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 Warns Biden Over Taiwan as a Possible Pelosi Trip Adds to Tensions — Visit by House speaker to self-ruled island would likely sink tentative rapprochement between U.S., China.
- China Pressures Cities as They Scramble to Repair Ailing Property Markets — Local governments have tried to entice home buyers with tax rebates, cash rewards and lower down payments, but to little avail.
- China Needs Decisive Action on Property, Before It’s Too Late — Time is running out to head off a self-fulfilling property and mortgage debt crisis.
- China’s Leaders Aren’t Sweating Growth Slowdown — China’s restraint reflects a shift from previous downturns, when Beijing unleashed aggressive stimulus to prop up growth.
- U.N. Rights Body Urges Repeal of Hong Kong National Security Law — The United Nations Human Rights Committee urged Hong Kong to repeal its National Security Law, expressing concern about its “overly broad interpretation” and consequences for groups and individuals in the city.
- Short Seller Carson Block Sued Over $14 Million Whistleblower Award — Lawsuit highlights the often lengthy and complex road to winning SEC whistleblower awards.
- Video: U.S. vs. China: What Aircraft Carriers Reveal About the Military Tech Race — The U.S. has by far the largest aircraft-carrier fleet in the world, but China is catching up on technology and design with its new vessel–the Fujian. WSJ compares the two superpowers’ best military ships to understand their strategic goals.
The Financial Times
- Pelosi’s Taiwan visit will inflame US-China crisis, analysts warn — US House Speaker’s planned trip could provoke military response from modernised People’s Liberation Army.
- Boss of carmaker Stellantis warns of growing China interference in business — Carlos Tavares says political meddling is ‘increasing by the day.’
- Ant Group IPO set for further delay as Jack Ma plans to give up control — Founder’s decision to retreat from Chinese fintech giant will push back planned float by at least a year.
- Xi warns Biden not to ‘play with fire’ ahead of Pelosi’s potential Taiwan trip — Tensions run high over senior US lawmaker’s planned visit to island.
- China property: $150bn is not enough to lift sector out of its slump — Predictions of a crash hitting the financial system are wide of the mark. The outlook is instead for slow, attritional correction.
The New York Times
- Why Pelosi’s Proposed Taiwan Visit Is Raising U.S.-China Tensions — Beijing has issued strongly worded warnings implying that China might use military force if Nancy Pelosi moves forward with a planned trip to Taiwan.
- Hong Kong: Mirror Concert Accident to Be Investigated — Two dancers for the popular boy band were hospitalized, a local news outlet reported. Hong Kong officials promised an investigation.
- As Congress Debated Landmark China Bill, Beijing Surged Ahead — Experts are still assessing how China apparently leapfrogged ahead in its effort to manufacture a semiconductor that rivals those made in Taiwan, which supplies both China and the West.
- Biden and Xi Conduct Marathon Call During Time of Rising Tensions — White House officials characterized the call, which lasted two hours and 17 minutes, as a relationship-tending mission.
Caixin
- Head of China’s Biggest Chip Investment Fund Under Probe — Ding Wenwu caught up in series of graft scandals at state-backed ‘Big Fund,’ which poured billions of dollars into semiconductor development
- China-Switzerland Stock Connect Program Takes Off — Selling shares were building materials giant Keda, lithium battery materials producer Ningbo Shanshan and battery makers Gem and Gotion
- Nasdaq-Traded Kingsoft Cloud Files for Dual Primary Listing in Hong Kong — Nasdaq-traded Chinese cloud computing company Kingsoft Cloud Holdings Ltd. filed for a dual primary listing in Hong Kong Wednesday.
South China Morning Post
- Delivery firm Missfresh collapses as another Nasdaq-listed Chinese firm falls prey to weakening economy — The Beijing-based on-demand delivery firm abruptly announced on Thursday that it had run out of cash, dismissing workers and leaving suppliers unpaid.
- China’s Politburo to ensure delivery of unfinished homes to prevent mortgage-boycott crisis from escalating — Local governments will be responsible for ensuring the delivery of housing projects, according to a Politburo statement, as China’s top leadership looks to contain the mortgage-payment crisis from spreading.
- Chinese solar firms ramping up investment in Southeast Asia to evade US, European trade tensions — Southeast Asia has become a major offshoring destination for Chinese solar manufacturers looking to evade trade action from Western nations, who are trying to reduce reliance on solar imports from China.
- A year after China’s private tutoring crackdown, classes have moved underground as companies struggle to pivot — Since the July 2021 ban on for-profit private tutoring, parents are paying more than ever before to keep their kids in private classes while companies pivot to live streaming and hardware.
Nikkei Asia
- Beijing probes leaders of China’s semiconductor industry drive — Chinese tech crackdown expands as U.S. passes CHIPS Act.
- Stellantis CEO says ‘breach of trust’ broke alliance with China’s GAC — Automaker chief warns rivals against being asset-heavy in China.
- Mobile chip king MediaTek lowers outlook on expected smartphone dip — New foundry partner Intel reported a sharp drop in profit amid PC downturn.
Bloomberg
- China Probes Government, Bosses as Chip Race With US Heats Up — China has begun a series of investigations into key figures responsible for shaping chip policy and investment, raising questions about the impact on Beijing’s blueprint for challenging US dominance of a $550 billion industry.
- Chinese Government Asked TikTok for Stealth Propaganda Account — A Chinese government entity responsible for public relations attempted to open a stealth account on TikTok targeting Western audiences with propaganda, according to internal messages seen by Bloomberg.
- China’s Politburo Ignites Talk About $220 Billion More in Debt — China’s local governments may have more money to spend this year after the nation’s top leaders urged better use of the existing debt ceiling limit, with some analysts estimating the unused amount could be as high as 1.5 trillion yuan ($220 billion).
- Jack Ma Escapes Beijing’s Crosshairs by Giving Up His Power — Jack Ma is taking a weeks-long tour in Europe after largely disappearing from public view for almost two years, adding to signs that China’s government is easing pressure on the entrepreneur as he steps back from a business empire that had made him one of the country’s most powerful people.
Reuters
- Former Chinese justice minister admits taking millions in bribes-court — The trial of Fu Zhenghua, 67, began on Thursday at the Changchun Intermediate People’s Court in the northeastern province of Jilin, more than three months after the former official was arrested on suspicion of accepting bribes and “bending the law for personal gain”.
- China’s ‘common prosperity’ drive slashes pay and perks for investment bankers — State-owned investment banks including China International Capital Corp and Citic Securities have implemented pay cuts this year as well as delayed bonus payments to their staff, four of the people said. The cuts, in some cases, amounted to as much as 60%, they said.
- China to resume visa issuance to Afghans, exempt Afghan imports from tax — Foreign Minister Wang Yi announced the measures when he met Afghanistan’s Taliban-appointed foreign affairs chief in Uzbekistan on Thursday.
Other Publications
- Gizmodo: Inside TikTok’s Attempts to ‘Downplay the China Association’ — Leaked documents detail what TikTok tells the media—and what it doesn’t.
- The Economist: Relations between China and Europe grow more tense — In a continent once keen on close ties with China, views have grown much warier.
- The Economist: Chinese investment in Britain is under the microscope — Newport Wafer Fab will be the next test for the government.
- Rest of World: The overworked humans behind China’s virtual influencers — Hidden behind the perfect faces of China’s $16 billion virtual celebrity industry is an angry, overworked labor force.
