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’s Newest Weapon to Nab Western Technology—Its Courts — Rulings nullify patents in industries it deems important, including technology, pharmaceuticals and rare-earth minerals.
- In China, Worries About a Weakened Russia Prompt a Rethink — Concern that a Russian setback in Ukraine would cripple China’s partner against the West helps drive Beijing’s push for an end to the war.
- Tencent in Talks to Sell Meta’s Quest 2 VR Headset in China — Deal could be a boon for Meta in China, where Facebook has been blocked since 2009.
- Hungary Extends Warm Welcome to Top Chinese Diplomat — Wang Yi’s visit to Budapest comes as Beijing is looking for friends in Europe.
- HSBC Posts Higher Profit After Rise in Global Interest Rates — The bank’s share price has lagged behind its peers’ for several years.
- U.S., Allies to Boost Efforts to Stop Russia Skirting Sanctions — Treasury Deputy Secretary Wally Adeyemo is expected to say that the Kremlin is making an all-out effort to evade Western sanctions.
The Financial Times
- China warns west against ‘adding fuel to fire’ in Ukraine war — Beijing calls for peace talks ahead of Wang Yi visit to Moscow as it outlines its own rival security order.
- Singapore’s soaring expat rents undermine bid to oust Hong Kong as finance hub — Rising living costs damage city-state’s ambition to lure regional businesses.
- China no longer viable as world’s factory, says Kyocera — Japanese component maker is investing at home with first new plant in nearly two decades.
- China’s top diplomat to discuss Ukraine war during Moscow visit — Wang Yi’s trip underscores deepening ties with Russia that have caused alarm in the west.
- Temu/Pinduoduo: shopping like a billionaire comes with strings attached — Investors should consider regulatory risk regarding the data on US users collected by apps such as this Chinese retailer.
Caixin
- China Encourages Foreign Investment in Real Estate Through Private Equity Funds — Pilot scheme will permit qualified PE managers to set up funds to invest in property and infrastructure
- Automaker GAC Seeks China-Made Chips to Ease Dependence on Foreign Suppliers — The Guangzhou-based company sources about 10% of its microchips from domestic firms, but sees room to grow that figure, executive says
- China Spells Out ‘Global Security Initiative’ for International Conflict Settlement — China is calling on the international community to tackle security challenges “in the spirit of solidarity” in a Global Security Initiative (GSI) concept paper published Tuesday amid growing China-U.S. tensions and an unending Russia-Ukraine war.
South China Morning Post
- Controversial Chinese biophysicist He Jiankui granted Hong Kong visa despite criminal record — Creator of world’s first gene-edited humans spent three years in a mainland prison for illegal medical practices.
- Ant Group links up with NBA on ‘strategic partnership’ to promote sport in China as league continues its revival — The partnership between the NBA and Ant will see the two sides create original online content and a customised consumer experience on Alipay, Ant’s mobile payments platform.
- Guangzhou pours US$29 billion into funds for semiconductors, other hi-tech fields as local governments boost China’s recovery — The city’s programme follows various technology initiatives recently launched by the municipal governments of Beijing, Shenzhen and Hangzhou to help boost China’s economic recovery.
Nikkei Asia
- U.S. states eye curbs on Chinese land purchases as tensions rise — Virginia passes farmland bill while South Dakota and Texas weigh legislation.
- At Mandarin open mic stand-up shows in U.S., ‘warmth’ overcomes hate — Anti-Asian sentiment and pandemic push Chinese youth overseas on stage.
- Sumitomo to bypass China in EV rare-earth supply chains — Japan trading house eyes Southeast Asia, U.S. for crucial resources.
Bloomberg
- Dutch Premier Pokes China While Praising ‘Century of America’ — Dutch Prime Minister Mark Rutte poured cold water on China’s rise and sided squarely with the US in an op-ed that highlighted the deteriorating ties between Europe and Beijing.
- US Treasury Warns Chinese Companies On Tech Supplies to Russia — The US won’t be afraid to sanction Chinese companies that support Russia’s invasion of Ukraine, Deputy Treasury Secretary Wally Adeyemo said, as officials look to sever President Vladimir Putin’s financial lifeline with the conflict heading into its second year.
- Hong Kong Moves to Bar Overseas Lawyers From Security Trials — Hong Kong’s leader moved to submit legislation that will give him veto powers over the use of foreign lawyers in national security cases.
- Star Banker’s Disappearance Surprises Even China’s State Lenders — The disappearance of Chinese banker Bao Fan has surprised even some of his state-owned lenders, several of which are asking his firm for more information as they assess their exposure, according to people familiar with the matter.
Reuters
- UK foreign minister discusses Xinjiang with Chinese counterpart — Qin, who was appointed as foreign minister in December, told Cleverly that China poses no challenge or threat to Britain, the official Xinhua news agency reported.
- Chinese bank seeks to reassure over missing star dealmaker — The disappearance of a star Chinese dealmaker has left his bank struggling to reassure clients and staff, people with knowledge of the matter said on Monday, and has heightened concerns about “key man risk” for investors.
Other Publications
- The Economist: Global firms are eyeing Asian alternatives to Chinese manufacturing — Can “Altasia” steal China’s thunder?
- GMFUS: China Misreads the Room in Munich — China’s post-pandemic charm offensive with Europe was supposed to shift into overdrive this past week. Instead, a visit by China’s top diplomat, Wang Yi, showed just how challenging it will be for Beijing to get its relationship with Europe back on track.
- The Guardian: China is carrying out ‘blatant’ influence operations in Australia, Malcolm Turnbull says — Former prime minister likens covert operations to famous scene in Casablanca and warns influence register should be more than ‘box ticking.’