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
- Pope’s Wariness of U.S.-Dominated World Shapes His Russia, China Stances — Pontiff’s suggestion that NATO might have provoked invasion of Ukraine draws fire from inside and outside the church.
- China Fires Official for Abusing Covid-Tracking Codes to Thwart Protesters — Four others also punished after a wave of public anger over the use of pandemic surveillance as a tool for broader social control in central city of Zhengzhou.
- U.S. Gas Sales to China Dry Up as Ukraine War Disrupts Energy Trade — In a redirection of flows, America sells more to Europe, while Russia becomes more dependent on sales to Beijing.
- Chinese Internet Giants’ Ad Revenue Suffers as Business Confidence Wanes — Some firms suggest it could be a while before a recovery takes hold as Covid containment measures continue.
- Chinese Battery Giant CATL Raises $6.7 Billion in Share Sale — This year’s two biggest stock offerings are both from EV battery companies.
- BMW Opens Electric-Car Plant in China — German auto maker looks to catch up with Tesla and Chinese rivals in electric-vehicle market.
The Financial Times
- She was loved for standing up to China. She may die in jail — The story of Claudia Mo is also that of Beijing’s tightening grip on Hong Kong.
- Chinese memory chip king’s rapid growth, Musk’s China challenges — The inside story on the Asia tech trends that matter, from Nikkei Asia and the Financial Times.
- Flu epidemic risks sweeping China left vulnerable by zero-Covid fixation — Xi Jinping orders public health policy to prioritise Covid control over all other diseases.
- China food inflation: pork is the make or break factor in controlling prices — It will not be easy for food companies to quickly pass on rising costs to consumers.
The New York Times
- China Tariffs Are Important Source of Leverage, Says Biden’s Top Trade Negotiator — The Biden administration has come under pressure to ease tariffs as a way to help deal with inflation.
- Businessman Tied to China Alibaba Rape Case Gets 18 Months — A court found Zhang Guo guilty of “forcible indecency.” The tech giant fired his accuser last year after she claimed that he had molested her and that her boss had raped her.
- Extreme Weather Hits China With Massive Floods and Scorching Heat — Hundreds of thousands of people have been displaced by the historic flooding. Elsewhere, record-high temperatures are rupturing roads and driving energy consumption.
Caixin
- In Depth: China’s Relaxation of Penalties for Wildlife Breeding Raises Concerns — Traditionally, China has imposed heavy fines and sentences on wildlife traders and farmers. Critics say that the severity of the punishments are not proportional to the offenses involving protected animals which are also artificially bred and domesticated.
- China Expands REIT Market to Spur Infrastructure Growth — As the economy slows, regulators have turned to the hot investment product as a source of funding.
- Polysilicon Price Hits 11-Year High on Surging Solar Panel Demand — Key green energy material gains 25.8% in a year, sparking Chinese suppliers to plan a quadrupling of capacity by next year.
South China Morning Post
- China’s payments, fintech sectors to ‘play bigger role’ in boosting economy, President Xi says, in positive signal for Big Tech — President Xi Jinping encourages the operators of these online services to ‘play a bigger role’ in strengthening China’s economy.
- China officials who abused health codes to stop bank protests punished — At least one person has been sacked and four others disciplined after victims of a banking scandal were prevented from protesting.
- China considers extending EV tax exemption to put industry back on track after Covid-19 lockdown — The tax cuts could spur consumers to spend an extra US$29.8 billion on EVs, which could help the industry regain momentum after output fell by 1 million units in April due to pandemic related curbs.
Nikkei Asia
- China’s Yangtze Memory takes on rivals with new chip plant — Company aims to close technology gap with players like Samsung, Micron.
- At Shanghai congress, all eyes on fate of Xi’s close ally Li Qiang — COVID lockdown in Chinese economic hub erodes confidence in former rising star.
- U.S. lawmakers push for Asia-Pacific engagement with flurry of bills — Bipartisan measures call for more diplomats and Taiwan security assistance.
Bloomberg
- Can Crypto’s Richest Man Stand the Cold? — Changpeng Zhao built Binance into the world’s biggest digital currency exchange. Now he faces a looming regulatory crackdown in a brutal crypto winter.
- Xi Reaffirms Growth Target That Analysts Say Is Out of Reach — Chinese President Xi Jinping pledged to meet economic targets for the year even as the government’s zero tolerance approach to combating Covid outbreaks and a weak housing market put the growth goal further out of reach.
- China’s Labor and Competition Problems Stem from Its Education System — The elevated status of scholarship has created a huge class of young people unwilling to do the manufacturing China needs to stay competitive.
Reuters
- China’s CATL to produce next-generation EV battery in 2023 — Chinese battery giant CATL will start mass production next year of its latest generation product, with greater efficiency that lets electric cars drive longer distances on each charge, the company said on Thursday.
- Analysis: Record numbers of Chinese graduates enter worst job market in decades — A cohort of graduates larger than the entire population of Portugal is about to enter one of China’s worst job markets in decades at a time when youth unemployment is already more than three times China’s overall joblessness rate, at a record 18.4%.
Other Publications
- The Economist: China’s crackdown on the fun industry continues — Second-guessing Communist Party censors is becoming part and parcel of doing business
- The Washington Post: Under pressure from Beijing, Hong Kong’s schools become more patriotic — Many teachers are taking a look at the new environment and leaving.
- Politico Europe: EU champion Airbus has deep links to Chinese military industrial complex, report says — The planemaker has key manufacturing facilities in China and its local CEO is a member of the Communist Party.
- The Los Angeles Times: As China shuts out the world, internet access from abroad gets harder too — Files that were available three years ago have started to disappear as Brussee and many like him, including academics and journalists, are finding it increasingly frustrating to penetrate China’s cyber world from the outside.