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’s Top Diplomat in Australia Says Ties Can Improve — Xiao Qian’s speech in Sydney was interrupted several times by anti-China protesters.
- China Probes Operator of Nation’s Biggest Academic Database — The second investigation of China National Knowledge Infrastructure comes as Beijing heightens scrutiny of firms with data troves.
- Nuclear Power Is Poised for a Comeback. The Problem Is Building the Reactors. — Countries have lost their expertise in building nuclear plants after shunning them for years.
The Financial Times
- China clean energy: electric cars still need coal — Some may have ignored the long term, underlying risks EV battery producers carry.
- China’s ambassador to Australia heckled as he calls for closer ties — Relations were strained by Canberra’s ban on Huawei and calls for an investigation into Covid’s origins.
- China taps markets for $10bn to cement clean tech supremacy — Country dominates electric vehicle supply chain as west races to develop rare earths production.
- Chinese podcast group fails to launch $100mn IPO in blow to Hong Kong — Ximalaya, backed by likes of Tencent and Baidu, has suspended plans as investors remain wary.
The New York Times
- In Russia’s War on Ukraine, China and India Emerge as Financiers — Their purchases of Russian crude are undermining the West’s efforts to isolate the Kremlin and upending the global oil markets.
- After Years of Acrimony, China and Australia Cautiously Reach Out — The arrival of a new government in Canberra has set the stage for ministerial talks and overtures for easing tensions. Plenty still divides the two nations.
Caixin
- Retail Investors’ Share of Chinese Stock Markets Falls Below 70% — Institutions play an expanding role in trading, and individuals grow more sophisticated, a top market regulator says.
- Roundup: Where Analysts Think China’s Economy Is Going This Year — Observers say that the recovery from the latest Covid spike won’t be as robust as the one seen in 2020.
- China’s Travel Agents Seek Savior in Local Tourism — Agencies are pitching camping trips and homestays as tight restrictions remain on domestic and international travel.
South China Morning Post
- China’s 20th party congress: former political star Lu Hao named to head key policy think tank — Former natural resources minister Lu Hao, 55, will head a think tank under the State Council, China’s cabinet.
- China’s world’s factory tag threatened by Vietnam, but ‘there’s nothing to worry about’, analysts say — Vietnam’s first quarter exports reached US$88.58 billion, up by 12.9 per cent from the previous year, with Chinese state media comparing the shipments in the first three months of the year to China’s main export hub of Shenzhen.
- Second Chinese rights activist Ding Jiaxi stands trial on state subversion charges in secret proceeding — No family or supporters were in court as prominent civil rights leader Ding Jiaxi went on trial in Shandong province on Friday.
Nikkei Asia
- BMW counters Tesla offensive in China with new EV plant — Rise of electrics squeeze luxury carmaker in its most important market.
- China resumes more international flights as COVID cases ebb — Aviation authority looks to increase travel to and from Vietnam, Thailand.
- Xi rallies BRICS against sanctions ‘abuse,’ Cold War mentality — Putin accuses countries of using ‘financial mechanisms’ to shift their mistakes on the world.
- Hong Kong tycoon Henry Cheng makes bid for Giordano clothing chain — Shareholder rejects ‘cheeky’ offer as ‘far below fair value.’
Bloomberg
- TikTok Turns On the Money Machine — ByteDance’s hit video app is on track to triple revenue this year to $12 billion, threatening Facebook’s hold on social media.
- The Big Take: China Mining World’s Biggest Iron Deposit in West Africa — More than $1 trillion worth of iron ore is buried in the Simandou mountains of Guinea — enough to forge steel for 100,000 Empire State Buildings. Put another way, that could build all of China’s airports, skyscrapers, cargo ships, and weapons for seven years.
- China’s Leaders Mull Banning Solar Panels From Farmland — China may bar solar developers from building panels on farmland as the government weighs the importance of food security against its clean energy goals.
- Xi’s Trip to Hong Kong in Doubt After Top Officials Get Covid — President Xi Jinping’s rumored visit to Hong Kong to mark the city’s 25th anniversary of Chinese rule was cast into doubt, after top officials in the city were infected with Covid.
Reuters
- U.S. lawmakers unveil bill barring U.S. data flows to high-risk countries — A bipartisan group of U.S. senators introduced legislation on Thursday that would give the Biden administration the power to block exports of U.S. personal data to countries like China that they say pose national security risks.
- KKR Greater China head steps down to take adviser role- sources — Paul Yang, partner and head of Greater China at KKR & Co (KKR.N), has recently stepped down to take an adviser role with the private equity firm, two people familiar with the situation told Reuters.
- H&M closes Shanghai flagship store, hurt by lockdowns and consumer backlash — Although it was open earlier this month, the three-storey building in downtown Shanghai was on Friday boarded up with its H&M signage gone.
Other Publications
- The Economist: America and China spar over the Taiwan Strait — Tensions in the region are simmering, not least over use of the waterway
- The Economist: What to make of China’s new aircraft-carrier — A big and expensive demonstration of its ambitions
- The Washington Post: They wanted rule of law, so China tried them in secret — Two prominent Chinese advocates for citizen rights and the rule of law in China were tried for subversion this week in what family members said was an opaque legal process.
- The Washington Post: Opinion: Biden is under pressure to go soft on China’s genocide — Several officials, congressional staffers and experts have told me that some administration figures and business interests are fighting against strict implementation of the law. By Josh Rogin
