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
- Xi Jinping Brings China’s Reform Era to an End — Bit by bit, the Chinese leader has torn down the governance model Deng Xiaoping built four decades ago.
- China’s Xi to Speak to Zelensky, Meet Next Week With Putin — Virtual meeting between Chinese and Ukrainian leaders would be first since start of war.
- China Plans New Middle East Summit as Diplomatic Role Takes Shape — Beijing’s involvement in the details of dispute between Saudi Arabia and Iran led to a re-establishment of ties.
- China-Brokered Deal Between Iran, Saudi Arabia Marks a New Middle East — The region is undergoing tectonic geopolitical shifts as Arab spring-fueled rivalries fade.
- How Beijing Boxed America Out of the South China Sea — China incrementally built up military outposts, with little pushback from the U.S., and has emerged as a power in the strategic waters through which trillions of dollars in trade passes.
- British Prime Minister Says China Presents ‘Epoch-Defining’ Challenge — Britain commits an extra $6 billion to military spending.
- Biden to Cement Australia Subs Deal at Summit With Albanese, Sunak — U.S., U.K. and Australia are bolstering military capabilities in the Pacific to counter the rise of China.
- China Retains Central Bank Governor During Regulatory Shake-Up — Yi Gang will stay on for a few months as Beijing carries out overhaul.
- China’s Premier Seeks to Soothe Anxieties About Economy, Business Environment — Li Qiang says GDP growth target of about 5% will be a challenge and emphasizes stability in first press briefing as No. 2 official.
- To Counter China, U.S. and Allies Seek to Make Militaries ‘Interchangeable’ — Deeper cooperation could involve frequently using each other’s weapons, equipment and supply chains.
- Critical-Mineral Diplomacy Needs to Focus on Supply, Not Demand — U.S. and EU talk of collaborating to ensure energy security in the renewable age. A bigger priority should be strengthening trade links with big mining nations.
- Biden’s TikTok Dilemma: A Ban Could Hurt Democrats More Than Republicans — App popular with younger Americans is emerging as a vital campaign asset for Democrats.
The Financial Times
- Xi vows to make Chinese military ‘great wall of steel’ as tensions rise with west — Premier Li Qiang concedes meeting 5% economic growth target for 2023 will be significant challenge.
- Central banks’ digital currency plans face public backlash — Policymakers’ attempts to take on cryptocurrencies and other payment rivals are coming up against resistance.
- China set to tighten grip over global cobalt supply as price hits 32-month low — Share of global output expected to reach 50% over next two years.
- SVB’s China venture in doubt as start-ups struggle to access US funds — Lender was popular with tech companies operating between both countries.
- Xi retains China’s central bank head in boost to markets — President opts for greater continuity on economic team despite expectations of shake-up.
- China elevates general under US sanctions to defence minister — Appointment complicates military dialogue efforts with relations between Washington and Beijing at new low.
- From wooing Tesla to Xi’s right-hand man: Li Qiang’s road to China’s premiership — Beijing’s new number two known for cultivating business ties as Shanghai party boss before imposing sweeping lockdown.
- Opinion: China’s reform generation is retiring — Beijing’s new economic leadership should focus on building social infrastructure. By Yuan Yang
- Opinion: Aukus, the Anglosphere and the return of great power rivalry — The US, the UK and Australia believe that preparing for a war with China may be the best way of preventing one. By Gideon Rachman
The New York Times
- China’s New Premier Needs to Revive Growth. How Far Will Loyalty Get Him? — Li Qiang’s business-friendly reputation could bolster confidence in China’s economy. But he is stepping into a role with diminished power under Xi Jinping.
- Biden to Announce Nuclear-Powered Submarine Deal with Australia and Britain — The arrangement is part of a broader effort to counter China’s military development and assertive territorial claims across Asia.
- As Economy Falters, China’s New Premier Tries to Boost Business Confidence — Li Qiang, the country’s No. 2 leader, sought to reassure entrepreneurs who have been wary of making new investments.
- How the Saudi-Iran Pact Could Transform the Middle East — Both countries as well as the broader region have much to gain from the reset in relations — if the agreement truly holds.
- China’s Role in Iran-Saudi Deal Shows Xi’s Challenge to U.S.-led Order — Brokering a rapprochement between the Middle Eastern rivals underscores the Chinese leader’s ambition of offering an alternative to a U.S.-led world order.
- Iran-Saudi Pact Is Brokered by China, Leaving U.S. on Sidelines — The agreement negotiated in Beijing to restore relations between Saudi Arabia and Iran signaled at least a temporary reordering of the usual alliances and rivalries, with Washington left on the sidelines.
- What to Know About the Iran-Saudi Deal — The regional rivals have agreed to re-establish diplomatic ties in an agreement brokered by China that could reverberate across the Middle East and beyond.
- Opinion: A Chinese Commonwealth? An Unpopular Idea Resurfaces in Taiwan. — The war in Ukraine is causing many Taiwanese to rethink their relationship with China. By Farah Stockman
Caixin
- Cover Story: China’s Financial Industry Regulators to Get Reshuffle of Responsibilities — A new oversight authority, the National Financial Regulatory Administration, is approved at the annual meeting of the national congress.
- China Concludes Central Government Reshuffle With New Vice Premiers, State Councilors — China’s parliament has elected a new lineup of vice premiers and state councilors, while keeping most cabinet ministers unchanged.
- Chinese Firms Haven’t Been This Eager to Hire in Eight Years, Survey Shows — Chinese companies plan to ramp up hiring in the coming year as the economy rebounds and operations return to normal following the end of Covid restrictions, S&P Global said.
South China Morning Post
- Shanghai weighs a buyout of SVB in local venture while HSBC steps up as white knight for collapsed bank’s UK unit — Banking regulators are racing to find solutions after the Silicon Valley Bank’s collapse last week, fearing a potential crisis among its technology customers if they were unable to access capital.
- China appoints new president at state chip fund as Beijing ramps up semiconductor push: report — The Big Fund is the main channel for state support of the semiconductor sector and report of new president could signal a new chapter of state investment.
- Li Qiang brings ‘down-to-earth’ style as premier — The former governor of Zhejiang expects bureaucrats to get out of the office and find solutions in the grass roots.
- China’s biggest developer Country Garden warns it lost up to US$1 billion in 2022, despite leading market in sales — The company, which led the market in sales last year, maintains it is stable and committed to delivering new homes to buyers.
Bloomberg
- Taiwan Blasts EU for Wanting Chips While Denying Trade Talks — The European Union may not get a chip plant from Taiwanese companies if it continues to refuse to engage Taipei in trade talks, the government-backed Central News Agency said in an editorial column on Monday.
- Taiwan Seeks Details on Soldier’s Possible Defection to China — Taiwan is seeking information from China about a soldier who went missing from an island outpost and turned up on the mainland, in a case that Taipei acknowledged could be a possible defection.
- Sunak Takes Nuanced Approach to China Threat in UK Defense Plan — Prime Minister Rishi Sunak will face down critics in his ruling Conservative Party who have called on him to denounce China as a strategic threat to the UK’s security, instead offering a more nuanced approach to relations with Beijing as he sets out the nation’s foreign policy priorities.
- From Shanghai to Mumbai, Tech Chiefs Race to Contain SVB Fallout — Asia’s tech leaders, half a world away from the chaos that’s engulfed Silicon Valley, are scrambling to assess the potential ramifications for an industry that’s always relied heavily on US capital and connections to supercharge growth.
Reuters
- Exclusive: China’s Xi plans Russia visit as soon as next week – sources — Chinese President Xi Jinping plans to travel to Russia to meet his counterpart Vladimir Putin as soon as next week, people familiar with the matter said, which would be sooner than previously expected.
- Exclusive: UK approves increased submarine-related exports to Taiwan, risking angering China — Britain approved a sharp increase in exports of submarine parts and technology last year to Taiwan as it upgrades its naval forces, a move that could impact British ties with China.
- US-sanctioned general to become public face of China’s growing military — General Li Shangfu, named on Sunday as China’s new defence minister, is a veteran of the People’s Liberation Army’s (PLA) modernisation effort.
- Xi adds oversight risk to China EV battery growth plans — The world’s largest battery maker CATL and its rivals in China were put on notice this week with a message from the top.
Other Publications
- The Washington Post: A former TikTok employee tells Congress the app is lying about Chinese spying — His claims of data-security flaws, which the company disputes, underscore how seriously Congress has begun taking the wildly popular short-video app with more than 100 million users nationwide.
- The Economist: China’s new head of government, Li Qiang, has Xi Jinping’s ear — Will he be more than a yes-man?
- Foreign Policy: ‘Money Machine’ Is Missing the Juicy Details of Chinese Banking — Weijian Shan’s new book is notable mostly for what it leaves out. By Bob Davis
- The Guardian: Rishi Sunak risks row with Tory hawks over China balancing act — UK PM warns China plans to ‘reshape the world order’ but stops short of reclassifying it as a threat to national security.
