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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- Behind Fan Bao’s Detention—a Suspected Quid Pro Quo — Financier has been questioned about former senior executive at his investment bank.
- China’s Xi Jinping Welcomes Belarus President, a Key Putin Ally — Alexander Lukashenko praises Beijing’s efforts on Ukraine war.
- China’s Coal Use Is Rising, but Emissions Might Not Follow — Some climate experts say country’s emissions may have fallen in 2022 and might continue to drop.
- Volkswagen Says No Human-Rights Abuses at Downsized Xinjiang Plant in China — Factory visit by car maker’s China head reignites criticism over its presence in region.
- TikTok Ban Clears Congressional Test, but Faces Senate Hurdle — Chinese-owned video app is a ‘spy balloon on your phone,’ Republican lawmaker says.
- China Stumbles in Pursuit of Xi Jinping’s Soccer Goals — Chinese leader has seen cherished dream blocked by his own management style.
- China Trumps U.S. in Key Technology Research, Report Says — Australian think tank finds Chinese researchers beating Americans in 37 of 44 critical areas.
The Financial Times
- Xi prepares to overhaul China’s economic team at watershed congress — President expected to unveil sweeping changes to extend Communist party’s grip over finance and other sectors.
- Chinese brokerages pressured to end overseas investing services — Regulator seeks to close loopholes that allowed foreign trades by mainland China investors.
- Belgium’s cyber security agency links China to spear phishing attack on MP — European governments are increasingly challenging Beijing over suspected cyber offences.
- Arm/SoftBank: delays on Chinese joint venture transfer will dent valuation — The listing’s timing will be crucial in securing an important source of funds for the Japanese tech group.
The New York Times
- NASA Finds China’s Mars Rover After Months of Silence — The country’s space program hasn’t provided any updates, but a NASA orbiter spotted the vehicle fixed on the surface, a sign that something has gone wrong.
- Tesla Offers a New ‘Master Plan’ but Few Big Revelations — When asked about China, Mr. Musk handed the question off to Tom Zhu, who oversaw construction of Tesla’s factory in Shanghai and now oversees all of the company’s factories.
- How to Run a Fashion Magazine in China in 2023 — Margaret Zhang, an Australian-born influencer, got the top role at Vogue China in 2021, making her the youngest Vogue editor ever. Will Condé Nast’s gamble pay off?
Caixin
- Corruption Charges Filed Against Former China Merchants Bank President — Year-long probe of Tian Huiyu results in allegations of taking an ‘extremely huge amount’ of bribes, insider trading and abuse of power.
- China Local Governments’ Fiscal Stress May Roll Over to 2023, Think Tank Warns — Localities struggled to balance revenue and spending last year, as massive tax relief, ‘zero-Covid’ outlays, and a property market meltdown drained their coffers.
South China Morning Post
- Beijing’s top Hong Kong office to report directly to Communist Party leaders — Session in Beijing approves changing reporting line of Hong Kong and Macau Affairs Office from State Council to party’s Central Committee, sources say.
- Elon Musk’s right-hand man Tom Zhu says US-China tensions ‘not much of a risk’ to Tesla’s China ambitions — The company’s position is secure because it creates a lot of jobs and contributes a lot to the local economy, says Elon Musk’s right-hand man.
- China’s top memory chip maker YMTC gets US$7 billion from state-backed investors — One of the investors was the Big Fund, China’s primary financing vehicle for home-grown chip start-ups and semiconductor-related enterprises.
- US House panel approves bill to let Joe Biden ban TikTok — The House Foreign Affairs Committee votes 24 to 16 in favour of the measure, the latest setback for the Chinese-owned short video app.
Nikkei Asia
- China and Russia test Switzerland’s long-standing neutrality — Critics say sanctioning only Moscow shows Bern’s inconsistency on democratic values.
- Analysis: Xi wants China’s security apparatus under his direct grip — Leader hurries to consolidate command following ‘white paper’ and ‘white hair’ movements.
Bloomberg
- US-China 1MBD Scandal Pits FBI Against Former Fugee Pras Michel — The Fugees’ Pras Michél got entangled in one of the century’s great financial scandals, mediated a high-stakes negotiation between global superpowers and may now face the consequences.
- China Plans New Coal Plants to Power Through Drought, Heat Waves — The country permitted more new coal plants than all other nations combined last year, but the impact that will have on emissions isn’t clear cut.
- China Loses Workforce Almost Size of Germany’s in Three Years — China’s number of working people has fallen by more than 41 million in the past three years, reflecting both the coronavirus pandemic’s toll on the economy and a decline in the working age population.
- Tesla Comments Spur Plunge in China Rare-Earth Miner Shares — Shares of Chinese rare-earth miners were heavily sold off following Tesla Inc.’s surprise announcement that the electric-vehicle maker will drop the use of the material in its future models.
Reuters
- Exclusive: China increasingly ambitious with 2023 growth target, may aim for up to 6% — In all, those numbers point to rising optimism within Chinese policy circles compared with November, when government advisers recommended more modest targets ranging from 4.5% to 5.5%.
- Exclusive: US seeks allies’ backing for possible China sanctions over Ukraine war — The consultations, which are still at a preliminary stage, are intended to drum up support from a range of countries, especially those in the wealthy Group of 7 (G7), to coordinate support for any possible restrictions.
- US Treasury official visited China last week – sources — Robert Kaproth, a deputy assistant secretary focused on Asia, held technical discussions aimed at improving the ability of both countries to work together on macroeconomic and financial issues and shared global challenges.
Other Publications
- The Economist: Firms search for greener supplies of graphite for EV batteries — They hope to break China’s dominance of the industry.
- The Washington Post: At House hearing on Chinese Communist Party, bipartisan show of concern — New committee’s first hearing elicits condemnation in Beijing.
- The Globe and Mail: Pierre Elliott Trudeau Foundation to return $200,000 donation to China — A foundation dedicated to the memory of Pierre Elliott Trudeau is returning a $200,000 gift from a Chinese billionaire after The Globe and Mail reported that it was part of a China-directed influence operation to cozy up to Prime Minister Justin Trudeau.
- Toronto Star: Take political interference claims seriously, Chinese community leaders say — Ottawa should address allegations head-on rather than allow a cloud of suspicion, activists say.
