defense officials to Taiwan in show of support — The visit, led by one-time chairman of the Joint Chiefs of Staff Mike Mullen, comes at a time when Taiwan has stepped up its alert level, wary of China taking advantage of a distracted West to move against it.
Other Publications
- Protocol: DiDi, Lenovo under fire in China after reportedly exiting Russia — Facing a domestic reputation crisis, DiDi reversed its decision to shut down services in Russia.
- ChinaFile: In Xinjiang’s Tech Incubators, Innovation Is Inseparable from Repression — To the Party-state, generating efficient, high-tech ways to control the behaviors of religious and ethnic minorities is innovative, it is modern and progressive, it is a moral good.
- The Guardian: China rattled by calls for Japan to host US nuclear weapons — Influential former prime minister Shinzo Abe called for Tokyo to consider hosting US nuclear weapons in the wake of Russia’s invasion of Ukraine