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
- Biden Says U.S. Would Intervene Militarily if China Invaded Taiwan — ‘That’s the commitment we made,’ president says in Tokyo.
- Biden Kicks Off Economic Group Linking U.S., Asia — Indo-Pacific Economic Framework doesn’t include plans to lower tariffs, disappointing some nations.
- Apple Looks to Boost Production Outside China — iPhone maker tells suppliers it wants to manufacture more in India and Southeast Asia.
- China’s Markets Are Tested by Foreign Outflows and a Falling Currency — While there are echoes of an earlier bout of stress, market participants say it’s different this time.
- China Spends Far More Than Others to Help Favored Industries, Report Finds — State-directed funds, cheap loans and incentives surpass those of other major economies.
- U.N. Human Rights Chief Kicks Off Closely Watched China Trip — Michelle Bachelet, who will visit the far northwestern region of Xinjiang, faces calls to release a long-anticipated human rights report.
- NFTs Are Put to New Use in China, Countering Censorship During Pandemic — Internet users are turning to blockchain technology to prevent content including images, videos and social-media posts from disappearing.
The Financial Times
- Didi investors to vote on US delisting in bid to revive China business — Beijing’s crackdown on ride-hailing group after New York IPO knocked $60bn off market value.
- Biden pledges to defend Taiwan militarily if China invades — US president’s comments during visit to Tokyo prompt criticism from Beijing.
- ‘Very sensitive’ US-China rift poses challenge for Hong Kong stock exchange chief — After a bruising year for the HKEX, Nicolas Aguzin is heading to Davos to persuade investors China is open for business.
- ‘Quad’ security group plans system to track illegal fishing by China — Announcement by US, Japan, Australia and India to come during Joe Biden’s Asia trip.
- Supercomputers: the battle of the speed machines hots up — Lack of access to leading-edge computing will hobble many industrial and scientific endeavours.
- China seeks more island security pacts to boost clout in Pacific — Talks with Kiribati and another nation come after Beijing agrees deal with Solomons.
- Pessimism engulfs the Chinese economy as foreign investment fades — The unpredictable outlook for many multinationals may herald a shift in how the global economy works.
The New York Times
- Biden Says U.S. Military Would Defend Taiwan if China Invaded — President Biden indicated on Monday that he would use military force to defend Taiwan if it were ever attacked by China, dispensing with the “strategic ambiguity” traditionally favored by American presidents and repeating even more unequivocally statements that his staff tried to walk back in the past.
- U.N. Human Rights Chief to Make First Trip to China Since 2005 — Rights groups say Michelle Bachelet’s trip, including a visit to the western Chinese region of Xinjiang, where Beijing has cracked down on the Uyghur minority, will be a test of her office’s credibility.
Caixin
- Mysterious Firm Seeks Controlling Stake in Arm China — In a statement published last week, the firm in question — Lotcap Group — said that it had signed a letter of intent to buy a 51% stake in Arm China.
- Ant Sharpens Southeast Asia Strategy With New Leadership — Top executive of Jack Ma’s overhauled fintech giant outlines plans for competing in the world’s fastest-growing mobile wallet market.
- Majority Stake in Embattled Chinese Lithium Miner Sold at Nearly 600 Times the Guide Price After Fierce Bidding — A 54% stake in Southwest China-based Sinuowei Mining attracts the highest bid of 2 billion yuan amid a surging demand for the metal.
- China’s Ganfeng Lithium Continues Investment Spree With Stake in Metals Producer — Company buys one-sixth stake in manufacturer of tantalum-niobium products used in pipelines, aerospace and carmaking.
South China Morning Post
- Beijing mulls reducing hotel quarantine to one week for international travellers with 7+7 policy, sources say — If the change is enacted, it would be the second reduction in May from previous hotel quarantine requirements of 10 and 14 days, including a week at home.
- Tencent CEO Pony Ma sparks fresh online discussion about China’s economic pain after sharing viral social media article — That social media post reflected an uncharacteristic step for the Tencent founder, who has kept a low profile in recent years amid China’s regulatory crackdowns.
- China’s Big Tech sees new wave of job cuts as Covid lockdowns hurt economy — Staff reduction is happening at various departments in Tencent and Alibaba, according to sources interviewed by the Post and local media reports.
- Controlling stake in Arm China may shift to little-known entity as chip joint venture’s ownership saga drags on — A Lotcap Group statement did not include any names or specific contact information for the company, apart from an email address.
Nikkei Asia
- Australia’s allies congratulate Albanese with all eyes on China — Early signs hint at Beijing’s hopes for better ties after Morrison’s election loss.
- Taking cue from new president, South Korean companies pivot to U.S. — Hyundai, Samsung step up American investments as Chinese sales slump.
- Tencent spins web novels into game and drama gold — As ad revenue dives, fiction from users provides fodder for entertainment business.
Bloomberg
- China Plans Tax Relief of Over $21 Billion to Lift Economy — China will offer more than 140 billion yuan ($21.1 billion) in tax relief to companies and consumers as it seeks to offset the heavy impact of coronavirus lockdowns on its economy.
- US Unveils 13-Nation Economic Pact to Assert Asia Leadership — The Biden administration announced that a dozen Indo-Pacific countries will join the US in a sweeping economic initiative designed to counter China’s influence in the region, even as questions remain about its effectiveness.
- How Hot Is Lithium Now? A Chinese Mine Auction Draws 3,448 Bids — An auction for a controlling stake in a Chinese lithium mine has garnered 3,448 bids, underscoring the scramble to secure the battery metal that’s key to the clean-energy transition.
- China Triples Solar Investments as Clean Energy Push Accelerates — Spending on the installation of panels is rising quickly as the nation aims to grow the world’s largest renewable energy fleet.
Reuters
- Beijing extends work-from-home ‘requirement’ for millions as COVID spreads — The Chinese capital extended its work-from-home requirement for many of its 22 million residents to stem a COVID-19 outbreak, while Shanghai deployed more testing and curbs to hold on to its hard-won “zero COVID” status after two months of lockdown.
- S.Korea’s Yoon uses Biden summit as springboard for global agenda as China looms — South Korea’s new president, Yoon Suk-yeol, used a largely successful summit with U.S. President Joe Biden over the weekend to lay the foundation for his goal of enabling South Korea to play a more active role around the world.
- With eye on China, and U.S. ties, Japan’s universities to screen foreigners — Japan is asking universities for greater scrutiny of foreign students and scholars to prevent technology leaks to places like China, partly for its own national security but also to safeguard exchanges with U.S. and European universities.
Other Publications
- The Washington Post: Biden takes aggressive posture toward China on Asia trip — President Biden opened the second chapter of his Asia tour Monday with moves — some choreographed, others perhaps not — signaling a more confrontational approach to China on multiple fronts.
- Politico: 12 Asian nations join negotiations on Biden’s signature economic initiative for the region — The president formally launched the Indo-Pacific Economic Framework on Monday during his visit to Tokyo.
- The Economist: Foreign investors are fleeing China — Xi Jinping’s policies are having a profound impact on markets—and a painful one.
- The Atlantic: The Volunteer Movement Enraging China — An informal, online network is translating publicly available articles and social-media posts. That has been enough to rile Beijing.
- Foreign Policy: In Hong Kong, a Once Liberal University Feels Beijing’s Weight — With protesters crushed and memorials removed, there’s no room for campus dissent.