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 New Way to Control Its Biggest Companies: Golden Shares — The state takes company stakes that are often small but give it a board seat and power to ensure that corporate behavior hews to the party agenda.
- China’s Refusal to Help Probes of Covid-19 Origins Leaves Critical Gap, Spy Chief Says — Sen. Susan Collins responds that circumstantial evidence points to an accidental lab leak.
- Baidu Hurries to Ready China’s First ChatGPT Equivalent Ahead of Launch — Employees work round-the-clock before a planned March 16 rollout.
- Taiwan Confirms President’s U.S. Stopover — Tsai Ing-wen will visit New York and California, likely to meet with House Speaker Kevin McCarthy.
- China Property Sector Left in Limbo by Stalled Debt-Restructuring Talks — Many debt negotiations are moving slowly, creating an overhang for a housing sector that is trying to recover.
- China’s Inflation Rate Slows to One-Year Low, Casting Doubt on Recovery — Consumer prices rose 1% in February from a year earlier, far less than expected.
- Australia to Buy U.S. Nuclear-Powered Submarines in Naval Expansion — Deal is set to be announced at meeting of Biden and leaders of Australia and U.K.
- U.S., EU to Start Trade Negotiations on Minerals — President Biden and European Commission President Ursula von der Leyen are set to discuss a plan to reduce their dependence on China.
The Financial Times
- Informa warns business events in China won’t recover until 2024 — Exhibition group records 33% rise in revenues and announces acquisition of rival Tarsus for $940mn.
- Chips/ASML: Dutch ban leaves China unequivocally unequipped — Netherlands’ exports curbs would have dire consequences for Chinese chip businesses.
- China’s local governments boost revenue by selling land to their own entities — Official think-tank report hints at extent of financial woes in crucial economic engine for country.
- Chinese AI groups use cloud services to evade US chip export controls — Surveillance companies targeted with sanctions have found other ways to access restricted technology.
- Chinese soyabean subsidies force buyers to shell out more for peanuts — Groundnut has become the country’s best-performing agricultural commodity as drought also hits production.
- Netherlands to restrict chip exports after US pressure over China threat — Move affects ‘most advanced’ semiconductor tech after concerns on use in weaponry.
- Swiss banks say rich Chinese clients worried about sanction prospects — Bank executives highlight concerns about business fallout from country’s tough line on Russia since Ukraine invasion.
- Opinion: The quick and easy guide for countries resisting Chinese trade coercion — Australia and Lithuania have shown that finding new export markets is much faster than WTO litigation. By Alan Beattie
The New York Times
- U.S. Intelligence Agencies Warn of China’s Efforts to Expand Its Power — China sees a partnership with Russia as a way to challenge, and potentially weaken, the United States, a new threat assessment said.
- Opinion: Chinese Companies Are Doing Risky Business in the Caribbean — They’re using tax havens to raise foreign money — and neither Beijing nor Washington is happy about it. By Peter Coy
Caixin
- Officials Face Steep Pay Cuts Under China’s Financial Regulatory Overhaul — Salaries of employees of the new watchdog and CSRC could drop by more than 50% as pay grades fall into line with other public servants.
- BYD Enters U.K. Passenger Vehicle Market With All-Electric SUV — A move into Europe’s No. 2 auto market is a part of BYD’s broader plan to tap into the continental market, where it is exploring building its own plants in a bid to become more competitive and avoid hefty import taxes.
- Uncertainty Undermines Prospects of China’s Homegrown Covid Antivirals — Several experts and industry insiders, including two investors and the head of a pharmaceutical company, told Caixin the companies may have missed their best real world shot .
South China Morning Post
- Dutch trade restrictions on certain advanced chip-making equipment leaves China focused on legacy semiconductor production — The Netherlands is expected to introduce restrictions on exports of certain advanced chip-making equipment to China before the summer.
- ‘Are your chips made locally?’ Xi Jinping prods construction vehicle maker about semiconductors amid self-sufficiency push — A ‘two sessions’ delegate from Xuzhou Construction Machinery Group said all the chips in its crane were made in China in response to a question from the president.
- Unionist wife of jailed Hong Kong opposition politician Lee Cheuk-yan arrested by national security officers after prison visit — Former union leader Elizabeth Tang was arrested on suspicion of colluding with foreign forces, Post learns.
Nikkei Asia
- China weighs ’emergency’ fast track for laws as Taiwan tensions mount — Revisions to Legislation Law would allow vote after just one meeting.
- Japan takes first stake in heavy rare earths to reduce China reliance — Sojitz, JOGMEC aim to fill 30% of domestic demand in deal with Australian miner.
- Analysis: In his parting words, Li Keqiang warns that ‘heaven is watching’ — Veiled dig comes as Xi neuters State Council to bolster party.
Bloomberg
- Tesla Supplier CATL Smashes Profit Estimate as EV Sales Soar — China’s Contemporary Amperex Technology Co. Ltd. reported annual earnings that beat estimates buoyed by strong demand for cleaner cars, underscoring its dominance as the world’s biggest maker of batteries for electric vehicles.
- Chinese Chip Suppliers Soar After Reports of Japanese Curbs — Shares in Chinese suppliers of materials for semiconductors surged after unsubstantiated reports of impending Japanese export curbs circulated on social media, underscoring the nervousness surrounding US efforts to isolate Beijing’s chip industry.
- Hello Hong Kong? City’s New Normal Post-Covid Isn’t Fooling Anyone — The city’s strategy for reopening to the world appears to be to pretend that nothing has changed.
- China Faces More Limits on Chip-Export Gear From Netherlands — The Netherlands, home to ASML Holding NV, is preparing restrictions on certain chipmaking machines amid pressure from the U.S. to clamp down on China’s access to critical semiconductor technology.
Reuters
- Dutch to restrict semiconductor tech exports to China, joining US effort — The Netherlands’ government on Wednesday said it plans new restrictions on exports of semiconductor technology to protect national security, joining the U.S. effort to curb chip exports to China.
- Exclusive: Canada will not force Chinese state investors to divest stakes in Teck, First Quantum — Canada will not force Chinese state-investors in three of its large mining companies to divest stakes, as such a move would create policy uncertainty, the natural resources minister told Reuters.
Other Publications
- The Economist: China’s Communist Party takes aim at hedonistic bankers — Time to forget about luxury cars and Shanghai’s nightlife.
- The Guardian: Growing numbers of Chinese citizens set their sights on the US – via the deadly Darién Gap — Surge in number of disillusioned Chinese citizens fleeing to the US by trekking through the dangerous jungle between Colombia and Panama.