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
- In Beijing, Japan’s Foreign Minister Warns Over Russia-China Military Ties — Top diplomats joust while Tokyo opens a missile base on southern island.
- Micron Gets Caught in U.S.-China Crossfire — Beijing has long hesitated to strike back at U.S. chip companies—but Micron is a soft target.
- Missing Chinese Financier’s Firm Can’t File its Annual Report; Shares Suspended — China Renaissance, the boutique investment bank founded by star Chinese financier Fan Bao, said its auditors can’t finish their work while its top executive remains uncontactable.
- In Croatia, U.S. Campaigned to Stop Chinese Bid on Key Port — Both the Trump and Biden administrations have worked with allies to limit Beijing’s influence in Europe.
- Hong Kong’s Crypto Ambitions Get a Boost From U.S. Crackdown — More than 20 crypto companies have said they plan to set up operations in the city.
The Financial Times
- China’s ports dominance undermines western aims to loosen trade ties — Shipping hubs in India and south-east Asia lack capacity to compete, according to freight data.
- How China is winning the race for Africa’s lithium — The country already dominates processing of the metal for use in electric vehicle batteries and is now investing heavily in mines, leaving western operators scrambling to keep up.
- China presses Japan to change course on chip export curbs — Beijing foreign minister warns counterpart not to ‘do to others what you don’t want others to do to you.’
- China’s top lenders tout limited exposure to western banking crisis — Beijing’s biggest banks encouraged by stress tests against US and European risk.
- ‘Work until I die’: China’s over-50s cut out of job market in economic recovery — Post-Covid rebound fails to reach ageing migrant workers as trade slumps and limited roles go to younger generation.
- Deep-sea mining is key to making transition to clean energy, says Loke — Norwegian owner of UK Seabed Resources says backing from Europe needed in the face of Chinese dominance.
- China escalates tech battle with review of US chipmaker Micron — Beijing launches national security probe in retaliation against Washington’s curbs on semiconductor access.
- China truce with business — for now — Worried about decelerating growth, Xi Jinping has launched a charm offensive to convince investors the country is open for business.
- CITIC/Nanjing I&S: Beijing forges tighter bonds to steel supply chain — China wants more control over an industry where global mining groups such as BHP have strong sway.
The New York Times
- Taiwan President Tsai Ing-wen Balances China and U.S. — Known for her quiet pragmatism, Tsai Ing-wen has ushered in a new era of American cooperation as worries about Chinese aggression rise.
- China Draws Lessons From Russia’s Missteps in Ukraine — With an eye on a possible conflict over Taiwan, analysts have scrutinized the war for insights ranging from the importance of supply lines to the power of nuclear threats.
- Inside Saudi Arabia’s Global Push for Nuclear Power — Despite qualms in Washington, Saudi officials have pressed the United States to help them develop nuclear power. But they are also exploring other options, including China.
- Now Playing in China: Putin-Aligned Artists Shunned in the West — As Russia works to shore up its image and rebuild its soft power after its invasion of Ukraine, it is strengthening cultural ties with friendly nations, including China.
- Huawei, Pummeled by U.S. Sanctions, Reports Plunge in Profit — The company blamed the decline on pandemic lockdowns and an increase in research and development to counter restrictions on access to U.S. technology.
- Swiss Watch Leaders Are Eager to Make Up for Lost Time in China — Brands seem determined to make the most of the bounce in luxury spending that they have anticipated since Beijing ended its zero-Covid policy.
Caixin
- China’s ‘Big Three’ Airlines Report Sky-High Losses — Total losses at China’s “big three” state-owned airlines in 2022 ballooned to nearly 109 billion yuan ($15.8 billion) as Covid-19 restrictions upended travel and sent passenger numbers tumbling, their latest annual reports show.
- China Welcomes Japanese Foreign Minister’s Visit to ‘Manage Differences’ — Japan’s Foreign Minister Yoshimasa Hayashi will make a two-day visit to China from April 1, according to Bejing, marking the first visit by Tokyo’s top diplomat in more than three years.
- Editorial: To Ease Anxiety in the Private Sector, Follow the Rule of Law — As China seeks to boost the confidence of private companies, a recent document issued by the Hainan provincial government has sparked a controversy about whether the private sector is receiving special treatment in the judicial system.
South China Morning Post
- Senior officials to take over China’s football body amid corruption crackdown — Seven-member working group headed by Li Yingchuan will lead CFA, government sporting agency says..
- Sales of TikTok owner ByteDance up over 30 per cent in 2022 to reach US$80 billion, matching Tencent’s revenue — That double-digit growth, revealed in a recent memo to investors, also topped most global internet leaders, including Meta Platforms and Amazon.
- War in Ukraine to headline Macron-Xi talks on French president’s China trip — France says Emmanuel Macron will raise various tough topics including the Indo-Pacific, Middle East and Africa.
Nikkei Asia
- China leads global battery patent race for post-lithium-ion era — Once-mighty Japan and U.S. lagging in sodium-ion and other affordable tech.
- U.S. calls for joint G-7 action to prevent China’s economic bullying — Revealing steps such as tariff hikes in advance meant to dissuade Beijing.
Bloomberg
- China Warns Top Bankers of Deepening Crackdown on Corruption — Chinese authorities warned the nation’s top banking executives that the crackdown on the $60 trillion industry is far from over in a private meeting late Friday, just as they were about to announce the probe of the most senior state banker in nearly two decades.
- China’s Unloved EV Chargers Point to Challenges for Public Plugs — Low utilization rates for many connectors on city streets and highways illustrate an auto industry conundrum.
- Beijing’s Micron Probe Spurs $12 Billion Rally in China Chip Stocks — Chinese chip-related stocks advanced amid optimism that they will benefit from the nation’s growing self-reliance push after Beijing launched a probe into Micron Technology Inc.
- Opinion: Why China’s Chips Campaign Is Likely to Fail — The country has a reputation for accomplishing impossible tasks. But its strengths only work in certain cases. By Minxin Pei
Reuters
- HSBC brushes aside Hong Kong investor’s Asia spin-off proposal — Addressing an informal meeting of shareholders in Hong Kong, its biggest market, HSBC Chairman Mark Tucker said the board was unanimous in recommending that shareholders vote against proposals to restructure the bank and pay fixed dividends.
- China’s CITIC buys controlling stake in Nanjing Iron & Steel — Specialty steel is metal produced using additional elements that give special properties to the steel such as heat resistance, hardness or corrosion resistance.
- China Renaissance delays results, halts trade citing star dealmaker’s disappearance — In a filing to the Hong Kong stock exchange, the bank said auditors told it they were unable to complete their audit and sign off on the earnings report until Bao, as controlling shareholder, becomes generally available for contact.
Other Publications
- CNN: ‘I’ve never seen anything like this:’ One of China’s most popular apps has the ability to spy on its users, say experts — While many apps collect vast troves of user data, sometimes without explicit consent, experts say e-commerce giant Pinduoduo has taken violations of privacy and data security to the next level.
- Quartz: China’s rare earths industry has a raw materials problem — China’s imports of rare earth raw materials are surging, raising concerns about the risks of foreign dependence.
- Rest of World: Global TikTok creators depend on US viewers. A TikTok ban would be devastating — Without Americans on the app, advertising dollars are at risk.
- The Globe and Mail: Ottawa stalls on measures to combat foreign interference — For more than nine months, the Liberal government has been eyeing a package of measures that could be instrumental in safeguarding Canadian democracy from foreign interference instigated by hostile states such as China – but so far has only moved ahead on one item.
