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
- Vanished Chinese Billionaire Set to Face Criminal Trial in Shanghai — Tomorrow Group founder Xiao Jianhua has been kept largely in isolation in mainland China since he was taken from Hong Kong in 2017, say people familiar with the matter.
- The China-Germany Investment Nexus Frays — Europe’s industrial and trade heavyweight, long a cheerleader for strong China ties, has been sounding more ambivalent lately.
- China’s Car Sales Begin to Rebound as Government Revs Up Subsidies — Tesla and local auto makers saw production and sales rise in May after a big dip in April amid Shanghai lockdown.
- Tesla Cancels Online Job Fairs in China — Cancellation of live-stream events follows warning by CEO Elon Musk that company was about to cut jobs.
- China’s Inflationary Pressures Stay Muted — Producer and consumer inflation remain low, prompting economists to speculate that the central bank might ease monetary policy.
The Financial Times
- Shanghai reimposes lockdowns after detecting 11 Covid cases — Residents in half of the Chinese financial hub’s districts to be tested as economic toll mounts.
- The global race for supercomputing power — From modelling climate change to developing products, the machines’ capabilities are speeding up.
- China’s reopening already faces challenges — Revolving lockdowns are likely to exact a heavy economic toll in 2022.
The New York Times
- A Chinese Entrepreneur Who Says What Others Only Think — Already a maverick in business circles, Zhou Hang has dared to openly criticize the government’s zero Covid policy — and urges his peers to speak out, too.
Caixin
- In Depth: China’s Struggle to Rev Up Credit Demand — Government efforts at monetary easing, including measures such as interest rate cuts, have been unable to spur growth.
- Alibaba Rally Fizzles as Regulators Squelch Report of Ant IPO Revival — Jack Ma’s fintech giant denies plan to resume share sale after CSRC says it isn’t laying the groundwork for one.
- China’s Uber for Trucks Shrugs Off Cybersecurity Probe to Report Market-Beating Quarter — Manbang reports 53.7% jump in revenue to 1.3 billion yuan amid robust demand for its freight matching service despite a slow season.
South China Morning Post
- China, US defence chiefs square off on Taiwan in first face-to-face talks — Wei Fenghe and Lloyd Austin met in person on the sidelines of the Shangri-La Dialogue.
- China chip makers scramble for semiconductor talent, showering fresh graduates with offers as peers in other fields face dim prospects — In contrast with many industries, the semiconductor sector is facing a significant – and growing – talent gap, which means qualified graduates are getting multiple offers and lucrative pay packages.
- Chinese game developer denies ‘pay to work’ offer after job post sparks controversy amid tough job market — Shenzhen-listed gaming developer Perfect World said it is not asking graduates to ‘pay to work’ after a job posting for a training programme costing US$2,661 raised eyebrows online.
Nikkei Asia
- From China to India, Asia braces for EU plan to kill fast fashion — Supply chains may have to shift to recyclable, durable clothes — with uncertain consequences.
- China, U.S. defense chiefs discuss ‘managing’ rivalry in Singapore — Two sides reiterate Taiwan stances as closely watched Shangri-La Dialogue opens.
- China’s Xinjiang faces ‘risk of genocide’: EU parliament — Motion urges Beijing to end alleged forced labor, sterilization of Uyghurs.
Bloomberg
- Green Billionaires in China Lose $141 Billion as Market Turns — The biggest clean tech tycoons have lost more of their collective net worth than any other group.
- China Deserves New Sanctions Over Xinjiang, EU Lawmakers Say — European Union lawmakers pushed to bolster sanctions against Chinese officials involved in alleged human rights violations in the western region of Xinjiang.
- China’s Powerful Boss, Xi Jinping, Has an Intractable Problem: `Gaokao’ — The two-day testing ordeal for a spot at a university is drawing more students but creating a pool of overqualified unemployed graduates.
- Biden’s $52 Billion Chips Plan Stuck; Lawmakers Eye Election — Long-stalled legislation to boost US semiconductor manufacturing and strengthen competitiveness against China risks collapsing in Congress, with Republicans growing skeptical of the measure as midterm elections near and Democrats focusing instead on gun violence.
Reuters
- Analysis: China’s regulatory thaw leaves investors eager yet uneasy — As Chinese authorities signal that a two-year crackdown on the domestic technology sector is over, global investors are relieved and yet loath to take the government at its word.
- China Moly denies Congo administrator takes over its Tenke copper-cobalt mine — The dispute started last August when Congo’s government announced it had formed a commission to reassess the reserves and resources at TFM, which is also among the world’s largest copper producers.
The Economist
- The hotheads who could start a cold war — China’s deep distrust of America and the West is making it reckless.
- China’s Global Development Initiative is not as innocent as it sounds — Western countries are wary of the plan—and they should be.
- It will take time for China’s consumers to recover from lockdown — Some lost consumption will be lost forever.
- Life is getting harder for gay people in China — While sexual minorities celebrate elsewhere, in China they are hunkering down.
- Will there soon be a surplus of lithium? — Probably not, despite what some analysts think.
Other Publications
- The Washington Post: Swirling doubts herald major shifts at upcoming Chinese political meeting — Ahead of key Communist Party Congress, political tea-leaf reading has kicked into overdrive to determine the future shape of Xi Jinping’s power.
- Politico: Congress targets Harvard, Yale and top universities with China-linked endowments — A new bill from Republican Greg Murphy is pushing divestment from firms linked to rights abuses, security risks.
- Foreign Affairs: Has China Lost Europe? — How Beijing’s Economic Missteps and Support for Russia Soured European Leaders. By Ian Johnson
- Quartz: China’s overzealous covid testing is creating new billionaires while punishing the poor — And after providing tens of millions of free tests to battle flare ups over the past half year, the government has now decided to pass on the costs.
