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
- Will China’s Economy Surpass the U.S.’s? Some Now Doubt It — Many economists expected China to overtake the U.S. by the end of the decade, but some are revising their expectations.
- Latest U.S. Chip Curbs Deliver Setback to China’s AI Ambitions — Giants Alibaba and Tencent among customers using banned top-end processors from Nvidia that power new technologies.
- Hong Kong Floats Quarantine-Free Plan for Financial Summit, but Bankers Don’t Want Exceptions — Pressure mounts to lift Covid restrictions for all travelers, not just for the top executives attending high-level conference in November.
- Opinion: U.S.-China Audit Deal Is Only Window Dressing — It may allow companies to stay on the New York Stock Exchange, but their books won’t be rigorously examined. By Dennis Kwok and Sam Goodman
The Financial Times
- Tencent divestment strategy sends chill through China’s tech sector — The tech giant is shrinking its internet empire to appease regulators and investors.
- China condemns move threatening access to advanced Nvidia chips — US officials have told semiconductor maker it will need special licenses to sell high-end processors.
- Tencent divestment strategy sends chill through China’s tech sector — The tech giant is shrinking its internet empire to appease regulators and investors.
The New York Times
- For China’s Xi and Other Strongmen, Gorbachev Showed Exactly What Not to Do — Though Mikhail Gorbachev’s reforms were praised in the West, the collapse of the Soviet Union schooled a generation of authoritarian rulers in the dangers of tolerating any signs of dissent or democratic yearnings.
- Wu Yibing’s U.S. Open Run Could Influence Tennis in China — Wu Yibing became the first Chinese man to reach the third round of a Grand Slam since 1946. He says it’s his “responsibility” to pick up where the retired champion Li Na left off in growing the game.
Caixin
- In Depth: Chinese Game Companies Hope to Rack Up High Scores Overseas — Firms are setting ambitious targets, as a sluggish domestic economy and regulatory crackdown dampen growth at home.
- Trust Firm Run by Jailed Chinese Tycoon Goes on Sale for $333 Million — Seized by regulators, New Times Trust’s 6 billion shares are up for grabs.
South China Morning Post
- Rolls-Royce, Air China set up US$380 million engine service joint venture amid US tech export restrictions, travel curbs — Air China and Rolls-Royce will establish a new maintenance, repair and overhaul facility in Beijing amid growing export restrictions from the United States on advanced technology and curbs on international travel.
- TikTok owner ByteDance has no plans to go public, company CFO tells employees — IPO plans of the world’s most valuable unicorn remains up in the air amid regulatory changes and economic uncertainty.
- Why Taiwan suddenly needs 400,000 foreign workers for critical sectors, including hi-tech — Island is looking to inject considerable talent into its pillar industries in the face of a shrinking labour pool, few births and a population that keeps getting older.
Nikkei Asia
- China woos U.S. tech giants Qualcomm, Meta at Shanghai AI expo — American companies caught between massive market and decoupling push.
- Singapore wields its neutrality to attract Chinese talent — Expat entrepreneurs and engineers spark startup and fintech booms.
- Opinion: U.S. controls on China chip tech will crack if tightened too far — Efforts to restrict access to older equipment could fracture fragile alliance. By Douglas Fuller
Bloomberg
- China’s Funding to Pakistan Stands at 30% of Foreign Debt — About 30% of Pakistan’s foreign debt is owed to China, including state-owned commercial banks, compared with 27% in February, according to a report released by the International Monetary Fund on Thursday.
- US Deals Heavy Blow to China Tech Ambitions With Nvidia Chip Ban — The US government’s new restrictions on the ability of Nvidia Corp. to sell artificial intelligence chips to Chinese customers threatens to deal a heavy blow to the country’s development of a sweeping range of cutting-edge technologies.
Reuters
- Explainer: Biden’s curbs on chips to China part of broader effort — As in the past, the Commerce Department said it wanted to prevent China’s access to technology that could be used “to fuel its military modernization efforts.”
- Ex-Macau junket boss appears in court on illegal gambling, crime syndicate charges — Chau, one of the city’s best-known public figures, stepped down as chairman of the Suncity junket in December 2021 after he was arrested by Macau police in November.
- Analysis: Unpredictable Solomon Islands fuels U.S. concern as China’s influence grows — Prime Minister Manasseh Sogavare’s unpredictable diplomacy will make it hard for the United States to make up lost ground with the pivotal island nation as China seeks to expand its security presence.
Other Publications
- Associated Press: Beijing taps into anti-West resentment to counter UN report — It was a tactic long used by Beijing to deflect criticism from its mass detentions of Uyghurs and other largely Muslim ethnic groups in Xinjiang: blame a Western conspiracy.
- The Information: From Apps to Dumplings: China’s Tech Workers Switch Careers, Countries As Layoffs Mount — There’s an unfamiliar feeling spreading among the millions of people who work in China’s internet industry, once a symbol of the country’s economic miracle: disillusionment.
- PIIE: US security scrutiny of foreign investment rises, but so does foreign investment — The latest data suggest that CFIUS caseloads remain manageable and that US companies remain attractive acquisition targets despite CFIUS’s new powers.
