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
- Outspoken China Strategist Leaves State-Owned Broker After Social-Media Accounts Are Censored — Bocom International says Hao Hong has left for personal reasons.
- FDA Rejects Two Proposed Cancer Drugs Developed in China — Agency’s decision is latest sign of its tougher stance on therapies from the Asian country.
- China’s Covid-19 Outbreak Cools Metals Rally — Lockdowns are seen eroding demand from world’s largest commodity consumer.
The Financial Times
- Chinese state media report on ‘Ma’ detention sparks Alibaba sell-off — Broadcaster CCTV later indicated it was not referring to billionaire founder Jack Ma.
- China’s Xiaomi shares dip after Indian authorities seize almost $730mn — Financial investigations body alleges smartphone maker was violating foreign exchange rules.
- Crypto crackdown stifles China’s ability to offshore cash — Plus, Yuga Labs rakes in $285mn from virtual plots of land and Brussels charges Apple with market power abuse.
The New York Times
- Russia Wants to Sell More Energy to Asia, but Has to Slash Prices — Russia wants to sell more oil and coal to China and India, but Western sanctions may make that hard unless Russia offers deep discounts on the price.
- Biden Administration Begins $3 Billion Plan for Electric Car Batteries — The Biden administration is planning a major shift to electric vehicles, but experts say it requires a secure, resilient supply of critical minerals.
- In Epicurean Hong Kong, a Humble $4 Lunchbox Is Now All the Rage — In a city pummeled by political upheaval, economic downturn and the pandemic, bare-bones ‘two dishes and rice’ restaurants have become a go-to destination across all social classes.
Caixin
- Chinese EV-Makers’ Deliveries Plunge as Lockdowns Hit Dealers, Plants — While Shanghai has since allowed some auto factories to reopen, it will take time for output to return to normal, Caixin has learned.
- Local Governments Again Break Out the Coupons to Boost Consumer Spending — At least 12 regions have announced they will distribute vouchers for goods like electronics and cars, with Guangdong province saying it will earmark $166.4 million for the measure.
South China Morning Post
- The cloud of anti-Western nationalism hanging over China’s Communist Party congress — From Ukraine to Covid-19, nationalist takes are dominating public debate online.
- Beijing centralises power in the provinces ahead of Communist Party congress — Guangdong reshuffle a case study in growing practice of appointing hand-picked outsiders to key provincial roles.
- Chinese economists censored, removed from social media after critical takes on zero-Covid policy — Online influencers with millions of followers are running afoul of Beijing’s censors by questioning the nation’s controversial strategy to stop the coronavirus.
- HSBC and Ping An shares gain as investors await ‘debate’ about insurer’s push to split the bank’s Asia business for a Hong Kong listing — HSBC’s CEO Noel Quinn defended the bank’s geographic span, saying the 156-year-old bank has the right strategy as the global financier for trade between East and the West.
Nikkei Asia
- China set to shift policies to rein in domestic tech giants — Beijing seeks to boost online sector amid slowing economy.
- Taiwan presses U.S. regarding risk of Stinger missile delays — Demand heats up for weapons that have kept Russian aircraft at bay in Ukraine.
Bloomberg
- HSBC Shares Rise in Hong Kong as Top Holder Supports Split — HSBC Holdings Plc shares in Hong Kong rose after it emerged late Friday that the bank’s largest active investor would support a breakup of the lender on the basis that a separate Asia-listed unit would create shareholder value.
- Alibaba Recovers After Report on ‘Ma’ Briefly Erased $26 Billion — A brief bout of concern about the fate of Alibaba Group Holding Ltd. co-founder Jack Ma triggered wild swings in shares of the e-commerce company on Tuesday, underscoring continued investor anxiety toward China’s tech sector after a year-long crackdown.
- China Covid Lockdown Reveals Alibaba and Meituan Need — Alibaba, JD.com, and Meituan have the distribution networks to supply cities in Covid lockdowns.
- Morgan Stanley Names Three Senior Banking Sector Heads in Asia — Morgan Stanley has appointed three senior Hong Kong-based investment bankers as sector heads for Asia, according to an internal memo seen by Bloomberg News.
Reuters
- U.S. relieved as China appears to heed warnings on Russia — Two months after warning that Beijing appeared poised to help Russia in its fight against Ukraine, senior U.S. officials say they have not detected overt Chinese military and economic support, a welcome development in the tense U.S.-China relationship.
- Some in Shanghai get out for a rare stroll; Beijing tightens COVID curbs — Some of Shanghai’s 25 million people managed to get out on Tuesday for short walks and shopping after enduring more than a month under a COVID-19 lockdown, while China’s capital, Beijing, focused on mass tests and said it would keep schools closed.
Other Publications
- Politico: Blinken to unveil ‘no surprises’ China strategy pre-Asia push — Biden strategy is “Trump-plus, with sophistication,” one expert said.
- Foreign Affairs: China’s Doomed Fight Against Demographic Decline — Beijing’s Efforts to Boost Fertility Are Making the Problem Worse. By Carl Minzner
