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
- Chinese Tech Billionaire Richard Liu Settles Sexual-Assault Case in Minnesota — JD.com founder’s trial, in a civil suit brought by a student who said he raped her in 2018, was set to begin this week.
- Google Pulls Translation App From China — Discontinuation of Google Translate in China comes as domestic alternatives proliferate.
- TikTok Security-Deal Talks Pose Liability for Biden — Plan to secure user data is nearing conclusion, sources say, but hurdles remain and Republicans warn against concessions to video app’s Chinese owner.
- China Is Rerouting U.S. Liquefied Natural Gas to Europe at a Big Profit — Sluggish economy lets Chinese energy companies benefit from high global prices.
- Chinese Fans of Popular Movie ‘Return to Dust’ Wonder What Happened to It — The low-budget film had a good run at the box office in China, but has abruptly disappeared from theaters and streaming platforms.
- Macau’s Recovery Is Far Off—But Now Possible to Imagine — Recent signs that the gambling hub’s fortunes are finally changing have lifted sentiment, but investors still need to be patient.
The Financial Times
- China property shares rally on policy support — Beijing has accelerated measures in an attempt to shore up confidence in the real estate sector.
- China’s Communist party congress — Chinese president Xi Jinping is poised to win a third term as head of the party and military.
- China’s demographic crisis looms over Xi’s third term — The world’s most populous country will start shrinking this year, weakening the government’s economic tools.
- China property woes trigger decline in global cement output — Biggest fall in at least two decades is concrete evidence of impact of real estate crisis.
- West must remind Xi of the economic consequences of threatening Taiwan — An invasion or an extended blockade would trigger sanctions against Beijing, imperilling Chinese national stability.
- Moderna refused China request to reveal vaccine technology — Pharma company still ‘eager’ to collaborate with Beijing, despite collapse of initial talks.
The New York Times
- Chinese #MeToo Case Settled in U.S. Court — The case, involving a billionaire entrepreneur, riveted observers in China, where women alleging sexual wrongdoing by powerful men are often pilloried, silenced or both.
- In China, Living Not ‘With Covid,’ but With ‘Zero Covid’ — The country’s strict coronavirus restrictions dictate the patterns of daily life, like waiting in line for frequent Covid tests and stocking up on extra groceries in case of lockdown.
- Opinion: A U.S. ‘Ships Act’ Would Break China’s Control of the Seas — China’s shipping dominance could bring the U.S. to its knees in a conflict.
Caixin
- Exclusive: In Mortgage Boycott Hotspot, Some Home Builders Are Only Pretending to Restart Construction — Even as an official deadline approaches, work has yet to resume on nearly 40% of roughly 100 suspended projects in the central Chinese city of Zhengzhou.
- Baowu Steel Lines Up Singapore Partners for Simandou Project — Chinese steel giant’s consortium will develop northern part of the massive Guinea iron ore deposits in addition to Baowu’s participation in the southern portion.
- Fosun Close to Getting $2.11 Billion Loan Amid Cash Crunch — Lending syndicate including ICBC and China Minsheng Bank may start releasing credit next month to bail out troubled conglomerate, banking sources say.
South China Morning Post
- China’s risk-averse local cadres at a loss as Beijing repeats economy-boosting plea but offers little — With the 20th party congress less than two weeks away, Premier Li Keqiang’s latest economy-boosting directives to local authorities ‘will have some effect, but don’t expect too much’, researcher says.
- US-China tech war weighs on Xi Jinping’s legacy ahead of 20th party congress — In this edition of the Global Impact newsletter, we look at how China’s technological progress has been stalled, especially after US President Joe Biden signed the Chips and Science Act into law.
- China chip start-ups clamour to tout AI chip breakthroughs after Nvidia sales ban, prompting analyst scepticism — Chongqing-based Xiangdixian Computing Technology has unveiled Tianjun No. 1, a GPU with 12-nanometre node technology.
Nikkei Asia
- CEO of Chinese chipmaker Yangtze Memory steps down — Company is key asset in Beijing’s push for self-reliance in semiconductors.
- Opinion: Xi Jinping’s position is secure but growing gloom will have impact — Mounting economic worries could shape Communist Party congress discussion.
Bloomberg
- Hong Kong Plans Yuan-Denominated Shares Under Stock-Connect Program — The Hong Kong government’s plan to trade yuan-denominated shares for companies listed in the city has attracted support from major businesses, despite concerns about the weakening Chinese currency.
- China Giant Edges Out Goldman as World’s Top Share Sale Arranger — A surge in China’s initial public offerings propelled Citic Securities Co. to the top spot in the global league tables for equity issues, giving the state-backed brokerage a taste of global recognition.
- China’s ‘Common Prosperity’ Drive Morphs Into Common Poverty After Crackdowns — Governments across the globe are discovering that narrowing the wealth gap is an impossible task. Xi Jinping is determined to give it another try.
Reuters
- Analysis: China digs deep into bag of yuan tricks to resist dollar steamroller — Chinese authorities have rolled out an array of tried-and-true manoeuvres in recent weeks to slow the yuan’s slide.
- China’s Xiaomi says it will protect its business interests after India freezes its assets — Chinese smartphone maker Xiaomi Corp on Sunday said it was “disappointed” with an Indian order that froze $682 million of its assets and would continue to protect its interests.
- Nigeria would consider China’s C919 plane for new airline — Nigeria would consider buying China’s newly-certified C919 passenger jet as it grows the country’s fledgling carrier Nigeria Air to 30 planes by around 2025, Aviation Minister Hadi Sirika said on Saturday.
Other Publications
- The Atlantic: The U.S. Has a Microchip Problem. Safeguarding Taiwan Is the Solution. — A Chinese attack on the island would imperil the world’s supply of semiconductor components. Here’s how to offset that threat.
- Politico: Austin stops short of endorsing Biden’s vow to defend Taiwan — “We’re committed to helping Taiwan develop the capability to defend itself,” he said.
- Foreign Affairs: Xi Jinping’s Quest for Order — Security at Home, Influence Abroad. By Sheena Chestnut Greitens
