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
- Ukraine Sounds Alarm on Chinese Drones, Opening Skies to U.S. Startups — U.S. drone makers spot opportunity as use of drones from China-based DJI sparks security concerns.
- China’s Growing Influence in Africa Seen in Arms Trade and Infrastructure Investment — Data compiled in a new report show Beijing gaining ground in areas like weapons sales.
- New Lithium-Extraction Technology Attracts Investors. But Is It Viable? — Developing a domestic supply is an important part of the U.S. push to expand alternative energy sources.
The Financial Times
- China stocks: weak renminbi is just what companies need — Currency traders expect further weakness soon as Beijing has little leeway for tightening.
- China counts the cost of its zero-Covid policy — Beijing ought to swallow its pride and approve foreign mRNA vaccines.
- Rising US rates and China’s slowdown hit renminbi — Chinese currency has fallen 1.5% against the dollar on weakening economic outlook and higher US debt yields.
- Wall St banks set on Shanghai expansion despite lockdown — City’s restrictions have forced western lenders to deliver food and other supplies to staff.
- China investor Anatole redirects funds to US companies — Management blames ‘misjudgment’ on world’s second-largest economy for recent fund losses.
The New York Times
- New Zealand Deal May Put Japan Closer to ‘Five Eyes’ Intelligence Alliance — The two countries announced a goal of “seamless” sharing of classified information as China moves to expand its influence in the Asia-Pacific region.
Caixin
- Ex-President of China Merchants Bank Investigated for Suspected Corruption — Tian Huiyu was removed from his position on Monday, ending his nearly nine-year stint running one of the country’s largest commercial banks.
- Exclusive: State Creditors Sue Embattled Cedar Over Bond Default — Fortune 500 commodities giant missed interest payments on $1.24 billion of bonds held by two Guangzhou city government-backed enterprises.
- China OKs Six New Nuclear Reactors — Analysts expect the sector will continue expanding as the country works toward its carbon emission reduction goals.
South China Morning Post
- Sceptics of China’s TCM Covid-19 remedy Lianhua Qingwen face online attacks — Complaints lodged after Chinese health platform publishes an article saying the traditional medicine has no effect in preventing infection.
- US could lower China tariffs to combat inflation, White House adviser suggests — Trump-era duties on items like bicycles and underwear serve no strategic purpose, says national security official Daleep Singh.
- China’s international schools face dire fate if zero-Covid drives away teachers, BritCham warns — A BritCham survey of more than 200 businesses finds that the turnover rate among teachers in the 2022-23 school year could surpass 40 per cent as it becomes harder to recruit foreign talent.
Nikkei Asia
- China’s Zhihu tumbles 24% in Hong Kong ‘homecoming’ — Q&A site set for worst debut among U.S.-listed companies seeking backup position.
- Li & Fung CEO threads the needle on Xinjiang labor controversy — Phi says ‘apolitical’ company relies on ‘boots on the ground’ to check factories.
- Hong Kong gives first green light to visitors since pandemic started — Thailand drops negative virus test requirement to enter country.
Bloomberg
- China Probes Ex-President of Merchants Bank for Violations — Chinese authorities are investigating Tian Huiyu, former president of China Merchants Bank Co., for suspected violations, days after removing him from the nation’s top retail bank.
- China Arrests IPO ‘Big Sister’ From CSRC on Bribery Charges — China’s top prosecutor arrested Zeng Changhong, a former official at the China Securities Regulatory Commission’s investor protection bureau, on suspicion of taking bribes.
- Tech Reconsiders Dependence on China, But Costs to Move Are High — Stringent tech regulations and Covid Zero lockdowns are challenging tech’s ties to China.
- Expat Bankers Fleeing Hong Kong See No Easy Escape to Singapore — Singapore should be the obvious winner from the gradual demise of Hong Kong as Asia’s top finance hub. It’s not quite working out that way so far.
Reuters
- UK lawmakers to consider ban on medical supplies from China’s Xinjiang — Britain’s lawmakers will next week consider proposed changes to legislation that would ban the government from buying medical supplies made in China’s Xinjiang region, after pressure from rights groups over Beijing’s treatment of the Uyghur people.
- China securities watchdog expects audit deal soon with U.S. regulators — China’s securities watchdog is holding regular talks with U.S. regulators over audit cooperation and expects a deal soon, a Chinese regulatory official said on Thursday.
- China Inc has little to celebrate on Earth Day — President Xi Jinping’s green revolution has had an underwhelming start. It’s nearly two years since China’s leader pledged the country’s carbon dioxide emissions would peak before 2030 and reach neutrality, or net-zero, by 2060. The corporate sector has little progress to show as yet.
The Economist
- How to deter China from attacking Taiwan — What Taiwan can learn from Ukraine about resisting invasion.
- China’s harsh and elitist covid rules — The pandemic revives old fears about migrants from humble places.
- Could the West punish China the way it has punished Russia? — New economic weapons are double-edged swords.
- Chinese political interference has Western spooks worried — With money and support, China hopes to bend foreign politicians to its will.
- China says imports are causing outbreaks of covid-19 — Alleged vectors include everything from pork knuckles to clothing.
Other Publications
- NPR: Migrant workers in China find new jobs — and precarious conditions — in COVID control — Labor agencies are pivoting and heavily recruiting now-underemployed migrant workers to fill a new niche for cheap, and equally precarious, labor: COVID control.
- Politico: With Trump gone, Republicans look to weaken his China tariffs — Republicans in both chambers are backing trade language in the Senate’s China competition bill that would roll back some of the tariffs — instead of a more protectionist proposal from House Democrats.
- Foreign Affairs: Can China Conquer Crypto? — Beijing’s Dangerous Quest to Control Digital Currencies. By Darrell Duffie