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
- For Chip Makers, a Choice Between the U.S. and China Looms — Washington seeks to steer the semiconductor supply chain using ‘guardrails’ under the Chips Act.
- China Boosts Lending to Struggling Belt and Road Borrowers — The scale of Beijing’s efforts effectively provides a new system for international rescue loans.
- Alibaba to Split Into Six Groups and Explore Separate IPOs in Major Shake-Up — Chinese tech giant makes announcement a day after co-founder Jack Ma returned to mainland China.
- China’s Economic Coercion Needs Congressional Response, Ambassador Says — Rahm Emanuel, envoy in Tokyo, envisions a global coalition of U.S. allies to help nations targeted by Beijing.
- U.S. and Japan Strike Deal on Minerals Used in Batteries for Electric Cars — Move aims at China’s supply-chain dominance and Japan meeting requirements on EV subsidies in the U.S.
- Pentagon Prepares for Space Warfare as Potential Threats From China, Russia Grow — White House’s spending request includes plans for simulators, equipment to train Space Force members for battle.
- More Water Found on Moon, Locked in Tiny Glass Beads — China’s Chang’e 5 rover found the beads while drilling and excavating lunar surface samples in 2020.
The Financial Times
- China grants billions in bailouts as Belt and Road Initiative falters — New study attempts to capture total rescue loans from world’s biggest bilateral creditor.
- Alibaba to split into six in radical overhaul — Tech group will retain most profitable ecommerce businesses but allow other units to spin off and list separately.
- China’s fake science industry: how ‘paper mills’ threaten progress — The country has become a prolific producer of academic research but fraudulent studies risk serious real-world consequences.
- China to slash foreign researchers’ access to academic database — China National Knowledge Infrastructure is critical tool for scholars seeking to study the country.
- Saudi Aramco strengthens China ties with two refinery deals — Huge supply contracts come as Russia eats into Saudi Arabia’s share of world’s largest oil import market.
- That big Chinese bailout loan paper in full — Sovereign debt restructuring nerds rejoice.
The New York Times
- Alibaba, China’s E-Commerce Giant, Will Split Into Six Units — The major restructuring, a possible precursor to future I.P.O.s, was announced after Jack Ma, its founder, returned to mainland China after a yearlong absence.
- China’s Cities Are Buried in Debt, but They Keep Shoveling It On — China has long pursued growth by public spending, even after the payoff has faded. Cities stuck with the bill are still spending — and cutting essential services.
- After Doling Out Huge Loans, China Is Now Bailing Out Countries — Beijing is emerging as a new heavyweight in providing emergency funds to debt-ridden countries, catching up to the I.M.F. as a lender of last resort.
Caixin
- Exclusive: Former Exim Bank Executive Pleads Guilty to Taking Bribes — Li Li, known as the ‘godmother’ of China’s shipping industry, has been charged by prosecutors with accepting almost $14.5 million in ill-gotten gains, sources tell Caixin.
- Saudi Aramco Boosts China Investment With $3.6 Billion Refinery Deal — Sweeping set of strategic cooperation accords locks in Aramco relationship with Rongsheng Petrochemical as Russia mounts challenge to Saudi oil supply role.
- China’s Cyberspace Watchdog Takes Aim at Slander Against Businesses — China’s top internet watchdog said Tuesday it is planning a crackdown on illegal online acts that maliciously damage the image and reputation of businesses and entrepreneurs.
South China Morning Post
- Huawei’s succession plan in view as Meng takes up rotating chairman role from April at sanctions-hit tech giant — Meng’s tenure as rotating chairwoman comes at a critical time as the Shenzhen-based Huawei battles increased US pressure..
- China anti-corruption probe targets top banks, SOEs as Beijing races to defuse financial risks — China’s new leadership team is racing to defuse financial risks, including at top banks and state-owned industrial giants, against a backdrop of slowing economic growth and an overseas banking crisis..
- Look to Sun Yat-sen, Taiwan’s Ma Ying-jeou urges on landmark mainland China trip — Ma pays tribute in Nanjing to the founder of ‘the Republic of China’ amid accusations that he is selling out the island.
Bloomberg
- China Woos ASML Chief as New Curbs on Chipmaking Machines Loom — China’s Commerce Minister Wang Wentao sought to assure the head of ASML Holding NV that Beijing remains a reliable partner even as the Dutch government imposes new restrictions on exports of advanced semiconductor technology.
- Shanghai Cancels Planned Hearing for Mega Syngenta IPO — The Shanghai stock exchange called off a hearing about Syngenta Group’s proposed 65 billion yuan ($9.4 billion) initial public offering, adding another hurdle on the road to the biggest planned listing of the year.
- China Anti-Graft Agency to Inspect Major State-Owned Firms — China’s top anti-corruption agency will inspect dozens of state-owned companies from China Investment Corp. to PetroChina Co., suggesting the government may be expanding its push to boost profits at some of the country’s biggest and most important state firms.
- Opinion: Alibaba Has Ensured It’s Not Too Big to Succeed — It was getting too large for its own good, so the e-commerce giant is smart to make the pro-active move. By Tim Culpan
Reuters
- ‘We are all Chinese’, former Taiwan president says while visiting China — People on both sides of the Taiwan Strait are ethnically Chinese and share the same ancestor, former Taiwan President Ma Ying-jeou said on Tuesday.
- NZ Foreign Minister says encouraged China to support Pacific regional institutions — New Zealand’s foreign minister Nanaia Mahuta said on Tuesday she had encouraged China to support and strengthen Pacific regional institutions and uphold a 22-year old agreement that sees Pacific countries look after their own security needs.
- China spent $240 billion bailing out ‘Belt and Road’ countries – study — China spent $240 billion bailing out 22 developing countries between 2008 and 2021, with the amount soaring in recent years as more have struggled to repay loans spent building “Belt and Road” infrastructure, a study published on Tuesday showed.
Other Publications
- Associated Press: Amid strained US ties, China finds an unlikely friend in Utah — An investigation by The Associated Press has found that China and its U.S.-based advocates spent years building relationships with the state’s officials and lawmakers.
- The Washington Post: Biden stuck between China hawks, young voters as TikTok pressure mounts — The administration faces national security concerns over the app’s ownership — and a possible backlash over a ban.