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 Faces Growing Pressure to Iron Out Audit Deal With the U.S. — If Beijing wants to make sure its companies aren’t kicked off American exchanges next year, it might have just weeks left to reach an agreement.
- Airbnb to Quit China Business as Harsh Lockdowns, Competition Weigh on Demand — Home-sharing company to shut its domestic operations in the country, but continue to serve Chinese travelers booking overseas properties.
- China’s HNA Found to Owe $185 Million Over Bankrupt Manhattan Skyscraper — Arbitrator says Chinese conglomerate must pay property manager SL Green for investment it made in New York’s 245 Park Ave. building.
- Biden Says His Taiwan Policy Hasn’t Changed — President addresses issue a day after suggesting the U.S. would respond militarily to any invasion by China.
- Quad Members Have Eyes on China, No Collective Comment on Russia — ‘It’s only natural that there are instances where we are not in complete agreement,’ Japanese leader says.
- Biden’s Asia Trip Shows Challenges in Uniting Region — President pleases some with tough talk on Taiwan, but nations differ on trade, Russia.
- China and Taiwan Relations Explained: What to Know About the Tensions — Beijing is flexing its military power in response to growing U.S. support for the island; here’s a primer on the frictions.
- Didi Says It Will Proceed With Delisting From NYSE — Chinese ride-hailing giant secured approval from its shareholders to delist, as it seeks to resolve a cybersecurity probe in China.
The Financial Times
- Airbnb gives up on China as zero-Covid policy crushes tourism — Rental company abandons push to compete in local market and shifts focus to overseas trips.
- Quad unveils satellite-based maritime initiative to counter China — Scheme announced a day after Joe Biden said US would use force to defend Taiwan from attack.
- Chinese and Russian nuclear bombers fly over Sea of Japan as Biden visits Tokyo — Japan condemns joint exercise as ‘provocative’ and ‘unacceptable.’
The New York Times
- Russia and China Held Military Exercise in East Asia as Biden Visited — The coordinated bomber flights were the first training activity the two nations had done together since President Vladimir V. Putin of Russia ordered the invasion of Ukraine.
- ‘The Last Generation’: The Disillusionment of Young Chinese — Many believe that they’re the most unlucky generation since the 1980s as Beijing’s persistent pursuit of the zero Covid policy wreaks havoc.
- Airbnb shuts down its local business in China. — The home rental service is the last remaining large U.S. internet business in China.
- Biden’s Words on Taiwan Leave Allies in an Awkward Spot — Ahead of a summit with Australia, India and Japan, an off-the-cuff vow to defend the island militarily against China complicates diplomacy, particularly for Australia.
- Debate Over Tariffs Reveals Biden’s Difficulties on China Trade — Sixteen months into the Biden presidency, U.S. officials are still divided over what to do about a trade legacy left by President Donald J. Trump.
Caixin
- In Depth: China’s Plan to Overhaul Its $3.7 Trillion Mutual Fund Industry — China’s securities regulator is plowing ahead with plans to shake up the country’s vast 25 trillion yuan ($3.7 trillion) mutual fund management business.
- Tencent Fires Gaming, Fintech Staff in Wake of Miserable First Quarter — A source inside the IEG said that the layoffs at the group, which accounts for nearly 10% of Tencent’s total headcount, were in part a consequence of the government freezing approvals of new games for months.
- Q&A Site Zhihu Fires Up to 30% of Staff, Sources Say — The mass firing comes after the Quora-like website failed to break even after a decade in the red.
South China Morning Post
- Hong Kong Catholic churches will not hold annual Tiananmen memorial mass for first time in decades over national security law concerns — Hong Kong Catholic diocese reveals decision on Tuesday, saying there are ‘different ways to remember the deceased.’
- Hong Kong’s Cardinal Joseph Zen, 5 other activists deny charges over alleged failure to register legal fund for protesters — Six appear before West Kowloon Court for the first time since arrest by national security police two weeks ago.
- China’s Wang Yi urges UN rights envoy to ‘clarify misinformation’ — Chinese foreign minister says some anti-China forces use human rights issues to try to suppress the country.
Nikkei Asia
- Even package deliveries take tumble with China lockdowns — Booming sector suffers rare volume setback, but some companies post higher revenues.
- Biden’s Taiwan comment sparks uncertainty over ‘strategic ambiguity’ — Third statement by president on island defense not dismissed as a gaffe.
- Hong Kong’s MTR drives London subway into new era — First new Tube line in 43 years to feature air-conditioned carriages with Wi-Fi.
Bloomberg
- Hacked Data Shows Ethnic Abuse in China’s Xinjiang Camps — The cache contains thousands of mugshots of detainees as young as 15. It details the routine use of armed police officers including some with machine guns, sensitive images of police drills and spreadsheets that document arbitrary detention for as long as a decade for trivial acts such as not using a phone enough.
- We Don’t Need No (British) Education in China — Beijing’s new curriculum requirements sit uncomfortably with the concept of a Western liberal school system, leaving the sector’s future looking bleak.
- Is China ‘Uninvestable’ and What Does That Even Mean? — The question now is whether this year’s apparent shift in rhetoric will convince them that it’s safe to come back.
Reuters
- China’s Weibo bans Trip.com co-founder who questioned zero-COVID strategy — A leading entrepreneur in China who had questioned the wisdom of the country’s zero-COVID strategy was banned from posting on Weibo.
- At Quad summit, Australia’s new PM scolds China over trade tariffs — New Prime Minister Anthony Albanese rebuked China on Tuesday for imposing hefty tariffs on Australian exports two years ago.
- Taiwan radio enthusiasts tune in as Chinese, U.S. warplanes crowd sensitive skies — Although Taiwan’s Defence Ministry details these almost-daily incursions on its website, including maps outlining the activity, a band of Taiwanese radio enthusiasts like Hsu has been tuning in to related radio traffic and publishing the recordings online.
Other Publications
- Associated Press: China’s bet on homegrown mRNA vaccines holds back nation — Now health experts say that delay — a result of putting politics and national pride above public health — could lead to avoidable coronavirus deaths and deeper economic losses because whole cities would be locked down to insulate the country’s unprotected population.
- The Washington Post: As U.N. representative visits China’s Xinjiang region, fears of a coverup — According to China’s Foreign Ministry, her trip will be conducted within a “closed loop” as part of coronavirus protection measures, a model used during the Beijing Winter Olympics in which only approved individuals are allowed in. No media will be traveling with Bachelet.
- Politico: Blinken to unveil long-awaited China strategy in Thursday speech — The strategy is expected to build on former President Donald Trump’s China policy, experts say.
- CSIS: Red Ink: Estimating Chinese Industrial Policy Spending in Comparative Perspective — A new report by the CSIS Economics Program and the Trustee Chair in Chinese Business and Economics quantifies the size of total industrial policy spending by China and compares it to seven other major economies.
