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, India Stand by Russia Despite Its Setbacks in Ukraine War — Beijing is seeking to deepen economic ties with Moscow, while New Delhi has increased its purchases of Russian crude and relies on the country for military supplies.
- Investors Shun Macau Casinos’ Bonds as Tourism From China Plummets — China’s strict Covid-19 crackdown is biting far beyond the mainland.
- Hong Kong’s Hang Seng Index Falls to Lowest Close in More Than a Decade — Rising rates, fears over China’s slowdown and Russia’s invasion of Ukraine have driven prices lower.
The Financial Times
- Huawei’s next move and China’s chip worker conundrum — The inside story on the Asia tech trends that matter, from Nikkei Asia and the Financial Times.
- US bank chiefs warn of China exit if Taiwan is attacked — Heads of BofA, Citi and JPMorgan say they will follow Washington’s orders in the event of conflict.
The New York Times
- Biden Criticizes Iran and China on Human Rights and Security Issues — President Biden said that Washington “will be unabashed in promoting” a vision of a free world.
Caixin
- In Depth: Why China’s Regulators Have Cough Medicine in Their Sights — Abuse of various types of cough medicines has been a problem in some places for decades. Known commonly as “robotripping” in some Western countries, the abuse of DXM is generally not considered deadly, but large doses can become potentially life-threatening when mixed with other substances or alcohol.
- Nvidia Has ‘Alternatives’ to Restricted Chips for Chinese Market, Chief Says — Nvidia Corp. has played down the impact of a U.S. government order restricting the export of two prized semiconductor models.
South China Morning Post
- China’s capital conundrum: US Fed hikes and geopolitical strife add fuel to yuan exodus — After yet another interest-rate hike by the US Fed, and with more to come, China’s central bank is looking to prevent a rapid depreciation of the yuan as the economy remains under considerable pressure.
- Former Chinese justice minister Fu Zhenghua jailed for life for corruption — Once one of the country’s most powerful police chiefs, Fu Zhenghua was convicted of taking US$16 million in bribes.
- China brings cash to former Soviet republics in bid to win favour with Central Asian ‘stans’ — New investments and agreements illustrate how deals between China and the former Soviet republics of Central Asia are being increasingly prioritised following President Xi Jinping’s visit.
Nikkei Asia
- Analysis: Xi’s new diplomacy keeps Putin’s war at arm’s length — China reaches out to Kazakhstan, as Central Asian country sours with Moscow.
- Huawei dives into chip production to battle U.S. clampdown — Telecom equipment maker is partnering with fellow blacklisted companies.
- U.S.-China decoupling not Washington’s goal: diplomat — State Department’s Jose Fernandez signals further involvement in Asia through IPEF.
Bloomberg
- Hamburg Port Says Government Shouldn’t Block Chinese Acquisition — Hamburg Hafen und Logistik AG said the German government shouldn’t block a Chinese acquisition of a stake in a container terminal, arguing that the deal will bring investment to the port and poses no threat to national security.
- Xi’s Graft Crackdown Sends Ex-Justice Minister to Jail for Life — A Chinese court sent a former justice minister to jail for life, a sign President Xi Jinping is pressing on with a corruption crackdown just before a Communist Party congress expected to hand him more time in power.
- US Agency Broke Into China’s Telecom Networks, State Media Says — US intelligence agents gained control of parts of China’s telecommunications network after hacking into a government-funded university, a prominent state-backed newspaper reported, issuing Beijing’s latest accusation of US cyber-intrusion.
- Is China Done With Its Market Crackdown? Ask Fosun — Investors reading the tea leaves in Beijing are still plenty skittish.
Reuters
- China says U.S. EV subsidy rules suspected of violating WTO rules — China said the U.S. Inflation Reduction Act is suspected of violating the WTO rules and will adopt measures to safeguard its legitimate rights when necessary.
- China ‘ready for the fight’ if Xinjiang motion is brought to UN rights body — A Chinese official said on Thursday that the country was readying “counter-measures” in case action is taken at a U.N. body against its human rights record in the western region of Xinjiang.
- Nvidia CEO sees ‘large space’ for China sales despite U.S. restrictions — At a news conference after the company’s fall product launch, Huang said that the restrictions disclosed earlier this month have specific thresholds for both the performance of a chip as well as the processor’s ability to connect other chips.
- China sends regulators to Hong Kong to assist U.S. audit inspection-sources — Beijing has sent a team of regulatory officials to Hong Kong to assist the U.S. audit watchdog with onsite audit inspections involving Chinese companies.
Other Publications
- NBC News: Scientists at America’s top nuclear lab were recruited by China to design missiles and drones, report says — “China is playing a game that we are not prepared for, and we need to really begin to mobilize,” said Greg Levesque, the lead author of the report by Strider Technologies.
- The Washington Post: Senators ask for review of Apple’s plan to use Chinese chips — Senators from both parties on Wednesday asked the nation’s top intelligence official to lead a review of the security threat posed by Apple’s reported plan to use memory chips from a major Chinese chipmaker for its new iPhone 14.
- Politico: Congress’ China hawks start counting Biden as an ally — The president’s latest public break from decades of U.S. “strategic ambiguity” toward Taiwan is emboldening lawmakers who’ve authored a muscular bill on the topic.
- Politico: U.S. decides against national security tariffs on rare earth magnets from China, Japan, EU — Instead of tariffs, Commerce suggests investments in key segments of the U.S. magnet supply chain.
- Foreign Policy: China Is Quietly Trying to Dethrone the Dollar — Regional groups and small banks are helping insulate Beijing against sanctions. By Zongyuan Zoe Liu
- Rest of World: TikTok creators are condensing Hollywood movies into minutes and getting millions of views — With machine translation, dubbing apps, and VPNs, Chinese creators are shortening movies for Americans.
