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
- Rollback of Xi Jinping’s Economic Campaign Exposes Cracks in His Power — In addition to pressure from the West on Beijing over Xi’s Russian entente, he is struggling with a severe slowdown in the economy. The new disquiet raises questions about his unassailed dominance.
- Saudi Arabia Considers Accepting Yuan Instead of Dollars for Chinese Oil Sales — Talks between Riyadh and Beijing have accelerated as the Saudi unhappiness grows with Washington.
- Is China Helping Russia? Beijing-Moscow Relations Explained — China’s pact with Russia has made its relationship with the U.S. even worse. Here is a primer on what drives the frictions.
- A Chinese Vlogger, Alone in Ukraine, Combats Russian Aggression—And Haters Back Home — Odessa-based programmer Wang Jixian challenges Chinese fans of Vladimir Putin to put words into action on the battlefield, attracting millions of views.
- China Changes Covid-19 Playbook Amid Concerns of Widening Lockdowns — Beijing’s top pandemic official spearheads fight in worst-hit province as businesses shut down, millions ordered to stay home.
- China Reports Lower Covid-19 Numbers Amid Nationwide Restrictions — Infections dip as world watches for signs growing contagion will hit supply chains, economy.
- Foxconn Reopens Chinese Factories Halted by Covid-19 Lockdown — iPhone assembler resumes some production in Shenzhen by setting up bubblelike environment and keeping workers inside.
- China Covid-19 Lockdowns Rattle Oil Markets, Add to Uncertainty — New restrictions drag prices back below $100 a barrel as war in Ukraine, inflation and end of stimulus stifle economic expansion.
- China’s New-Home Prices Fall Again Despite Efforts to Help Developers — Average prices in 70 major cities fell for a sixth consecutive month.
- China Shares Rebound as Beijing Moves to Calm Jittery Markets — Shares jump in both Hong Kong and mainland China.
The Financial Times
- Volkswagen and China: the risks of relying on authoritarian states — The war in Ukraine is adding to the political challenges for the German company, which makes half its profits from China.
- China makes rare intervention to bolster confidence after market rout — Beijing will boost economy and introduce market-friendly policies, says top economic official Liu He.
- Hong Kong stocks climb on China’s pledge to support markets — Hang Seng index gains 9.1%, its best day since the 2008 financial crisis.
- China lockdowns create latest supply chain shock to global tech — Foxconn warns of revenue contraction, while tech company says transport between Hong Kong and mainland in ‘semi-meltdown’.
- Oil falls below $100 a barrel as China lockdowns threaten demand — US stocks rise on lower crude prices ahead of Federal Reserve rate decision.
- Chinese house prices slip lower despite policy loosening — Real estate sector is still struggling but there are signs of recovery in wider market.
- EU and UK impose new sanctions on Russian oligarchs — Hong Kong and China stocks remain volatile as Covid infections rise.
The New York Times
- Genshin Impact, Smash Hit From China, Beats Japan at Its Own Game — Genshin Impact, a nearly picture-perfect reproduction of Japanese fantasy role-playing games, has raked in billions of dollars and sent shock waves through the world’s aging video game superpower.
- China’s Covid Lockdowns Set to Further Disrupt Global Supply Chains — A surge in Omicron variant infections has prompted Chinese authorities to lock down residents, close factories and stop truck traffic, snarling already frayed supply chains.
Caixin
- U.S. Accounting Watchdog Says It’s Working With China on Audit Dispute — PCAOB confirms it has been meeting with Chinese authorities in hopes of solving a longstanding issue that now threatens to force Chinese companies off U.S. stock exchanges.
- Government Slams Carbon Emissions Trackers Over Data Fraud — Data verification agencies are crucial to keeping a lid on emissions, but keeping them honest is proving a challenge.
- In Depth: Market Realities Frustrate China’s Efforts to Clean Up Developer Debt — A government push for healthy real estate firms to buy up assets from their distressed peers has run up against reluctance on both sides of the deal.
South China Morning Post
- China frees up hospital beds, allowing mild Covid-19 cases to isolate at other facilities — Mild cases of Covid-19 will no longer be sent to hospitals in China, as health authorities seek to free up resources in response to a growing Omicron outbreak.
- China stands with Iran on nuclear deal after talks paused amid Russia’s conflict with West — Beijing has pledged support for Tehran after talks to revive the 2015 Iran nuclear deal ground to a halt amid soaring tensions between Russia and the West over the Ukraine war.
Nikkei Asia
- China takes wait-and-see stance on Pakistan’s political turmoil — Beijing thought to prefer opposition groups to reset direction of Belt and Road.
- China tech champions Luxshare, Goertek move into chip assembly — Shift adds to Apple leverage with suppliers, advances Beijing’s policy goal.
- Australia unveils $360m for critical minerals to offset China — Move follows Quad agreement to shore up rare earth supply chain.
Bloomberg
- China Makes Strong Vow to Ease Crackdowns After Market Turmoil — China made a strong push to stabilize battered financial markets, promising to ease a regulatory crackdown, support property and technology companies and stimulate the economy.
- China Will Not Expand Its Property Tax Trial This Year — China will not expand a trial on property taxes this year amid a housing market slump and growing pressure on the world’s second-largest economy from a renewed virus outbreak and geopolitical turmoil.
- Alibaba Hunts For New SCMP Chief as CEO Moves to NFT Spinoff — Alibaba Group Holding Ltd.’s most important media property is on the lookout for a new chief executive after tasking helmsman Gary Liu with running a spinoff that will turn artwork into non-fungible tokens.
- BYD Follows Tesla in Hiking Prices on Rising Raw Materials Costs — Chinese automaker BYD Co. is raising the prices of its new-energy vehicles for a second time in less than two months, citing surging raw material costs.
Reuters
- U.S. detains Li Ning’s products at ports, citing use of North Korean labour — Li Ning was required to provide evidence within 30 days that its merchandise was not produced with convict labour, forced labour or indentured labour, or it “may be subject to seizure and forfeiture”, the CBP said on its website.
- China securities regulator to push forward overseas-listing rules — China’s securities regulator on Wednesday said it will continue to communicate with U.S. regulators and strive to reach an agreement on China-U.S. audit supervision cooperation as soon as possible.
- Tsingshan inks deals to swap nickel products for LME delivery – state media — China’s Tsingshan Holding Group has reached agreements with two companies to swap its nickel products with a purer form of the metal to close out large short positions it holds on the London Metal Exchange (LME), state-backed Shanghai Securities News said.
Other Publications
- Quartz: China has big economic plans for its “little giant” companies — “Little giants” are smaller and often little-known businesses selected by the government because they have special products and know-how in strategic sectors like advanced manufacturing, energy, and critical minerals.
- The Washington Post: Opinion: Chinese ambassador: Where we stand on Ukraine — Many Americans are understandably trying to understand where China stands as the crisis in Ukraine unfolds, so I want to take this opportunity to explain fully and dispel any misunderstandings and rumors. By Qin Gang
- Foreign Affairs: Xi Jinping’s Faltering Foreign Policy — The War in Ukraine and the Perils of Strongman Rule. By Jude Blanchette
