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 and Russia’s Vladimir Putin Set to Deepen Economic Ties — Beijing portrays itself as a potential peacemaker on Ukraine as China’s close relations with Moscow are on display.
- Chinese Antigraft Watchdog Lodges Corruption Allegations Against Ex-Head of Chip Conglomerate — Case of Tsinghua Unigroup’s ex-chairman is latest in a series of probes targeting the semiconductor industry.
- Google Halts Download of Chinese App Pinduoduo Over Security Concerns — Versions of the e-commerce app contain malware, Google said, as Chinese-developed apps come under U.S. scrutiny.
- TikTok Chief Executive Shou Zi Chew to Face Skeptical Lawmakers — Republican committee chair favors a ban on the popular video app, aides say.
- Biden Signs Measure on Declassifying Intelligence on Covid-19 Origins — Law focuses on links between pandemic and China’s Wuhan Institute.
- U.S. Warns China Not to Use Taiwan President’s U.S. Visit to Raise Tensions — Tsai Ing-wen’s stopover is likely to compound the downward spiral in U.S.-China relations.
- Foreign Car Makers Take Hard Knocks in China’s Auto-Sector Brawl — Domestic brands have stolen a march on foreign auto makers, especially in regard to electric vehicles.
- Car Makers Revive India Growth Plans as China Market Sags — Nissan, Hyundai and others are investing in the country as rising income levels boost middle-class buyers.
- China Plane Crash Probe, One Year Later, Offers No Cause — Chinese investigation continues into China Eastern crash that U.S. assessment found was intentional.
- Opinion: China Wins if Russia Conquers Ukraine — The war is no ‘territorial dispute.’ Vital U.S. interests are at stake. — By Nikki Haley
The Financial Times
- China gives chipmakers new powers to guide industry recovery — Beijing is changing strategy and relying on a select group of companies to shape its domestic sector.
- Xi invites Putin on state visit to China — Chinese leader shows support for his Russian counterpart on first trip to Moscow since its invasion of Ukraine.
- RWE says US ban on imports from Xinjiang threatens solar ambitions — Germany’s biggest utility warns green energy projects are suffering delays.
- Xi-Putin talks highlight Russia’s role as ‘junior partner’ to China — Moscow sees trade with Beijing as way to bypass western sanctions and help win Ukraine war.
- IMF approves $3bn bailout for Sri Lanka — Fund’s board backs package weeks after Beijing drops resistance.
- Xi praises Putin’s ‘strong leadership’ in Kremlin talks — China’s leader demonstrates his support more than a year into Russia’s invasion of Ukraine.
The New York Times
- As War in Ukraine Grinds on, China Helps Refill Russian Drone Supplies — China has shipped more than $12 million in drones to Russia since it invaded Ukraine, in an indication of quiet collaboration between the two.
- Putin and Xi Celebrate Ties Unbroken by Russia’s War in Ukraine — President Vladimir V. Putin welcomed Xi Jinping, China’s top leader, to Russia, briefly noting Beijing’s peace plan for Ukraine but stressing Moscow and Beijing’s enduring partnership.
- Tracking the Chinese Balloon From Space — A new analysis of satellite imagery traces the path of the Chinese balloon from its launch in China to the United States.
- Sri Lanka Secures $3 Billion Rescue Loan From the IMF — The nation, having weathered negotiations with Japan, India and China, hopes the emergency funds from the International Monetary Fund will see it through its debt crisis.
- Xi Condemns Killings in African Nation Where Russian and Chinese Interests Compete — Nine Chinese nationals were killed in the Central African Republic, where the Kremlin-aligned Wagner group controls a gold mine and Chinese companies have built their own operations.
Caixin
- In Depth: Why China’s Bond Traders Got Cut Off From the Data They Needed — Financial regulators stood at the center of last week’s tumultuous suspension of services that provide crucial price information to traders.
- Former Google China Chief Joins ChatGPT Mania With New AI Venture — Kai-Fu Lee dubbed the startup Project AI 2.0, which is the seventh company incubated by his early-stage VC firm.
- Construction Restarts at Chinese-Backed Simandou Iron Ore Mine — Work on the West African mine, said to hold the world’s largest untapped deposit of high-grade iron ore, resumed after Guinean officials were finally able to get shareholders to move forward.
- Former Chief of Chip Giant Unigroup Charged With Corruption — Zhao Weiguo, arrested in July, treated the state-owned enterprise as his personal fiefdom and handed out goodies to friends and relatives, graft busters say.
South China Morning Post
- Thanks to family and friends, Chinese are the happiest people in the world, global satisfaction survey finds — Mainland China, Saudi Arabia and the Netherlands have the highest proportion of happy citizens, according to a new survey by the Paris-based market research company Ipsos.
- Former opposition lawmaker Albert Ho ‘arrested on suspicion of perverting course of justice’ — Ho is accused of interfering with family members of some suspects detained in connection with city’s largest national security case, source says.
- In a first, more postgrads than undergrads are set to graduate in Beijing this year — City’s universities have expanded graduate admissions and more students are seeking higher degrees due to difficulty finding work, expert says.
- China must ‘tolerate failure’ in science and tech to close gap with US, by reforming risk-averse research environment — Allowing academics and scientists more time to conduct high-risk but potentially groundbreaking research is critical to achieving self-reliance, experts say.
Nikkei Asia
- China’s new power structure tightens grip on data, tech, finance — State and CCP overhaul aims to counter U.S., boost economy, curb dissent.
- Credit Suisse acquisition complicates UBS China ambitions — Analysts expect UBS to sell rival’s businesses on the mainland after $3.2bn deal.
- Taiwan president to visit U.S. but no word on House Speaker meeting — Beijing ‘seriously concerned’ while Washington says trip is standard practice.
Bloomberg
- Biden to Stunt Growth in China for Chipmakers Getting US Funds — The department on Tuesday will outline the new restrictions, which will include a $100,000 spending cap on investments in advanced capacity in China.
- Apple Seeks India Labor Reform to Diversify Beyond China — Apple Inc. is seeking changes in India’s labor laws as part of its effort to expand local production, and regional governments are yielding to its request as they are eager to snatch iPhone assembly from China.
- Glencore Set to Lose Crown as Top Cobalt Miner to China’s CMOC — A Chinese miner is set to overtake Glencore Plc as the world’s top cobalt producer this year, as the rush for critical green-energy metals intensifies.
- Russia Jumps Above Saudi Arabia as China’s Biggest Oil Supplier — Russia surpassed Saudi Arabia as China’s biggest oil supplier with refiners taking advantage of cheap barrels to feed rebounding demand in Asia’s biggest economy following the end of Covid Zero.
Reuters
- China protests ‘vile’ Taiwan visit by German minister — Beijing expressed its anger at a visit by Germany’s education minister to Taiwan on Tuesday, describing it as “vile”.
- Czech Republic readies big Taiwan delegation in defiance of China — The head of the Czech Republic’s lower house said on Monday she would lead 150 businesspeople, scientists and officials to Taiwan this week.
- Google suspends China’s Pinduoduo app on security concerns — Google suspended the Play version of PDD Holdings Inc’s Pinduoduo app for security concerns, after malware issues were found on versions of the Chinese e-commerce app outside Google’s app store.
Other Publications
- Associated Press: Ignoring experts, China’s sudden zero-COVID exit cost lives — China’s ruling Communist Party ignored repeated efforts by top medical experts to kickstart exit plans until it was too late, The Associated Press found.
- The Information: The TikTok Investors With the Most to Lose From a U.S. Ban — For venture investors that have collectively invested more than $8 billion in ByteDance, the fate of the video app in the U.S. could mean the difference between a huge portfolio win and a soul-crushing loss.
- Foreign Affairs: Don’t Panic About Taiwan — Alarm Over a Chinese Invasion Could Become a Self-Fulfilling Prophecy. By Jessica Chen Weiss
In Case You Missed It
- The Wire China: The Semiconductor Madman — Zhao Weiguo was just the man to lead Tsinghua Unigroup and China’s big push into semiconductors — until he wasn’t.
