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
- U.S. Suppliers Halt Operations at Top Chinese Memory Chip Maker — Tool makers are pulling out staff and pausing work as they assess the impact of Commerce Department restrictions on semiconductor exports to China.
- American Universities Continue to Falter in World Rankings as China Rises — Number of U.S. schools in top 100 list shrinks while University of Oxford keeps No. 1 spot.
- Chinese Tech Threatens Future Global Security, U.K. Spy Chief Warns — Confronting Beijing’s technological ambitions is ‘the national security issue that will define our future,’ Jeremy Fleming says.
- Senate Pushes $847 Billion Defense Bill to Meet China, Russia Challenges — The bill provides military pay raises and aid to Ukraine, and now needs to be reconciled with a House version.
- A Dissident Escapes Xi Jinping’s China and a Life ‘Made Up of Lies’ — Li Tingyu, who spent about 10 months in custody for publishing data on public unrest, says she felt a growing sense of alienation.
- SK Hynix Gets One-Year Reprieve From U.S. Chip Restrictions on China — The South Korean memory-chip giant is the first to publicly disclose an exemption that avoids production disruptions.
- LGBT Couples From China Say ‘I Do’ in Utah Over Zoom — State’s virtual weddings become a welcome solution for couples around the world; a post-midnight ceremony in Hangzhou.
The Financial Times
- ‘Fortress Beijing’ eliminates threats ahead of Communist party congress — Officials hail ‘iron fist’ clampdown as Xi Jinping prepares to be anointed leader for third term.
- Kishida to prepare Japan defences for ‘any possible scenario’ — Prime minister is reshaping nation’s security strategy to counter China, Russia and North Korea.
- Rio Tinto warns of excess globalisation in supply chains for critical metals — Miner plans $500mn Canadian investment to source titanium and scandium in west rather than from China.
The New York Times
- The ‘Age of P.C.R. Prosperity’? China’s Covid-Testing Strategy Comes Under Strain — Bills are piling up and infections are spreading, yet there are no signs that Beijing plans to rethink a cornerstone of its pandemic policy.
- Hong Kong declines to seize a superyacht linked to a Russian oligarch under sanctions. — John Lee, Hong Kong’s chief executive, said on Tuesday that it would enforce sanctions ordered by the United Nations Security Council, but it did not have legal basis to carry out sanctions based on a particular country’s “own consideration.”
Caixin
- China Boots Out 13 Cryptocurrency-Trading Apps, OKX Included — A Beijing court reported earlier this year that people on the Chinese mainland could trade more than 340 cryptocurrencies using the web and mobile app of OKX.
- No Relief for China’s Ailing Housing Market — Residential prices slide for another month in 46 cities as only four markets — Chengdu, Beijing, Shanghai and Hefei — show signs of life.
- Analysis: Export Curbs Will Weigh on U.S. Firms as Chinese Customers Seek Reliable Alternatives — Washington’s latest measures require new export licenses for products that will be used for supercomputing in China and restrict the ability of American firms to support chip production in the Asian country.
South China Morning Post
- Who controls TikTok? ByteDance unable to allay fears in the West over Chinese state influence and data access — The future of one of the world’s most influential apps remains murky as it faces pressure from Western lawmakers, Chinese regulations and investors.
- Panic-stricken Shanghai residents race to buy bottled water as taps run dry in 10 areas, after lockdown leaves psychological scar — Alarmed shoppers – particularly the elderly – stripped shelves bare of water in shops across the city after local authorities warned a pipe cleaning operation would disrupt supply on Wednesday.
- Solomon Islands police officers fly to China for training — A group of 32 officers would visit different police stations in China during their month-long visit.
- China’s rapid LNG expansions power its push to maintain energy security in the face of crises — Liquefied natural gas infrastructure is booming in China, as recurrent power shortages and interruptions have had a serious impact on livelihoods and businesses across the country.
Nikkei Asia
- Self-isolated: China’s lonely zero-COVID battle in spotlight as Xi seeks third term — As 20th Party Congress approaches, China appears trapped by draconian anti-virus policies.
- China targets high earners in public sector with group condo discounts — Cities hope to lift sales amid real estate market slump.
- Chinese automakers take another crack at the German market — Stronger supply chains and better safety records are key to hopes for growth.
- Taiwanese exec warns of tech ‘casualties’ from U.S.-China row — SK Hynix wins 1-year exemption from Washington’s tighter export rules.
Bloomberg
- How Xi Jinping Rewrote China Communist Party Rules to Lead Emerging World Power — A Bloomberg News analysis of appointments to the party’s Central Committee since 1992 — almost 1,300 in total — shows how Xi has consolidated his own power while stacking the body with loyalists.
- China Reaffirms Xi as Party’s Core Ahead of Leadership Congress — China’s top leaders reaffirmed President Xi Jinping’s status as the core of the Communist Party, as they wrapped a final huddle before a key congress expected to hand him a landmark third term.
- VW Closes In on $1 Billion JV With Chinese Chipmaking Startup — Volkswagen AG is close to reaching a joint venture deal with Chinese autonomous driving startup Horizon Robotics Inc. that could see the auto giant make an investment of about $1 billion, according to a person familiar with the situation.
- Xi May Drop ‘Development First’ Slogan at Party Congress — Chinese President Xi Jinping could cement a historic policy shift at the Communist Party’s congress by elevating the status of national security even at the expense of economic growth.
Reuters
- China’s ‘liberal’ Wang Yang seen as possible premier as reshuffle looms — During his time in Guangdong, which borders Hong Kong, Wang made his mark by pushing an upgrade of rusting industries and touting socially inclusive policies.
- Hu Chunhua: From rural roots to candidate for China premiership — Hu has overseen poverty alleviation, agriculture, trade and commerce portfolios amid the upheaval of COVID-19 and China’s increasingly nationalistic and state-driven economic policy.
- After COVID lockdown, eyes on Shanghai chief at party congress — Once seen as a sure bet for elevation to China’s elite Politburo Standing Committee or even as the country’s next premier, Li Qiang’s glide path to the upcoming Communist Party Congress was buffeted by Shanghai’s grinding two-month COVID-19 lockdown.
- Long picked for promotion, Xi loyalist Chen may get his chance — Chen, party boss of the southwestern metropolis of Chongqing, is regarded as a steady technocrat and has often espoused Xi’s ideologies and policies in public.
- Ding Xuexiang: from Shanghai party cadre to Xi gatekeeper — When Xi Jinping left China for the first time in more than two years to visit Central Asia last month, his entourage included a familiar face from domestic trips. Alongside China’s top diplomats was Ding Xuexiang, who has risen from Communist Party cadre in Shanghai to become Xi’s private secretary and gatekeeper.
Other Publications
- CSIS: Choking off China’s Access to the Future of AI — New U.S. Export Controls on AI and Semiconductors Mark a Transformation of U.S. Technology Competition with China
- ChinaFile: On the Eve of the Party Congress, What’s Ahead for China’s Economy? — A ChinaFile Conversation.
- The Guardian: UK to designate China a ‘threat’ in hawkish foreign policy shift — Redesignation will bring UK’s official position towards Beijing close to its stance on Russia.
- ProPublica: The Globetrotting Con Man and Suspected Spy Who Met With President Trump — Tao Liu’s criminal odyssey took him from money laundering in Mexico to a massive scam in China to Trump’s exclusive New Jersey golf club. Investigators believed he may have infiltrated U.S. politics as part of a Chinese intelligence operation.
