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
- Who Is China’s New No. 2? A Business Pragmatist or a Party Loyalist? — Li Qiang’s record suggests he could serve as a moderating influence on Xi Jinping, but he has also fallen in line when it mattered.
- Canada Orders Chinese Companies to Divest From Miners After Security Review — Move follows scrutiny of foreign-led deals for companies focusing on critical minerals including lithium.
- Estée Lauder Sales Fall as Covid Disruptions in China and Retail Pullback Roil Business — Company’s finance chief says consumer demand remains strong despite a slower-than-expected recovery from pandemic issues.
- Lenovo Delivers a Surprise Profit Boost — The company’s business was supposed to fall apart after the pandemic boost, but that isn’t what’s happening.
- ‘Spies and Lies’ Review: The Myth of the ‘Peaceful Rise’ — An unprecedented history and analysis of Beijing’s campaign to soften Western resistance to its rapid global ascendance.
The Financial Times
- I spent 10 days in a secret Chinese Covid detention centre — What I learnt when I was ‘taken away’ to an island quarantine facility in the middle of the night. By Thomas Hale
- Canada orders Chinese companies to divest stake in lithium mines — Ottawa says it will ‘act decisively when investments threaten our national security’.
- China’s closed-loop crisis: ‘I’m human, not a machine’ — The sustainability of a system meant to keep factories operating is under intense strain.
- Opinion: China-bashing will get Europe nowhere — The bloc needs to create an environment that will enable its companies to outcompete global rivals.
- Opinion: China and the US remain locked in mutually assured co-operation — The two nations are compelled by their consumers to collaborate as well as compete.
The New York Times
- China Is Burning More Coal, a Growing Climate Challenge — The country’s emissions of greenhouse gases rose last year at the fastest pace in a decade. Beijing is looking for alternatives.
Caixin
- Tencent and China Unicom Tie Up in New Joint Venture — Social media giant and state telecom operator win antitrust approval for new business in data and cloud-related services.
- China Expands Debt Guarantee Program for Property Developers — State-owned China Bond Insurance Co. will back $2.75 billion of borrowings by a dozen real estate companies in government safety net for slumping industry.
South China Morning Post
- China stops publishing data metrics of vast domestic apps market amid declining internet service revenue, faltering economy — The omission comes at a time when China’s internet industry is struggling from decreased consumer spending and a faltering domestic economy, following a series of regulatory crackdowns.
- Chinese scientists plan monkey reproduction experiment in space station — Scientists aim to encourage monkeys to mate in space to improve our understanding of an organism’s adaptation to microgravity and other environmental changes.
- German leader Olaf Scholz under scrutiny as he leads business delegation to China — Chancellor under pressure to take tougher line, while European allies fear trip will undermine efforts to talk to Beijing in ‘single voice’.
Nikkei Asia
- Analysis: China’s elders defend party charter from Xi onslaught — Retired leaders block path to lifetime leadership.
- How China continues to lose friends in Central and Eastern Europe — Refusal to denounce Russia’s Ukraine invasion alienates allies in the region.
- U.S. tech curbs threaten China’s quest for chip independence — Limiting access to American talent hinders sector’s expansion and development.
Bloomberg
- US to Amp Up Pressure on Dutch to Block Chip Gear Sales to China — Senior American officials will visit the Netherlands for talks.
- China’s Venture Funding Tumbles Precipitously After Crackdown — Venture capital investments in China are falling sharply this year, making it one of the worst-performing countries globally after the Communist Party’s crackdown and an overall decline in tech valuations.
- China to ‘Resolutely Adhere’ to Covid Zero as Cases Rise — China’s top health body said the nation’s zero-tolerance approach remains the overall strategy to fighting Covid-19 after unverified social media posts buoyed hopes the policy would be eased.
- DuPont-Rogers Failure Puts Eye on Deals Needing China Nod — Takeover targets awaiting approval from Chinese regulators slumped after DuPont de Nemours Inc. scuttled its planned acquisition of Rogers Corp. due to a drawn-out antitrust review.
Reuters
- CBC News to shut China office after unanswered visa request for journalists — The Canadian Broadcasting Corporation said on Wednesday it was shutting its news bureau in Beijing after waiting two years in vain for a China work permit for its journalists.
- China says U.S. has ‘no right’ to interfere in Hamburg port deal — U.S. interference is symptomatic of its practice of coercive diplomacy, foreign ministry spokesman Zhao Lijian told reporters at a daily briefing in Beijing.
- China Evergrande chairman’s Hong Kong mansion seized by bank — A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), records from the Land Registry show.
Other Publications
- The Economist: Financiers’ pronouncements on China do not match their actions — The bulls are less bullish than they appear.
- The Economist: Olaf Scholz leads a blue-chip business delegation to China — German industry has been strangely reluctant to reduce its dependence.
- The Globe and Mail: Ottawa orders Chinese divestment in three Canadian critical minerals companies — Ottawa said it would only allow transactions involving investments by state-owned firms into Canadian critical minerals companies to be approved on an “exceptional basis.”
- Politico: Biden froze out China’s ambassador. He may regret that. — The administration snub could further complicate bilateral ties.
- Politico Europe: We don’t want to decouple from China, but can’t be overreliant — Germany will seek cooperation where it lies in our mutual interest, but we will not ignore controversies either. By Olaf Scholz
