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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China Pursues Afghanistan’s Mineral Wealth After U.S. Exit — Chinese company is negotiating with Taliban to mine one of world’s largest untapped reserves of copper.
- In Congo, China Hits Roadblock in Global Race for Cobalt — Commodity plays vital role in transition to electric vehicles, cleaner energy.
- Covid-19 Shuts Down Plants in China, Hitting Apple Supplier, Auto Makers — Lockdowns in the manufacturing hubs of Shenzhen and Changchun serve latest blow to global supply chain.
- China Is Selling Thailand a Submarine. Problem Is, No Engines. — The deal stipulates the use of German diesel engines that Germany won’t export to China.
- China Leads the Way With Private 5G Networks at Industrial Facilities — Among the projects: a coal mine where 5G allows remote inspections of mines and the automation of mining activity.
- Tencent Faces Possible Record Fine for Anti-Money-Laundering Violations — China’s central bank found regulatory breaches and lapses during a recent inspection of the ubiquitous payments network.
- Nickel Price Surge Puts Chinese Manufacturers in a Bind — Producers and suppliers of nickel compounds send notices to their customers and investors warning of supply hiccups, price hikes, or slowdowns on orders.
- Hong Kong Officials Threaten British Activist With National Security Law — London-based Hong Kong Watch publishes letter from officials in Chinese city warning that its call for sanctions violates the law.
- Taiwan Air Force Loses Second Jet Fighter This Year — Crash comes as the war in Ukraine intensifies concerns about Taiwan’s ability to defend itself against China.
The Financial Times
- US officials say Russia has asked China for military help in Ukraine — White House fears move is sign of ever closer ties between Beijing and Moscow.
- China backs Russian allegations about US biological weapons — Beijing’s official news agency repeats claims America is trying to spread pathogens through animals.
- China locks down Shenzhen as it battles biggest Covid surge since start of pandemic — Tech and manufacturing hub of 17.5mn people placed under lockdown.
- US and China to meet in Rome for high-level talks focusing on Ukraine — Washington expected to raise Beijing’s refusal to condemn Moscow’s invasion of its neighbour.
- Xiang Guangda, the metals ‘visionary’ who brought the nickel market to a standstill — A huge wrong-way bet has left the Chinese entrepreneur sitting on serious losses.
- Australian pension funds shun China over Xi’s ‘common prosperity’ drive — Groups say whole sectors are being destroyed ‘at stroke of pen’.
- Russian vs Chinese: language learning tracks geopolitics — Recent university numbers show that interest in Chinese language, like Russian before it, is waning.
- Gas crunch set to power recovery for shipbuilders from prolonged slump — World’s biggest shipbuilder expects turmoil caused by Ukraine invasion to lift demand for liquefied natural gas tankers.
The New York Times
- Russia Asked China for Military and Economic Aid for Ukraine War, U.S. Officials Say — Jake Sullivan, the U.S. national security adviser, plans to meet with a top Chinese official on Monday in Rome to discuss the war and China’s role.
- China Sees at Least One Winner Emerging From Ukraine War: China — The country’s leaders think it can shield itself from economic and diplomatic fallout and eventually be seen as a pillar of stability.
- Wave of Omicron Infections Prompts Lockdowns in China — After two years of largely containing coronavirus outbreaks, China’s “Covid zero” policies are being tested by the highly transmissible variant.
- IPhone Manufacturer Foxconn Suspends Production Because of Covid Lockdown — The Taiwanese electronics firm said it “adjusted the production line” to other plants in China to minimize any impact on operations.
- It’s Time to Offer Russia an Offramp. China Can Help With That. — China is uniquely placed to play the role of mediator for economic, political and ideological reasons. By Wang Huiyao
Caixin
- In Depth: How Spiking Lithium Prices Might Throttle China’s EV Market — Pushing extra costs onto car buyers may delay price parity before more lithium comes onstream.
- Saudi Aramco Reboots $10 Billion Oil Refinery Venture in China — Joint venture set up in 2019 went on ice two years ago amid plunging oil prices and pandemic disruptions.
- Sanctions Cost Drone-Maker DJI Access to U.S. Software Design Tools — The U.S. Treasury Department placed DJI and seven other tech Chinese firms on its investment blacklist due to their alleged role in mass surveillance of Muslim minorities in Northwest China’s Xinjiang Uyghur autonomous region.
South China Morning Post
- Alibaba affiliate Ant sells stake in tech news site 36Kr as fintech giant enters final straight of restructuring — Ant Group has sold its entire stake in a Chinese tech news portal, according to a corporate filing with the US Securities and Exchange Commission, marking its latest restructuring amid a tougher regulatory environment.
- China’s ‘common prosperity’ drive hits a snag as local officials wonder how to put policy in place — “Common prosperity” may be on the lips of officials across China, but many local authorities are struggling to put the plan into action.
- Chinese companies continue to increase investment in domestic chip production as Beijing keeps focus on self-sufficiency — Chinese companies are upping their investment in the domestic semiconductor sector, after a year that saw sales of integrated circuits in the country surge 18 per cent to the highest growth rate in three years.
Nikkei Asia
- Xi risks having hands tied as China’s next premier race heats up — U.S. trade tensions, slowing economic growth weigh on choice of Li’s successor.
- China-backed Malaysia megacity project struggles to gain momentum — Country Garden’s $100bn offshore development still slowed by pandemic headwinds.
- China regulator to extend youth time limits to videos and WeChat — New draft regulation accelerates sell-off in technology stocks.
- Anger boils as China locks down to contain worst COVID outbreak — Schools, restaurants and factories shuttered in Shanghai, Shenzhen.
Bloomberg
- China’s New Wave of Electric Car Battery Companies Are Going Public — Planned expansions by emerging suppliers will help Beijing keep its dominant position in the EV supply chain.
- Tencent Dives on Report of Record Fine for Money-Laundering — Tencent Holdings Ltd. extended losses to close more than 10% lower after the Wall Street Journal reported it faces a record fine for violating Chinese anti-money laundering regulations.
- China Doubles Down on Coal, Endangering Climate Goals — Fears of energy shortages and rising coronavirus cases that could hurt growth have officials doubling down on fossil fuel
- China Canceled H&M. Every Other Brand Needs to Understand Why — For global companies making big bets on China, the Swedish retail giant is an alarming cautionary tale.
Reuters
- China faces consequences if it helps Russia evade sanctions, U.S. says — Russia asked China for military equipment after its Feb. 24 invasion of Ukraine, sparking concern in the White House that Beijing may undermine Western efforts to help Ukrainian forces defend their country, several U.S. officials said.
- Chinese tycoon’s ‘big short’ on nickel trips up Tsingshan’s miracle growth — Tsingshan has to either pay off the outstanding short positions, which could be as high as $8 billion, or prove it has sufficient deliverable nickel to repay in kind.
- China’s cyberspace regulator drafts new rules to protect minors — Companies engaged in online gaming, livestreaming, audio and video in China should set up a “youth mode” to protect minors, according to draft regulations issued on Monday by the Cyberspace Administration of China.
Other Publications
- The New Yorker: Have Chinese Spies Infiltrated American Campuses? — The U.S. government arrested Chinese professors, implying that they were foreign agents. The professors say that they’ve been caught up in a xenophobic panic.
- Rest of World: “It’s a mess”: How crypto mining went from boom to bust in Kazakhstan — Bitcoin fugitives from China made the country a crypto power. Now, they’re being forced to flee — again.
