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 Xi Jinping Says Hong Kong’s Loyalty to Beijing Will Ensure Prosperous Future — A quarter-century after city’s handover from Britain, the Chinese leader’s visit bolsters his bid for a third term.
- How China’s National Security Law Silences Hong Kong — Jailed pro-democracy leaders are being ground down by months without trial and the fear they will spend the rest of their lives behind bars.
- U.S.-China Competition Zeroes In on Growth — Biden’s statement that U.S. GDP might grow faster this year than China’s has struck a nerve in Beijing.
- EU Targets Foreign Subsidies, Aiming at China but Worrying U.S. Companies — Proposed legislation focuses mainly on state-backed companies.
The Financial Times
- Xi insists Hong Kong must be governed by patriots on 25th handover anniversary — Chinese president says territory will maintain its ‘capitalist system’ for a long period.
- The ‘quislings’ who helped Beijing crush Hong Kong’s pro-democracy campaign — China has rewarded some of the local politicians and officials who have abetted its campaign.
- Hong Kong’s future as Asia’s financial centre | FT Film — The city’s reputation has been shaken by a political crackdown, protests and a policy of zero-Covid.
- Metaverse dating app popular with young people in China vies for HK listing — Tencent-backed social media app Soul uses avatars instead of pictures and connects people using algorithms.
- Central banks look to China’s renminbi to diversify foreign currency reserves — Dollar’s dominance could gradually decline as a result of geopolitical flare-ups, UBS survey shows.
The New York Times
- Hong Kong’s Transformation Since Handover — In the 25 years since the handover to China, life on Queen’s Road, the first thoroughfare built by the British after they seized the territory, has been transformed.
Caixin
- In Depth: How Chinese Factories Are Finding Their Way to Mexico — Makers of furniture and appliances can dodge the effects of the U.S.-China trade war while avoiding pandemic-related supply chain disruptions.
- Zijin Mining Pours $269 Million More Into Lithium Assets — Copper and gold mining giant continues strategic shift with plan to acquire 75% of Houdao Ming, owner of the Xiangyuan lithium project.
- China Outlines Legal Path for Cross-Border Data Transfer — Cyberspace administration seeks comments on draft rule covering data processing entities’ use of standard contracts.
South China Morning Post
- Two senior Tencent executives step down from vice-president roles to focus on jobs at literature and banking units: report — Company’s latest management reshuffle comes amid recent efforts to control costs and improve efficiency amid stagnating growth.
- Chinese vice-president urges better South China Sea approach with Philippines as Marcos takes the reins — Chinese vice-president Wang Qishan attended the inauguration ceremony of Ferdinand Marcos Jnr and said the Philippines was a priority for China’s diplomacy.
- China doubles down on domestic operating systems to cut reliance on Windows, MacOS from the US — China’s quest for a competitive domestic operating system has been going on for decades, but Microsoft Windows remains dominant.
Nikkei Asia
- EV supply chain: Japan, China vie for power in lithium standards — Industry group including Toyota and Hitachi to join ISO meeting.
- U.S. lawmaker urges better intelligence sharing with Taiwan — House Asia subcommittee’s Chabot says Biden fails to match rhetoric with resources.
- Vietnam lures Hollywood crews but censorship hangs over film sector — One-party state’s Cinema Law bans ‘reactionary ideas and social evils.’
Bloomberg
- Airbus Wins $37 Billion China Jet Deals in Blow to Boeing — Airbus SE won one of its biggest ever single-day hauls, selling almost 300 airliners worth more than $37 billion to four Chinese airlines in a coup for the European manufacturer in its tussle with Boeing Co. for dominance in Asia’s largest economy.
- China Tech Rally Sends Insiders Rushing for Exits: Tech Watch — No one would have predicted it a few months ago, but Chinese technology stocks now are a rare pocket of strength in global markets. A wave of selling by corporate insiders is calling into question how far the rally can go.
- Xi’s Call for Bigger Hong Kong Homes Signals Greater State Role — Hong Kong’s pricey housing has long been a gripe for many of the city’s residents. President Xi Jinping has now made addressing that issue a priority for John Lee’s new government.
Reuters
- China urges U.S. to fulfill climate duties after Supreme Court ruling — The United States must meet its international obligations on climate change and do more than “shout slogans”, China’s foreign ministry spokesman Zhao Lijian said on Friday following a U.S. Supreme Court ruling limiting Washington’s ability to cut power sector emissions.
- UK PM says China must be held to commitments made on Hong Kong — Prime Minister Boris Johnson said Britain would do all it could to hold Beijing to its commitments on democratic rights made 25 years ago when Hong Kong was handed back to China.
- Russia arrests scientist for alleged collaboration with Chinese secret services — Russia has detained a scientist in Siberia on suspicion of state treason for allegedly collaborating with China’s security services, the state news agency TASS reported on Friday, citing regional authorities and the man’s family.
The Economist
- An Anatomy of Erasure — How a free and open Hong Kong became a police state.
- China is improving its human capital. Gradually — Most of its working-age population still lacks a high-school education.
- Some Chinese want their country to move closer to communism — How can a wealthy China still claim to be in the “initial stage of socialism”, scholars wonder?
- Getting around covid controls in Shanghai — Dark restaurants and shuttered gyms are not necessarily closed.
Other Publications
- The Washington Post: Worldview: China’s Xi ushers in the end of global Hong Kong — Hong Kong was once cast as a liberal precursor to what China could become. Under Xi, it’s a cautionary tale of authoritarian entrenchment.
- Reuters Institute: The fate of Hong Kong’s journalists under China’s rule: seven stories of broken dreams, perseverance and hope — Seven archetypal stories of the consequences of NSL on journalists’ lives.
- The Guardian: The Hong Kong ‘unofficials’ who advised Britain on the handover – and were ignored — Reviled by Beijing and dismissed by London, a group of local advisers tried and failed to ensure the interests of Hongkongers would be protected after 1997.
- The Guardian: We were too lenient on pro-democracy politicians, says senior Hong Kong legislator Regina Ip — A senior figure in John Lee’s incoming administration says opposition politicians ‘only have themselves to blame’ for being arrested.
- Council on Foreign Relations: Outbound Investment Screening Would be a Mistake — Existing tools might be sufficient, and it’s not clear if a new regime makes sense.