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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- U.S., EU Boost Trade Ties to Remedy Supply Shortages, Counter Russia and China — High-level group seeks unity against Russia’s war in Ukraine and Chinese economic policies.
The Financial Times
- JPMorgan upgrades Chinese stocks recently deemed ‘uninvestable’ — Researchers take rosier view of internet companies just months after bearish call.
- US stocks fall as weak China data compound growth concerns — Declines come after global stocks last week recorded longest weekly losing streak since 2008 crisis.
Caixin
- China’s Developers Slash Investment for First Time Since 2020 — January to April new project spending falls 2.7% as real estate companies put the brakes on land acquisition.
- Parcel Deliveries Continue Dropping as Virus Restrictions Persist — Shanghai’s 90% plunge leads China slump.
South China Morning Post
- Tencent boss Pony Ma pledges to serve society despite slower business growth — Ma said the company will keep moving towards serving society despite slower business growth, in a statement that echoes similar pledges that began last year.
- China may have massive underground bitcoin mining operations despite ban last year, Cambridge data shows — China accounted for roughly a fifth of the bitcoin network’s hash rate at the end of 2021, after data showed it dropped to zero in July.
- China’s top political advisory body hosts special symposium to help digital economy, in sign of easing crackdown — The Chinese People’s Political Consultative Conference is holding a special symposium to promote the digital economy amid hope of easing regulatory pressure on the country’s tech sector.
- China Southern Airlines scraps Boeing’s 737 MAX from its fleet deliveries through 2024 — The move, a sharp reversal in China Southern’s plan, is a reminder of the uncertainty in a key market for Boeing.
- More than 180 companies say they have been hit by China’s lockdowns to rein in Covid-19 — The list is still growing as more firms report financial results in the days and weeks ahead.
- US-China decoupling: Beijing, Washington urged to work on ‘real’ plans for bilateral engagement — The American Chamber of Commerce (AmCham) in China says the costs of decoupling would be significant and generate no clear winners.
Nikkei Asia
- Paradise lost? China, the Solomons and the battle for the Pacific — Security pact tests old benefactors like Australia amid vaccine diplomacy rush.
- When unicorns lose their magic: Royole shows steep path for China IPOs — Startups cancel listings in face of crushing competition from big players.
- U.S., Japan weigh pledge to jointly deter China at Tokyo summit — Biden, Kishida prepare statement that includes allies’ response in Indo-Pacific.
Bloomberg
- China Stops Reporting Bond Trades by Foreigners After Selloff — China’s main bond trading platform for foreign investors has quietly stopped providing data on their transactions, a move that may heighten concerns about transparency in the nation’s $20 trillion debt market after record outflows.
- China’s Revenue Slumps 41% on Tax Cuts to Counter Covid Pains — China’s general fiscal revenue plunged 41% in April as the government gave money back to taxpayers to help businesses weather the impact of Covid curbs that have weighed on the economy.
- US, European Firms Rethink China Investment After Lockdowns — US and European businesses are reconsidering their investments in China after the lockdown in Shanghai and restrictions in other cities caused major disruption to their operations.
- China, US Are in a Space Race to Make Billions From Mining the Moon’s Minerals — The world’s top superpowers aren’t cooperating on rules of the road for extracting resources in outer space.
- China Vows to Stop US From Disrupting Xi’s Big Party Congress — China’s most senior diplomat vowed to counter any perceived US efforts to disrupt a once-in-five-year Communist Party meeting at which President Xi Jinping is set to secure a precedent-breaking third term.
Reuters
- Tencent Music sets sombre tone for China tech — Tencent Music Entertainment has kicked off China tech’s earnings season on a jarring note. Quarterly sales slumped 15% year-on-year, to roughly $1 billion, thanks to the triple whammy of a slowing economy, more competition and new regulations.
- China Vice Premier Liu to speak at key meeting with tech executives — Chinese Vice-Premier Liu He is scheduled to speak at a Tuesday meeting with tech executives that has been convened by the country’s top political consultative body to promote the development of the digital economy, people familiar with the matter said.
- Shanghai hits prized ‘zero COVID’ status but lockdown lingers — Shanghai achieved its long-awaited milestone of three consecutive days with no new COVID-19 cases.
Other Publications
- AP: Yellen warns Europeans about working with China, urges unity — Even as Western allies grapple with how to counter Russia’s assault on Ukraine, U.S. Treasury Secretary Janet Yellen warned Tuesday that they also must take a wary and united approach to checking China and its business practices.
- Foreign Affairs: The Collateral Damage in China’s Covid War — Are Beijing’s Harsh Measures Undermining Its Hold On Power?
- Rest of World: Why Chinese Sellers are Quitting Amazon — Amazon once helped China’s exporters reach a huge and lucrative audience. Now, they urgently need to wean themselves off.