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
- Remote Corner of Taiwan Confronts Wartime Scenario: Life With No Internet — Matsu’s damaged undersea cables cut off family communication, force businesses to use cash, in potential preview of Chinese attack.
- China Shakes Up Government as Xi Asserts More Control Over Policy — Beijing will create regulatory bodies to oversee financial sector and all data-related issues.
- U.S., China Plunge Further Into a Spiral of Hostility — After tiptoeing toward a rapprochement, any fence-mending now has been postponed.
- U.S. to Ease Covid Testing Requirements for Travelers From China — Decision comes amid tense relations between the world’s two major powers.
- Kevin McCarthy to Meet With Taiwan’s President When She Visits U.S. — The House speaker has formed a select committee to look into improving U.S. competitiveness against China.
- TikTok Faces More Scrutiny in New Senate Bill — Bipartisan legislation seeks to mitigate risks from technology based in China, elsewhere.
- China’s Auto Sales Fall Sharply After Lifting of Pandemic Curbs — End to tax breaks and EV subsidies contributed to 20% drop in sales in first two months of year.
- Tesla Rival BYD Plans Big Commercial-Vehicle Push — Chinese EV maker has budgeted tens of billions of dollars for commercial-vehicle unit as it looks to expand overseas.
- Germany Reviews 5G Network Safety, Opening Door to Possible Huawei Ban — Berlin has been concerned about Chinese components since the Ukraine war exposed its dependence on Russian energy.
The Financial Times
- What does Xi’s tighter regulatory grip on China mean for business? — Beijing has streamlined financial supervision and intensified research as tensions with US rise.
- ASML chief warns of IP theft risks amid chip sanctions — US-led export restrictions have raised stakes for tech group’s security efforts, says Peter Wennink.
- In charts: why women in China are climbing high — or quitting work — Career or family? The dilemma is especially acute in the world’s second-biggest economy.
- Senate bill paves way for US TikTok ban — Restrict Act would give commerce secretary authority to ban foreign technology.
- Sri Lanka’s IMF deal edges closer as China backs debt restructure — Fund says agreement paves way towards $2.9bn rescue package.
- Germany reviews security risks posed by China’s 5G technology — Berlin examines use of Chinese components in its telecoms networks backed up by possible change in law.
- Opinion: China is right about US containment — But encircling Beijing is not a viable long-term strategy. By Edward Luce
The New York Times
- U.S. Will Lift Covid Testing Requirement for Travelers From China — The restriction was put into place as the end of China’s “zero Covid” policy prompted a surge of cases in the country.
- Hearing on Covid’s Origins Promises Politics Mixed With Substance — In advance of a hearing on Wednesday expected to focus on the lab leak theory, House Republicans took aim at Dr. Anthony S. Fauci, whom they have long vowed to investigate.
Caixin
- In Depth: Where China’s Insurers See a Booming Business, Regulators See Risks — Authorities have become increasingly concerned about the risks of policies linked to guaranteed residency in high-end retirement communities and new rules could force some insurers to suspend sales.
- Xiaomi-Backed Fund Raises Nearly $1.4 Billion for Chip Investment — Billionaire Xiaomi founder Lei Jun pushes Xiaomi Zhizao fund closer to its target for supporting advanced technologies.
- China’s Auto Exports Surge 43.2% in First Two Months — New-energy vehicles lead a $13.91 billion charge as BYD, SAIC and Nio step up efforts in foreign markets, notably Western Europe and Southeast Asia.
South China Morning Post
- China ‘open’ to visit by US commerce chief Gina Raimondo, trade ties ‘very important’ despite tensions — The Ministry of Commerce in Beijing said on Wednesday that it was ‘open’ to a visit by US Secretary of Commerce Gina Raimondo after she said last week that she was considering visiting China.
- China-listed unit of server maker Inspur on US trade blacklist changes domicile to a location 2km from parent — Inspur Electronic Information Industry, the listed vehicle of China’s largest server maker that was added to the US Entity List last week, changed its domicile to an address about two kilometres from its parent firm.
- Goldman: China’s new financial watchdog to prevent ‘regulatory arbitrage’ by giant firms like Citic, Ant Group — China’s proposed new watchdog will level up regulatory requirements and integrate efforts to oversee multi-sector financial firms like Ant and Citic Group, US bank says.
Nikkei Asia
- China to move finance and tech under direct party oversight — Overhaul designed to make country more resilient to Western sanctions.
- Chinese mutual funds suffer biggest net outflow in 31 months — Market split on financial measures announced at National People’s Congress.
Bloomberg
- China’s Xi Calls For More Military Innovation as Spending Rises — President Xi Jinping called on China to boost its military might via technological innovation and better coordination of the defense industry with the wider economy, according to state broadcaster CCTV.
- China Unveils New PLA Joint Staff Chief in Military Succession — China’s military on Tuesday unveiled a general as the new effective counterpart of Mark Milley, the chairman of the Joint Chiefs of Staff.
- What China’s Powerful Financial Regulator Means for PBOC — China’s sweeping changes to the financial regulatory system will see the central bank lose some of its functions to a new and enlarged oversight body, leaving it focused on broader economic and financial stability management.
- One TikTok Bill Has the Most Support Right Now. Here’s Why. — After months of wrangling over how to limit TikTok in the US, legislation that stops short of an outright ban of the Chinese-owned app seems to be gaining the most momentum — even as key questions remain.
Reuters
- Analysis: China’s financial regulatory revamp raises hope, some concern over control — A new Chinese financial watchdog will help bridge regulatory gaps but analysts and investors say the agency will consolidate power at the top and could introduce more state and party intervention.
- White House says it sees no change in US-China relations — The White House on Tuesday brushed off bellicose rhetoric from China that the United States risked a confrontation with Beijing, saying Washington was not seeking a conflict and saw no change in U.S.-Chinese relations.
- Nvidia, AMD grapple with latest U.S. curbs on China’s Inspur — Executives from AMD and Nvidia were questioned about dealings with Inspur Group Co Ltd. at an investor conference on Monday. AMD said it was seeking clarification on the rules.
Other Publications
- The Economist: How China Inc is tackling the TikTok problem — A CEO’s guide to doing business amid anti-Chinese sentiment
- The Economist: Argentina is wasting the vast opportunities China offers it — China is asking its South American partner: where’s the beef?
- Politico: Senate, White House push new bipartisan bill that could ban TikTok — The legislation aims to set up a ‘rules-based process’ that would give the White House and Commerce Department new authority to restrict information and communications technologies stemming from six foreign adversaries.
- Brookings: China’s new State Council: What analysts might have missed — A discussion of the new State Council’s composition can shed valuable light on the nuanced and paradoxical nature of Chinese leadership. By Cheng Li and Mallie Prytherch
- The Atlantic Council: Fractured foundations: Assessing risks to Hong Kong’s business environment — This report attempts to provide an objective framework to assess the wager that business conditions for most firms operating in Hong Kong will remain unchanged, despite the dramatic changes that Hong Kong has seen within its legal and institutional infrastructure.