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
- iPhone Factory Workers Clash With Police at Covid-Hit Plant in China — Witness accounts and online videos tell of violent protests at the Foxconn facility.
- Much of China Locks Down With No End to Zero Covid in Sight — The country has stuck to its tough policies as cases rise despite new guidelines earlier this month aimed at easing some measures.
- China’s Baidu Sees Little Impact From U.S. Chip Controls — Executive says the search-engine giant’s AI and cloud businesses don’t rely heavily on chips restricted by the U.S.
- China Allows Disney’s New ‘Avatar’ Movie to Be Shown — Entertainment company was eager to get approval for a release date in the critical market.
The Financial Times
- China’s state banks seek to boost property sector with $30bn in credit lines — Vanke and Midea first to benefit from government support package.
- Apple iPhone factory workers clash with police in China — Violence erupts at Foxconn plant in Zhengzhou as Covid cases rise across country.
- ‘We’ve totally confused residents’: China’s Covid policy flip-flop stokes frustration — City of Shijiazhuang has shut down, opened up and closed again in 9 days as country battles near record outbreak.
- Covid-hit Hong Kong loses luxury shopping crown to New York — Fall in visitors coincides with 41% decline in average retail rents in Tsim Sha Tsui district.
The New York Times
- This Is What China’s Renewed War on Covid Looks Like — Empty streets, shuttered shops, long lines at coronavirus testing sites and other scenes from China as it tries to combat rapidly spreading outbreaks in cities across the country.
- In Philippines, Harris Promises Support and Denounces China — The vice president accused China of “intimidation and coercion” in disputed waters, as the Biden administration seeks partners to counter Beijing.
Caixin
- In Depth: Why China’s Index Fund Boom Has Been a Bust for Investors — The narrow focus of money managers and their pursuit of hot sectors have left many investors nursing losses.
- China Proposes Tougher Restrictions on Unfair Digital Competition — Platforms like Alibaba, Tencent and JD.com would face steep penalties under revised law barring ‘picking sides,’ price manipulation and ‘walled gardens.’
- Chart of the Day: China’s Rich Are Getting Richer — The number of Chinese households that entered the ranks of “high-net-worth families” last year rose 1.9% to nearly 2.1 million, with their aggregate wealth growing 27% to 160 trillion yuan ($22.4 trillion).
South China Morning Post
- Violence erupts at Foxconn Zhengzhou plant as workers protest over benefits and Covid-19 controls at world’s largest iPhone factory — The scenes of violence have upset the image that local official media had painted of a smooth resumption of production at the Foxconn plant amid strict Covid-19 restrictions.
- IMF urges China to ‘recalibrate’ coronavirus policy, aid vulnerable households amid shaky external environment — In its annual health check of the Chinese economy, the International Monetary Fund suggested that the government cut interest rates and ease strict coronavirus curbs to steady recovery.
- The Netherlands resists US call to ban more chip-making equipment sales to China, pledges to defend interests — The European country is home to ASML, which dominates the market for deep ultraviolet lithography machines.
- Hongkonger remanded in custody on national security grounds after allegedly reposting footage of anthem blunder — Wong denied bail after judge says he cannot be sure defendant would not commit further offences threatening national security.
Nikkei Asia
- Inside the Trilateral Commission: Power elites grapple with China’s rise — Enigmatic group linking Asia, the U.S. and Europe opens up on eve of 50th anniversary.
- China widens market share in EVs, dozen other high-tech fields — Chinese companies lead in 15 categories, second only to Americans.
- Vietnam’s Vingroup builds battery plant with China’s Gotion — Company looks to create supply chain of low-cost cells for VinFast EVs.
Bloomberg
- The Silencing of Hong Kong’s Analysts — As China tightens its grip on Hong Kong, fear is stemming the free flow of information and driving discussion of once-routine business and economic topics underground.
- China’s Record Coal Output to Weigh on Prices Amid Weak Demand — China’s coal production is set to climb for the sixth year in a row, reaching a new record, as the Beijing government acts to ensure supplies in the top miner and consumer of the fuel, spurring further declines in prices.
- Key-Man Risk Is Back as China Probe Puts $7 Billion Wealth at Risk — A police probe into the billionaire siblings behind a fast-growing Chinese battery company has put a fresh spotlight on governance risks in the country.
- Chinese Mining Deals Under Review as Congo Targets Windfall Profits — The Democratic Republic of Congo wants a mining deal it signed with China more than a decade ago to be reworked, with a view to securing all the funding that was pledged for infrastructure projects and a share of windfall profits.
Reuters
- Huge Foxconn iPhone plant in China rocked by fresh worker unrest — Hundreds of workers joined protests at Foxconn’s flagship iPhone plant in China, with some men smashing surveillance cameras and windows, footage uploaded on social media showed.
- Canada probes reports of Chinese ‘police service stations’ in Toronto — Canadian police said on Tuesday they were investigating reports of Chinese “police service stations” operating in the Greater Toronto Area for possible interference in Canadian interests and threats to national security.
- Taiwan says it sees less Chinese interference ahead of elections — Taiwan is seeing less Chinese interference ahead of its local elections, possibly due to China’s own domestic problems and its efforts to improve its international image, Taiwanese Foreign Minister Joseph Wu said on Wednesday.
Other Publications
- The Economist: Xi Jinping’s big bang for Chinese stockmarkets — China’s capital markets are complying with the Communist Party’s vision
- The Economist: China wants to “sinicise” its Catholics — The campaign is spreading to Hong Kong.
- The Washington Post: How China, the world’s top polluter, avoids paying for climate damage — United Nations still considers China, now the world’s second-largest economy and biggest annual polluter, a developing country
- Politico: Drones over D.C.: Senators alarmed over potential Chinese spy threat — The recreational drones made by Chinese company DJI, which are designed with “geofencing” restrictions to keep them out of sensitive locations, are being manipulated by users with simple workarounds to fly over no-go zones around the nation’s capital.
