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 Air Crash Report Gives Few New Clues on Boeing 737’s Fatal Nosedive — Preliminary findings show no problems found with plane or flying conditions, while data from black boxes is still being retrieved.
- Chinese Oil Giant Cnooc Jumps in Shanghai Debut — State-owned energy company was delisted from NYSE in October.
The Financial Times
- Goldman Sachs flagged Morgan Stanley block trades to Hong Kong regulator — Report came during discussion of share price falls that preceded bulk sales by Wall Street bank.
- China to launch private pensions in bid to unlock vast savings stockpile — Scheme aims to send funds flowing into country’s financial markets.
- Cnooc shares soar on Shanghai debut after US delisting on security grounds — Chinese offshore oil and gas producer completes China’s biggest IPO this year.
- Cnooc/China IPOs: enjoy the prodigal returns while they last — The war in Ukraine has spawned new risks for the offshore oil and gas producer.
- North Korea’s sanctions evasion points way for Russians to bypass the west — Network of shell companies, spies, cyber criminals and Chinese banks helps keep Pyongyang regime afloat.
- Foreign investors ditch Chinese debt at record pace as US yields soar — Outflow of onshore bonds hits $18bn on concerns about Beijing’s economic outlook.
- Pentagon chief holds first talks with senior Chinese military official — Lloyd Austin had been pushing for call with Beijing’s top general but had been repeatedly rebuffed.
- China’s never-ending story — The Chinese economy still needs demand-side support, not more supply-side support.
The New York Times
- China Eastern Crash Report Doesn’t Explain Why the Jet Plummeted — A preliminary report by China’s air safety regulator summarized what worked during the flight, but did not speculate on what caused the plane to nose-dive.
Caixin
- China to Add 300 Million Tons of Coal Capacity This Year — State Council vows to bolster energy security as coal is still king and accounts for 60% of China’s electricity generation.
- CATL Sell-Off Wipes Out Billions of Dollars of Market Value — Skyrocketing material costs shake investor confidence as rumor circulates of sharp drop in first-quarter earnings.
- In Depth: China’s Planned Revamp of Trust Bailout Fund Draws Questions — Industry insiders wonder which companies will benefit from the proposal to split the fund in two, as well as whether the new funding system is equitable.
South China Morning Post
- Hong Kong politicians accused of benefiting from ‘protections and freedoms’ in West over property portfolios — City officials and Legislative Council members benefit from ‘freedoms and protections” elsewhere while overseeing a crackdown in Hong Kong, says report.
- China population: a private pension plan is coming, but will people carve out a piece of their savings? — For the first time ever, tax deductions will be available on personal pension contributions, but can people be convinced to carve out a piece of their savings to participate in the coming system?
- First-time invite for China’s public to comment ahead of 20th Communist Party congress — Opinions sought on eight issues, from governance to Chinese-style democracy, livelihoods and ecological progress.
Nikkei Asia
- Xi defends China’s lockdown, hits out at Russia sanctions — Hong Kong loosens COVID measures in shift from Beijing’s zero-virus strategy.
- Analysis: Xi’s confidence in aircraft carriers shaken after Moskva sinking — China’s treasured Liaoning was made in Soviet-era Ukraine like the Russian flagship.
- CNOOC shares gush in Shanghai debut thanks to modest pricing — State oil company’s stock quickly hits 44% maximum rise but skids in Hong Kong.
Bloomberg
- Didi’s Fate in Limbo As Officials Object to Proposed Penalty — Senior Chinese officials have pushed back on a set of proposed punishments for Didi Global Inc. submitted by the nation’s cybersecurity regulator, people familiar with the matter said, leaving the future of the troubled ride-hailing giant in limbo.
- Hong Kong Regulator Isn’t Probing Morgan Stanley Block Trades — Hong Kong’s market regulator isn’t investigating Morgan Stanley’s block-trading activities, according to a person familiar with the matter.
- China Battery Giant Wins Lithium Project in Race for Materials — Key Tesla Inc. battery supplier Contemporary Amperex Technology Co. Ltd. has won exploration rights to a lithium clay deposit in China, as surging demand for electric cars fuels a race to secure supplies of raw materials.
Reuters
- Chinese court sentences U.S. citizen to death for murder – CCTV — A Chinese court on Thursday sentenced U.S. citizen Shadeed Abdulmateen to death for intentional homicide of a 21-year-old woman, his former girlfriend, state broadcaster CCTV reported.
- Shanghai people ‘not free to fly’ out of homes as COVID cases tick back up — Shanghai authorities said on Thursday tough restrictions would remain in place for now even in districts which managed to cut COVID-19 transmission to zero, prolonging the agony for many residents who have been stuck at home for most of this month.
- China’s Xi proposes ‘global security initiative’, without giving details — Chinese President Xi Jinping on Thursday proposed a “global security initiative” that upholds the principle of “indivisible security”, a concept also endorsed by Russia, although he gave no details of how it would be implemented.
Other Publications
- The Economist: A surprise sacking at China Merchants Bank frightens investors — One of the world’s largest banks sheds tens of billions of dollars in market value.
- The Economist: How to deter China from attacking Taiwan — What Taiwan can learn from Ukraine about resisting invasion.
- Associated Press: Report: Chinese credit card processor rebuffs Russian banks — China’s credit card processor has refused to work with banks in Russia for fear of being targeted by sanctions over its war on Ukraine, cutting off a possible alternative after Visa and Mastercard stopped serving them, according to the Russian news outlet RBC.
- Foreign Affairs: The Chinese Way of Innovation — What Washington Can Learn From Beijing About Investing in Tech. By Matt Sheehan
- Rest of World: China’s most chaotic social network survived Beijing’s censors — until now — Douban’s tight-knit communities have finally made it a target of Beijing’s tech crackdown.