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 Signs Solomon Islands Pact, Over U.S., Australia Opposition — A draft of the security agreement suggested it would let Beijing dock warships in the Pacific nation
- YouTube Blocks Campaign Account of Hong Kong’s Leader-in-Waiting — Video-sharing platform cites U.S. sanctions for suspending account of former policeman in line to be city’s next top official.
The Financial Times
- Shanghai allows millions to leave their homes as lockdowns hammer growth prospects — Banks downgrade full-year growth forecasts for China in light of Beijing’s zero-Covid strategy.
- Scientists urge China to replace its faltering Covid vaccines — Omicron outbreak in Shanghai has refocused attention on waning efficacy of homegrown jabs.
The New York Times
- Why China’s Security Pact With the Solomon Islands is a Threat — In potentially opening the door to a Chinese military base, the Solomon Islands threatens the balance of power in a vital shipping region.
- Shanghai’s Low Covid Death Toll Revives Questions About China’s Numbers — The country’s largest city has recorded just 17 Covid deaths, despite surging cases. How China defines a Covid death may be part of the reason.
- China doubles down on coal — Choices being made about energy in the country right now will have profound implications for the climate crisis.
- Star Ferry, ‘Emblem of Hong Kong,’ May Sail Into History After 142 Years — Launched in 1880, the ferry has witnessed both Hong Kong’s transformation into a global financial hub and its history of protests. But battered by a pandemic, the service is struggling to survive.
Caixin
- Exclusive: China Huarong Chairman Takes the Reins at Another Bad-Debt Manager — Wang Zhanfeng is heading up state-owned China Orient Asset Management, another ‘Big Four’ AMC
- Private Equity Funds Slow Pace Amid Rising Uncertainties — Fundraising in foreign currencies falls 62.6% to $4.9 billion in first quarter as number of institutions active in generating money falls 57.4%
- Central SOEs Post Slower Growth in First Quarter — Revenues and profits cool amid the Covid flare-ups and the war in Ukraine, offering a snapshot of the headwinds facing China’s economy.
South China Morning Post
- Everbright Securities shakes up its senior ranks for failing to adhere to China’s austerity drive — The surprise reshuffle at the senior echelons of one of China’s largest brokerages came hot on the heels of the unexpected resignation on Monday by Tian Huiyu as chairman of China Merchants Bank.
- China’s long-awaited resumption of video game licence approvals may be too late for some smaller studios — Some video game developers to receive approvals this month have been subject to business change or ‘abnormalities’ in their operations.
Nikkei Asia
- Red-hot Chinese chip investment fuels boom in used equipment — Strong demand for older models creates tailwind for Nikon, Japanese peers.
- Shanghai Electric loses $650m on showcase Belt & Road project — State company cites ‘inexperience’ in overruns on Dubai solar power station.
- YouTube shuts account of Hong Kong leadership candidate John Lee — Tech group says move linked to U.S. sanctions over security law.
Bloomberg
- China Signs Forced Labor Treaties as Xinjiang Scrutiny Grows — China ratified two international treaties on forced labor amid criticism over its treatment of the Uyghur ethnic minority, which has hindered trade ties with the U.S. and Europe.
- China Buys Cheap Russian Coking Coal as World Shuns Moscow — China more than doubled imports of steel-making coal from Russia in March, procuring the fuel at a discount as other nations move to ban deliveries due to the war in Ukraine.
- Hong Kong Jails Activist for 40 Months in First Sedition Case — A Hong Kong court handed a 40-month prison sentence to the first person convicted under a colonial-era sedition law since the handover to China, a sign authorities intend to dish out stiff punishments for critical speech as part of a broader political crackdown.
- A Star China Banker’s Exit Raises Real Estate Questions — China Merchants Bank’s innovative wealth-management business could be in for trouble ahead.
Reuters
- China says black boxes of crashed jet were ‘severely damaged’ — China’s aviation authority said on Wednesday the black boxes of a China Eastern Airlines Boeing 737-800 jet that crashed last month were “severely damaged” and it was still recovering and analysing the data to help determine the cause.
- Analysis: Wealth shock – property bust in small Chinese cities rattles households — Smaller cities have been hammered by falling home prices for seven months since September, the latest tally of 70 major cities by China’s statistics bureau shows.
Other Publications
- The Economist: How China’s Sinovac compares with BioNTech’s mRNA vaccine — The need for three doses for similar protection has large implications for China.
- Quartz: A Chinese billionaire’s son is publicly criticizing Beijing’s covid policy — Wang Sicong, the son of real estate billionaire Wang Jianlin, has become an unlikely critic of Beijing’s covid policies.
- The Guardian: The deal that shocked the world: inside the China-Solomons security pact — A secret agreement that expands Chinese influence over Solomon Islands has now been signed. How did it come about, and what does it mean for the region?
