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 Targeted Fed to Build Informant Network, Access Data, a Probe Says — The investigation by Senate Republicans found that the decadelong effort included detaining a Fed economist in China.
- General Motors’ Income Tumbles 40% on China Loss, Parts Shortages — Auto maker’s weaker results reflect ongoing challenges with supply-chain disruptions, including a multiyear shortage of semiconductors.
- Top Ant Executives Step Down From Alibaba Partnership — Alibaba, Ant have moved apart in the wake of China’s tech crackdown.
- Alibaba to Pursue Primary Listing in Hong Kong — Move comes as Beijing and Washington remain at loggerheads over the audits of U.S.-listed Chinese companies.
- Warren Buffett-Backed Chinese Car Maker BYD Zooms Past Rivals — The company saw sales of electric vehicles and hybrids skyrocket as rivals such as Tesla suffered plant shutdowns elsewhere.
- China’s Zero-Covid Policy Drags on Vaccination Drive — Beijing’s containment strategy is proving to be one of the biggest obstacles to ending hesitancy among the elderly.
The Financial Times
- Alibaba moves closer to home with Hong Kong dual-primary listing — New York-listed ecommerce group takes early steps towards having shares trade in mainland China.
- Alibaba: primary listings back home offer China tech giants price support — If the ecommerce group’s Hong Kong listing is a success, others could follow its lead.
- Beijing detains ex-Tsinghua semiconductor boss, report says — Former shepherd Zhao Weiguo is latest aggressive dealmaker to fall foul of Xi Jinping’s government.
- Alibaba scales back global expansion plan to rival Amazon — Chinese ecommerce giant fails to hit target of signing up 1mn local US businesses while dozens of staff leave New York office.
- Henan protests highlight concerns over China’s rural banking sector — Frauds reveal problems with deposit insurance and the complicity of local regulators.
- Philips blames China and supply logjams for latest guidance cut — Shares fall to nine-year low as Dutch medical equipment maker warns sales growth will miss previous expectations.
- Taiwan fears fallout from planned Pelosi visit threatens US security commitment — Taipei officials warn of ‘chilling effect’ of China’s intimidation tactics if Biden administration cancels trip.
- Chinese property stocks rally on $44bn bailout hopes — Rise follows report of State Council approval for fund to support at least a dozen real estate companies.
- Opinion: HSBC’s past may not help its future — There is no place in the new Hong Kong for a bank which is not institutionally subject to the Chinese government. By Michael Sheridan
The New York Times
- Alibaba Seeks a Hong Kong Primary Listing — The Chinese e-commerce giant’s application could give it better access to Chinese capital and a safety net against U.S. regulations.
- U.S. Officials Grow More Concerned About Potential Action by China on Taiwan — The Biden administration is watching for any moves by China to close off the Taiwan Strait, and they would prefer that Nancy Pelosi cancel her planned trip.
- Where China Is Changing Its Diplomatic Ways (at Least a Little) — As relations with the U.S. and Europe plummet, Beijing is beginning a new wave of diplomacy in Africa, where it dominates trade with resource-rich nations.
Caixin
- Former Unigroup Chief Falls Under Investigation — Zhao Weiguo probed over suspicious dealings as debt-laden semiconductor giant emerges from bankruptcy under new ownership.
- Central Bank to Beef Up Digital Yuan Rules to Address Privacy Issues — Users’ personal information will only be used when investigating illegal transactions.
- China’s Electric-Car Exports Surge to Western Europe and Southeast Asia — NEV shipments more than double in the first half led by industry giant SAIC and joined by Great Wall, Geely, BYD, Nio and Xpeng.
South China Morning Post
- China may increase cultural imports as part of 28-point plan to boost its soft power overseas — Analysts say the ambitious initiative is a ‘top-level design’ to boost China’s cultural trade, and it comes at a time when geopolitical tensions are on the rise.
- China’s new mega tunnel will send water from the Three Gorges Dam to Beijing — Yinjiangbuhan tunnel, connecting to a 1,400km open canal, is expected to take 10 years to build and cost US$8.9 billion and is part of a broader plan to boost food production by over 540 million tonnes.
- Intel to produce chips for Taiwan’s MediaTek in big foundry push, an industry dominated by TSMC — Intel announced that it will produce chips for chip firm MediaTek as it looks to grow its foundry business, with the first products to be manufactured in the next 18 to 24 months.
Bloomberg
- Why a Primary Listing in Hong Kong Matters for Alibaba, BiliBili — The decision by Alibaba Group Holding Ltd. to change its listing status in Hong Kong to “primary” from “secondary” is a move similar to that taken by other companies in the Asian hub recently and might spur others to do the same. What are reasons for such a switch?
- China Seeking to Infiltrate Fed, Senior Senate Republican Says — A senior US Republican lawmaker accused China of a broad campaign to obtain confidential information from the Federal Reserve, including recruiting central bank staffers and detaining a Fed employee visiting Shanghai.
- Hong Kong Students Must Learn China Security Law to Graduate — Students at Hong Kong’s most prestigious university will be required to take a course on Beijing’s national security law in order to graduate, the latest sign of China’s growing influence on the city.
Reuters
- U.S. regulators won’t accept any restrictions on China audit access, sources say — Washington and Beijing are in talks to settle a long-running dispute over the auditing compliance of U.S.-listed Chinese firms which, if unresolved, could see more than 270 Chinese firms kicked off New York bourses.
- China battery maker Gotion raises $685 million in Swiss listing — Chinese battery maker Gotion High Tech Co raised $685 million in a public share sale on the SIX Swiss Exchange, joining other Chinese firms rushing to tap an expanded stock connect program.
- China, Indonesia pledge deeper ties after rare Beijing summit — The leaders of China and Indonesia pledged on Tuesday to scale up bilateral trade and expand cooperation in areas such as agriculture and food security, following a rare visit to COVID-wary China by a foreign head of state.
Other Publications
- The Economist: Australia and China are on speaking terms again — Both countries sound friendlier, but Australia is not changing its security policies.
- The Atlantic: A Russian Defeat in Ukraine Could Save Taiwan — In a wide-ranging conversation, National Security Adviser Jake Sullivan talks about how Putin’s invasion has gone wrong, a fraught meeting with the Saudi crown prince, and the upcoming anniversary of the Afghanistan withdrawal.
- The Guardian: Sunak ruse aims to outmanoeuvre Truss over China — Analysis: claims by ex-chancellor about Foreign Office weakness towards Beijing look like an attempt to head off a similar attack on him
- Vice News: Revealed: Documents Show How Roblox Planned to Bend to Chinese Censorship — Filtering games. Blocking maps with Taiwan. Handling “historical facts.” Roblox was prepared to go all in on Chinese censorship, according to newly released internal documents.