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 Declared Its Russia Friendship Had ‘No Limits.’ It’s Having Second Thoughts. — Xi Jinping wanted Vladimir Putin to join in a united front against the U.S., and he got it Feb. 4. Now the Ukraine war threatens to undo Beijing’s yearslong effort to become a world leader.
- Why China’s Banks Won’t Come to Russia’s Rescue — The risk of additional sanctions deters Chinese lenders, while a fledgling payment network relies on the Swift global system.
- Beijing-Based Multilateral Lender Suspends Russia-Related Activities — The Asian Infrastructure Investment Bank said Thursday it has suspended all operations with Russia and Belarus, a rare example of the Beijing-based multilateral lender citing geopolitical factors in its decisions.
- Moscow’s Shadow Dogged China’s Economic Links to Ukraine — Ukraine counts China as its biggest trading partner, but Beijing has been cautious on investments.
The Financial Times
- China investors drive frenzy for ‘Sino-Russian trade’ stocks — Investors bet Beijing will boost trade with Russia to soften blow from sanctions.
- Ukraine outcry and Covid chaos overshadow Xi’s celebrations — National People’s Congress should have been a chance for Chinese president to tout his achievements.
- China-based AIIB freezes lending to Russia and Belarus over Ukraine war — Development bank’s move threatens to strain relations between Beijing and Moscow.
The New York Times
- How China Embraces Russian Propaganda and Its Version of the War — In much of the world, Russia is losing the information war over Ukraine. In China, though, it’s winning big.
- Navy Recovers Stealthy Jet From Deep in the South China Sea — The warplane was pulled from a depth of approximately 12,400 feet more than a month after it crashed while trying to land on an aircraft carrier.
Caixin
- Exclusive: Trillion-Dollar China Everbright Picks Chief of World’s No. 2 Bank as Its New Chair — Wang Jiang was named China Construction Bank president just over a year ago.
- State-Owned Carmaker Boss Wants Beijing to Encourage Foreign NEV-Makers to Stick With Chinese Partners — The head of a major state-owned automaker has called for the authorities to encourage foreign players to keep working with Chinese partners to develop the country’s electric-vehicle market.
- Video Streamer Bilibili Posts Wider Loss as Costs Mount — Red ink more than doubled in 2021 on heavier spending to recruit more users in a more competitive and tightly regulated market.
South China Morning Post
- In fast-changing Europe, rage against Russia fuels suspicion of China — Europeans have been galvanised by the Ukraine crisis, and China is not immune from the consequences.
- Sequoia Capital China founder urges Beijing to invest in tech to fight climate change and build digital infrastructure — Neil Shen has made suggestions for investment to help the Chinese government boost technologies that would fight climate change and build digital infrastructure in a proposal submitted ahead of the “two sessions.”
- China boosts US agriculture purchases over ‘very tight’ soybeans supply concerns, Ukraine corn worries — China is scooping up corn and soybeans from the United States as part of efforts to mitigate the risks to commodity supplies from Russia’s war in Ukraine and slower harvests in South America.
Nikkei Asia
- Advertisers struggle to navigate China’s shifting beauty standards — Models that don’t conform to a narrow ideal can spark a social media outcry.
- China’s aging population leads to predictions of ’17-year supremacy’ — Leaders need another $7.8tn to realize Xi’s ‘common prosperity.’
Bloomberg
- Pompeo Says U.S. Should Recognize Taiwan as Ukraine War Flares — The U.S. should immediately move toward recognizing Taiwan as a country, former U.S. Secretary of State and potential presidential candidate Mike Pompeo said in Taipei, comments that garnered a testy response from Beijing.
- Failed Chinese Canary Wharf District Put Up for Sale in London — The first phase of the stalled Royal Albert Dock project — once billed as a new business district akin to Canary Wharf — has been put up for sale after the Chinese developer that owned the site collapsed.
- China Buys Up U.S. Corn, Soybeans as Ukraine War Roils Trade — China is scooping up U.S. corn and soybeans as part of efforts to mitigate the risks to commodity supplies from Russia’s war in Ukraine and slower harvests in South America.
- HSBC Queried on Hong Kong Activists’ Accounts by U.S. Lawmakers — A bipartisan group of U.S. lawmakers voiced concerns to HSBC Holdings Plc about restrictions placed on the accounts of U.S. citizens and the freezing of accounts of Hong Kong activists.
Reuters
- Exclusive: China asks state insurers to review exposure to Russia, Ukraine – sources — China has told top state insurers to perform urgent checks on their exposure to Russia and Ukraine, as concerns swirl about the damage to the two economies amid intense fighting, according to two sources and documents seen by Reuters.
- Analysis: China’s ‘common prosperity’ push leads to divergence in regulatory approach — China’s so-called “common prosperity” push in the near-term will not only aim to bridge the widening wealth gap but is also set to shape the country’s regulatory approach, with sectors seen crucial for the economy getting more state support.
- China’s parliament can justify new rubber stamp — The weeklong “Two Sessions” of the National People’s Congress and the Chinese People’s Political Consultative Conference are usually scripted, self-congratulatory affairs. The 2022 agenda might be hurriedly rewritten as Ukraine and Hong Kong disrupt plans.
Other Publications
- The Economist: Vladimir Putin is an imperialist, but China does not care — China and Russia agree that big countries should run the world.
- The Economist: China-watchers are fleeing the country for other Asian hubs — The exodus is turning Singapore into the Vienna of the 21st century.
- The Economist: Foreign embassies in China puzzle over a diplomat’s detention — Was it a calculated warning or spooks gone rogue?
- The Economist: China scrambles to prevent property pandemonium — As defaults escalate, another shock threatens to hit the global economy.