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 Nears Launch of Advanced Aircraft Carrier, Satellite Images Show — The ‘Type 003’ carrier will enable China to project military power globally, analysts say.
- Germany Spurns VW’s Guarantee Request in China, Citing Human Rights — Berlin’s move in response to alleged Chinese abuses of Uyghur minority in Xinjiang province marks a shift in its approach to Beijing.
- U.S. Lobbies U.K. to Reconsider Chinese Chip Factory Deal — Diplomatic effort in London illustrates the Biden administration’s plan to counter Beijing’s tech ambitions.
- The Undersea Trove for Electric Vehicles — To secure nickel and other metals for batteries, the U.S. should join the international scramble to mine at the bottom of the ocean. By Dennis Blair
The Financial Times
- Chinese ex-securities regulator handed suspended death sentence — Tong Daochi is the latest high-ranking official ensnared in Xi Jinping’s anti-corruption drive.
- Investors return to Chinese stocks after sell-off triggered by Covid and geopolitics — Fund managers spot an opportunity following bruising start to the year.
- ‘All the power is in his hands’: why Xi Jinping remains supreme — Costs of zero-Covid pose little threat to China’s president as he seeks to solidify ideological grip.
Caixin
- Another Senior Securities Regulator Probed for Graft — Wang Zongcheng, ex-head of the CSRC’s accounting department, is the latest to be investigated as part of a campaign against financial sector corruption.
- Hong Kong Money Man Calvin Choi Faces Two-Year Industry Ban for Misconduct — Choi, 43, was previously accused of financial fraud by debt-ridden investment firm China Minsheng Investment Group Corp. Ltd. Minsheng Investment had entrusted Choi with billions of yuan to invest.
South China Morning Post
- Drones included in refit for China’s second aircraft carrier Shandong — Seven UAVs seen on the flat-top’s deck in official video as the vessel undergoes scheduled maintenance after two years of service.
- Top Chinese venture capital firm Hillhouse beats back lay-off rumours after portfolio hit by plunging tech stocks — Hillhouse Capital, China’s top private equity firm, has denied it is undergoing large-scale lay-offs after facing earlier rumours this year about its portfolio amid a tech stock sell-off.
- Tech war: China experts at odds over role of ‘chiplets’ in helping achieve goal of semiconductor self-sufficiency — Experts are debating the viability of ‘chiplet’ technology as a way for China to achieve semiconductor self-sufficiency, but some say it is a complementary technology and not a replacement for advanced chip making.
Nikkei Asia
- China’s Geely launches first satellites to guide self-driving cars — Automaker to offer navigation service in Asia-Pacific by 2025.
- Opinion: China’s economic policies are showing signs of confusion — ‘Shadow stimulus’ at local levels lets Beijing avoid direct choices and blame. By Andrew Collier
Bloomberg
- Shanghai Warns of Covid Resurgence as Cases in Community Rise — China’s financial capital warned of a Covid-19 resurgence, bolstering testing capacity as cases reappear in the community and residents start to move around more freely after the easing of most lockdown curbs.
- US Crackdown on Forced Labor in China Risks Further Supply Chaos — Pandemic and war have upended American supply chains. The next shock may come from the US campaign against human-rights abuses in China.
- China Electric Car Sales Rose in May as Lockdowns Start to Ebb — China’s legion of electric carmakers appear to be shaking off the worst of the nation’s lockdown-induced supply chain snarls and parts shortages, with at least four selling over 10,000 vehicles last month.
Reuters
- All options on table in China tariff review, U.S. trade official says — The Biden administration is considering “all options” as it reviews potential changes to U.S. duties on Chinese imports, including tariff relief and new trade investigations.
- Airbnb to facilitate shift of host data to rivals ahead of China shutdown — Airbnb Inc said on Friday it will facilitate the shift of housing and host data to several Chinese domestic rental platforms before it shuts down operations.
- NBA’s Silver says league’s return to Chinese airwaves is a positive — The NBA, one of the most popular U.S. cultural exports in China, has lost “hundreds of millions” of dollars because of the blackout.
Other Publications
- The Economist: China’s interest in the Pacific islands is growing — But they have their own interests
- The Economist: China’s war over sand — The dark side of China’s property boom
- The Economist: China’s e-sports players are challenging South Korea’s dominance — But legal changes in both countries may help South Korea reclaim its crown
- The Washington Post: Beijing chafes at Moscow’s requests for support, Chinese officials say — China’s leadership wants to expand assistance for Russia without running afoul of Western sanctions and has set limits on what it will do
- CSIS: China Gears Up to Launch Its Third Aircraft Carrier — Satellite imagery from May 31 shows that the dry dock where the much-anticipated warship is currently positioned has been cleared of other shipbuilding projects, leaving an open path for the flattop carrier to enter the Yangtze River.
