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
- Shanghai Lockdown Experiment Begins as Officials Race to Clear Covid-19 — Residents on one side of river dividing city are first to be confined at home; their neighbors on the opposite bank will follow.
- Shanghai Covid-19 Lockdown Poses Fresh Test to Supply Chains — China’s exporters are bracing for delays as warehouse operations, transport and staffing are disrupted.
- Oil Prices Fall as Lockdowns in China Weigh on Demand — Reduction in demand from China could ease pressure on global markets after prices surged following Russia’s invasion of Ukraine.
- Pentagon Seeks Higher Military Spending to Keep Pace With China, Russia — Officials cite threat of Beijing’s expanding forces and Ukraine war in budget request that focuses on space and nuclear capabilities.
- Taiwan Looks to Ukraine War for Ideas to Defend Against China — A major potential change for the island democracy would be extending conscription.
- U.S. to Probe Tariff-Dodging Claim Against Chinese Manufacturers — The issue pits U.S. solar manufacturers against installers who use imported cells and modules.
- Chinese Developers’ Accounts Under Scrutiny as More Auditors Resign — Audit firms are probably taking a hard look at the developers’ results after a series of revelations about off-balance-sheet debts, analysts and investors say.
- China Pact Necessary to Diversify Security Ties, Solomon Islands Says — Prime minister says the small Pacific nation has no intention of stoking geopolitical struggle with U.S. and its allies.
The Financial Times
- China’s patchy vaccine campaign leaves elderly at risk — More than 130mn in danger of developing severe Covid-19 symptoms or dying.
- Taiwan’s leader to emulate Zelensky in case of China conflict — Ukrainian president’s inspiring public role seen as a model for Taipei as Beijing threats loom.
- Oil prices drop as China lockdowns prompt demand worries — Crude slide helps ease selling in US government bonds that was sparked by inflation worries.
- China stocks: Shanghai lockdown creates more uncertainty for global supply chains — Sudden nature of move threatens to have bigger, lasting impact on local equities and investor confidence.
The New York Times
- Shanghai’s Lockdown Tests Covid-Zero Policy, and People’s Limits — A staggered lockdown on China’s commercial capital of 26 million people has sent beleaguered residents scrambling and raised fears of broader damage to the economy.
- Solomon Islands’ Leader Calls Concern Over China Security Deal ‘Insulting’ — Prime Minister Manasseh Sogavare criticized Australia and New Zealand as assuming that the island nation could not act in its own best interests.
- Marco Rubio Leads G.O.P. Push for a More Combative Stance on China — It’s time for Americans to buckle down for a long struggle with Beijing, the Florida senator will argue in a speech.
Caixin
- No Relief for China’s Debt-Ridden Developers as Housing Sales Stay Weak — Major player Sunac delayed its 2021 financial results amid debt repayment uncertainty, while Yango defaulted on bonds.
- In Depth: The Shake-Out of China’s Community Group-Buying Market — ‘Old-timers’ falter as newcomers and tech giants rush in, but regulatory scrutiny and buckets of red ink have cooled a once-booming e-commerce sector.
- Guinea Agrees to Resume Simandou Iron Ore Project With New Infrastructure Pack — China’s Aluminum Corp. and Weiqiao Pioneering agree to join other developers of giant iron ore reserve in $15 billion infrastructure project.
South China Morning Post
- China protests over repatriation of Chinese students from Australia — China protested to Australia for turning back Chinese students for not disclosing they had undergone mandatory military training at Chinese universities.
- China asks German businesses to help it get in good with the European Union — The German business community in China is being called on to add impetus to Beijing’s attempt at cooperation and improved relations with the European Union, as panicky investors have been caught up in diplomatic tensions and seen their businesses disrupted by China’s zero-Covid strategy.
- JD.com, Bilibili trigger outcry after dismissals rebranded as ‘graduations’ amid wave of job cuts — “Sorry, you are terminated” has been replaced by “congratulations, you graduated” in dismissal notices issued by some Chinese technology companies, sparking controversy amid ongoing job cuts in the sector.
Nikkei Asia
- What Tesla’s Berlin Gigafactory means for its future in China — U.S. EV giant’s Shanghai plant is under pressure as rivals catch up.
- China’s CITIC Securities takes $170m write-off on Hong Kong’s CLSA — Culture clash has seen many veterans depart since acquisition.
- Peng Jiasheng, life and times of a Kokang warlord — ‘King’ of Myanmar’s Chinese micro-state highlights web of Sino-Burmese connections.
- Hong Kong Stock Exchange takes aim at boardroom ‘boys’ club’ — Companies to list on bourse must have at least one female director by July.
Bloomberg
- State Street Dropped as Manager of Hong Kong’s Biggest ETF — Hong Kong appointed a Hang Seng Bank Ltd. unit to manage the city’s largest exchange traded fund, replacing State Street Corp. after the U.S. firm became embroiled in a controversy over sanctioned Chinese companies last year.
- Xi Battles Distrust by Global Investors Burned in China Before — President Xi Jinping’s efforts to regain the trust of international investors face serious hurdles.
- Senate Passes China Competition Bill to Start Talks With House — The Senate Monday passed its version of a long-stalled bill to aid the domestic semiconductor industry and bolster U.S. competitiveness with China, a key step needed to kick off negotiations with the House on final legislation.
- Citic Becomes China Huarong’s Largest Shareholder in Overhaul — China Huarong Asset Management Co. said state-owned Citic Group will replace the Ministry of Finance as its largest shareholder, marking the latest step in the overhaul of the troubled bad-debt manager.
Reuters
- China complains to Australia over repatriation of Chinese students — China protested to Australia for turning back Chinese students who had flown in to Sydney for not disclosing they had undergone mandatory military training at Chinese universities.
- China says U.S. representative will attend Afghanistan meeting in China — A U.S. representative will join a meeting with Chinese, Russian and Pakistan envoys on Afghanistan this week, Chinese foreign ministry said on Tuesday.
- Explainer – Why are Shanghai’s COVID infections nearly all asymptomatic? — Epidemiologists examining the biggest Chinese outbreak of COVID-19 in two years are trying to ascertain why the proportion of asymptomatic cases is so high, and what it could mean for China’s future containment strategy.
Other Publications
- The Washington Post: Opinion: The brazen, alarming scale of China’s efforts to silence dissidents abroad — Recently unsealed complaints shed light on just how brazen the intimidation of Americans and U.S. residents has become. By Mark L. Clifford
- CSIS: China Unveils its First Long-Term Hydrogen Plan — The plan laid out a phased approach to developing a domestic hydrogen industry and mastering technologies and manufacturing capabilities, while pointing to the country’s carbon peaking and neutrality commitments as an overarching driver.