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
- TikTok’s Behind-the-Scenes Help in Washington: Former Obama, Disney Advisers — Zenia Mucha, Jim Messina and David Plouffe were brought on to advise the video app’s CEO on handling U.S. criticism over China ties.
- Japan Curbs Semiconductor-Gear Exports as Ties With China Chill — Move comes as Tokyo’s foreign minister plans to visit Beijing after detention of Japanese man.
- Political Uncertainty in Taiwan Adds to U.S.-China Tensions — Sliding support for President Tsai Ing-wen’s party marks possible tilt away from Washington.
- Chinese Christians Detained in Thailand While Seeking U.N. Protection — Two U.S. citizens taken in alongside 63 church members, who say they faced years of government harassment in China.
- JD.com’s Property and Industrial Units Seek About $1 Billion Each in Hong Kong IPOs — Chinese e-commerce giant says it plans to spin off the two businesses through separate listings.
- New EV Rules Mean Fewer Models Eligible for Tax Credit — Biden administration says it aims to reduce U.S. reliance on batteries and minerals from China.
- Ford Invests in $4.5 Billion Indonesia Facility to Secure Nickel for EV Batteries — Factory will help with target of producing about two million electric vehicles a year, auto maker says.
- New Listing Rules Give Chinese Companies Clarity, Opportunity — Companies in some technology fields that haven’t yet generated revenue will be able to explore listings in Hong Kong.
- China’s Consumers Extend Economic Rebound From Pandemic — Gauge of country’s services sector hits its highest level in more than decade.
The Financial Times
- Japan to restrict semiconductor equipment exports as China chip war intensifies — Tokyo aligns with Washington in move expected to significantly curtail activity by Beijing.
- China’s services activity expands at fastest rate in 12 years — Manufacturing growth slows as world’s second-largest economy charts uneven recovery from Covid.
- Why Beijing thinks the EU’s China rhetoric is written in Washington — Also in this newsletter: Finland’s three-way election battle.
- ‘Dare to fight’: Xi unveils China’s new world order — The Chinese leader has inverted the ‘hide and bide’ doctrine in a bid to shape a global system around Beijing’s interests.
- Chinese artists test censorship’s new red line — As the state clamps down, visual artists are employing a range of strategies to make themselves heard.
- China’s YMTC set for chip comeback despite US export controls — Memory-chip maker to rely on local equipment suppliers for 2024 manufacturing plans.
- China’s envoy warns EU of ‘peril’ from following US on trade curbs — Ambassador to bloc urges resistance to ‘unwarranted’ pressure and says Beijing will not be ‘trampled’.
The New York Times
- New Rules Will Make Many Electric Cars Ineligible for Tax Credits — The Biden administration hopes its guidelines for up to $7,500 in tax credits will encourage automakers to reduce their reliance on China for batteries and raw materials.
Caixin
- Bank of China Ex-Chairman Investigated for Alleged Corruption — Liu Liange was removed as BOC’s Communist Party chief in February and relinquished his position of chairman earlier this month.
- Raging Price War Poses Survival Threat for Automakers — Only a handful of EV and smart car winners may remain standing as China’s crowded vehicle industry faces a massive shake-out.
South China Morning Post
- China hits back at American chip firms as regulator launches cybersecurity probe into Micron’s products — Micron has previously warned investors of the risks of being excluded from the China market.
- Huawei’s Meng Wanzhou faces uphill battle in reversing flat revenue, plummeting profits — Huawei’s incoming rotating chairwoman Meng Wanzhou faces an uphill battle in finding new growth after the sanctions-hit company reported flat revenue growth and plummeting profits in 2022.
Nikkei Asia
- China Inc. keen on setting up shop in the U.S. despite tensions — Incentives, risky supply chains and harsh Beijing policies nudge companies stateside.
- Japan to restrict chipmaking equipment exports, with eye on China — Tokyo aligns with U.S., listing 23 types in categories including etching.
- Malaysia’s Anwar meets Xi, likely to seek China help for rail link — Despite pro-Western image, PM wants close Beijing ties to boost economy.
Bloomberg
- China Hits Micron With Review of Chips, Citing Security Risks — China is opening a cybersecurity review of products exported by Micron Technology Inc., the largest US maker of memory chips, to the country.
- Tesla Pursues US Plant With China’s Battery Leader CATL — Tesla Inc. is looking to build a battery plant in the US, according to people familiar with the matter, in what would likely be a controversial arrangement with China’s dominant electric-vehicle battery manufacturer.
- Tron Founder Justin Sun Steers Huobi Toward Chinese Crypto Traders — Even by the to-the-moon standards of the crypto world, Justin Sun is known for making bold bets.
- Biden’s Asia Czar Says Still No Safeguards in US-China Relations — President Joe Biden’s efforts to put a floor under the rapidly deteriorating relationship with China have not yet succeeded, Biden’s top Asia adviser said Thursday.
Reuters
- WTA set to announce long-awaited decision on return to China — The WTA Tour’s long-awaited decision on its return to China is “forthcoming” and the tournament schedule for the rest of the year is due in the coming weeks, the governing body of women’s tennis told Reuters on Friday.
- Australia concerned by delays in trial of journalist detained in China — Australia said it has “deep concerns” about delays in the case of Australian journalist Cheng Lei who faced a closed door trial in Beijing on national security charges a year ago.
- Exclusive: Elon Musk plans China visit, seeks meeting with premier — The exact timing of the visit is subject to Li Qiang’s availability, one of the sources said.
- U.S. stresses need for ‘Cold War’-era crisis mechanisms with China — Speaking at a time of heightened tensions with China over a U.S. stopover by Taiwan’s president, U.S. Indo-Pacific coordinator Kurt Campbell said Washington had made clear to Beijing it was ready to have another call between President Joe Biden and Chinese leader Xi Jinping.
Other Publications
- ChinaFile: For China’s Urban Residents, the Party-State Is Closer than Ever — A Q&A with Taisu Zhang.
- Politico: The campaign to save TikTok has been years in the making — TikTok began working to win over the U.S. and European governments long before the latest concerns about its Chinese ownership.