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 Xi Jinping Takes Third Term as President With Eye on U.S. — Chinese leader will formally become longest serving head of state since 1949, as tensions build with Washington.
- Saudi Arabia, Iran Restore Relations in Deal Brokered by China — Deal marks diplomatic victory for Beijing in a region where U.S. has long dominated geopolitics.
- U.S. Sanctions Iran Drone Suppliers in China, ‘Shadow Banking’ Network — Iran is directly implicated in deaths of Ukrainian civilians resulting from Russia’s drone use, U.S. says
- How Russia Supplies Its War Machine — Following the trail of chips and other tech gear from China, Turkey, Hong Kong and elsewhere to Ukraine’s battlefields.
- U.S., EU Try to Defuse Subsidies Dispute to Focus on Russia and China — In White House meeting Friday, Biden and top EU official will seek to boost cooperation and maintain alignment on countries seen as a threat to the West.
- Australia, India Seek Closer Cooperation as China Threat Looms — Anthony Albanese is first Australian leader to visit India since 2017.
- China and Taiwan Relations Explained: What’s Behind the Divide — Beijing is flexing its military power in response to growing U.S. support for the island; here’s a primer on the frictions.
- Video: China’s Xi Jinping Secures Unprecedented Third Term as President — Chinese President Xi Jinping secured an unprecedented third term as the country’s head of state after more than 2,900 lawmakers voted unanimously to approve his reappointment.
The Financial Times
- Saudi Arabia and Iran to restore diplomatic ties after seven-year rift — Agreement mediated by China seeks to reduce tensions in the oil-rich region.
- Xi confirmed for unprecedented third term as China’s president — Most powerful leader since Mao sworn in as tensions with US and economic challenges at home deepen.
- MGM China leads casino operator recovery in Macau — Market share increases and share price more than doubles as gamblers return to the table.
- Netherlands puts servicing of chipmaking tools in China under review — Trade minister denies pressure from Washington to restrict Beijing’s use of advanced technology.
- Australia to buy US submarines to bridge gap before UK-design boats — Multi-stage Aukus pact will culminate in 2040s with next- generation nuclear-powered fleet.
- US issues sanctions on Chinese companies for supplying parts in Iranian drones — Treasury says Russia used the unmanned aerial vehicles in Ukraine.
- Taiwan’s president Tsai Ing-wen to receive leadership award in New York — Recognition from prominent think-tank comes on visit that includes meeting with US House Speaker Kevin McCarthy.
The New York Times
- Biden and E.U. Leader to Discuss Ukraine and Trade Spat — President Biden and the European Commission president are set to discuss how to effectively counter Russia and a potential trade deal for electric vehicles.
- Xi Jinping Picks Team to Work Under Him for the Next Five Years — As Xi Jinping starts his third term as president, he is pushing sweeping changes to the rest of the country’s leadership to elevate his allies.
- Why China Is Tightening Its Oversight of Banking and Tech — A series of regulatory changes approved this week reflect the increasingly centralized control of Xi Jinping, newly confirmed for a third term as China’s president.
- China’s Top Leader Xi Jinping Starts Third Term — The Communist Party-controlled legislature endorsed Xi Jinping for an unprecedented third term as China’s president in a ritual ballot, cementing his dominance.
- Australia to Buy U.S. Nuclear-Powered Submarines in Deal to Counter China — The arrangement also involves submarine construction by Britain and deepens a strategic partnership that the three countries have formed as China continues to build up its military.
Caixin
- In Depth: Core of Guangzhou’s Textile Industry Is Being Shattered — The city is relocating parts of Zhongda market, a decades-old fabric trading and manufacturing hub, 100 kilometers away and not everyone is on board.
- PDD Gears Up Global Push With Cross-Border Platform Temu — Following North American launch, the Chinese e-commerce heavyweight plans to debut in Australia and New Zealand.
- Faraday Posts Losses, Awaits Capital to Start Making Car Unveiled in 2017 — The EV-maker has postponed delivery on its first car model since 2018, but is angling to raise enough money to finally start production this month.
South China Morning Post
- Chinese port city Tianjin loses its allure as EU firms demand a ‘spirit of enterprise and innovation’ — Home to the largest port in northern China, Tianjin’s problems could raise the alarm for other second-tier cities struggling with economic growth and the retention of foreign investment.
- Western Australia premier to visit Beijing, Guangzhou by mid-April on first China trip in 4 years — Mark McGowan, Western Australian premier, is set to stop in Beijing and Guangzhou during a week-long trip to China, that sources say will take place by mid-April, at a time of improving bilateral and trade relations.
Nikkei Asia
- TikTok’s U.S. woes grow as efforts to lobby Washington falter — Bipartisan senate proposal would enable president to ban social media app.
- Chinese President Xi Jinping seals unprecedented third term — Parliamentary vote puts him on track to be among most powerful leaders since Mao.
- Binance edges closer to making bid for Hong Kong crypto license — Expansion comes as city loosens crypto-trading rules.
Bloomberg
- China Is Still Backing an Elusive Breathrough for Solar Panels — At global solar power conferences in recent years, there’s been a buzzword that certain people love to discuss. While difficult to say, it easily projects a brighter future: perovskite.
- US Races to Close Loophole in Ban on China Tech Firm Inspur — The US is working to close a loophole in restrictions imposed on Inspur Group that leaves American companies such as Intel Corp. free to keep supplying the Chinese server maker’s affiliates.
- US Assesses That China Doesn’t Want a War Over Taiwan, Spy Chief Haines Says — The US intelligence community assesses that China doesn’t want a military conflict over Taiwan even as it’s determined to bring the independently governed island under its control, officials told a House of Representatives hearing Thursday.
- Tesla Supplier CATL Smashes Profit Estimate as EV Sales Soar — China’s Contemporary Amperex Technology Co. Ltd. reported annual earnings that beat estimates on stronger demand for cleaner cars, underscoring its dominance as the world’s biggest maker of batteries for electric vehicles.
Reuters
- Rubio takes aim at planned Ford US battery plant using Chinese technology — U.S. Senator Marco Rubio on Thursday introduced legislation that takes aim at Ford Motor’s deal to use technology from Chinese battery company CATL as part of the automaker’s plan to spend $3.5 billion to build a battery plant in Michigan.
- Canada starts setting up foreign agent registry amid reports of Chinese election meddling — Canadian media have recently published detailed reports, citing anonymous intelligence sources, alleging schemes run by China to interfere in Canada’s elections in 2021 and 2019.
- Over the South China Sea, dispute simmers via radios and rhetoric — As a Philippine coast guard aircraft flew over the disputed Spratly islands in the South China Sea on Thursday, a message came in over the radio telling it to immediately leave “Chinese territory”.
Other Publications
- The Washington Post: China’s new premier, a Xi loyalist, is caught between business and politics — When he was the Chinese Communist Party boss in Shanghai, Li Qiang climbed into the driver seat of a Tesla Model 3 beside Elon Musk, who drew a smiley face on car’s display screen to match Li’s wide grin.
- The Washington Post: Opinion: China is pushing America’s Asian allies together — Some claim America’s hawkish stance is the result of politicized groupthink in Washington. The reality, though, is that the new moves toward cooperation between Seoul and Tokyo are not the result of what people in Washington are thinking or saying. By Josh Rogin
- The Information: Silicon Valley Bank’s Troubles Threaten a Key Bridge Between Chinese Startups and U.S. Investors — SVB was among the first financial institutions to start catering to Chinese startups when traditional banks shunned them. The bank established its first Chinese arm nearly two decades ago.
- The Information: Opinion: TikTok’s Plan to Stay in the U.S. Could Pose a Threat—to U.S. Tech Companies — In a bid to avoid a U.S. ban, TikTok is embarking on a project to restructure its product and operations in the country. In short, it plans to bring to life the model of internet governance the tech industry and the U.S. government have spent the past 20 years vehemently resisting.
- The Guardian: Trudeau faces fury of Canadian MPs over alleged Chinese election meddling — Prime minister faces accusations of not taking issue seriously amid reports of 11 candidates receiving Chinese money.
