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
- Kevin McCarthy Prepares to Meet Taiwan’s President as Tensions With China Swirl — Beijing has threatened retaliation if House speaker meets with Tsai Ing-wen.
- Congress Seeks Details on Spying Risks From Chinese Cargo Cranes — Lawmakers call for hearings amid growing concerns of surveillance or sabotage at U.S. ports.
- Australia Bans TikTok From Government Devices Amid Security Concerns — Decision means all members of the Five Eyes intelligence alliance have fully or partly barred lawmakers’ access to the app.
- China’s Housing Market Has Plenty of Space but Not Enough Buyers — The country is dealing with its worst oversupply of unsold apartments in years.
- After Credit Suisse, Chinese Banks Aren’t a Great Safe Harbor — Chinese banks will likely avoid the troubles of their global peers, but they are cheap for good reason.
- Leonardo DiCaprio Testifies at Pras Michel’s 1MDB Trial — Prosecution calls actor in trial of rapper accused of illegal donations, influence peddling alongside Malaysian Jho Low.
The Financial Times
- Taiwan defends Tsai meeting with US House Speaker McCarthy — China threatens to retaliate over encounter it views as a ‘provocation’.
- Brussels calls on China to use influence with Russia to rein in war — Ursula von der Leyen and France’s Emmanuel Macron to meet Xi Jinping this week.
- China’s battery king faces scrutiny over EV market dominance — Rapid expansion of billionaire founder Robin Zeng’s CATL group raises concerns in the US and his homeland.
- China Inc keen on setting up shop in the US despite tensions — Incentives, risky supply chains and harsh Beijing policies nudge companies stateside.
- Evergrande wins creditor support for debt restructuring plan — Deal will allow international group to exchange holdings in Chinese property developer.
- HSBC forced to defend SVB UK deal to fractious Hong Kong shareholders — Bank still struggling to convince crucial investor base it is not under sway of British policymakers.
The New York Times
- China Strikes Back at U.S. Chip Maker Even as It Signals Openness — Beijing’s security review of Micron Technology, which has deep roots in China, could have wide-ranging ramifications for other foreign businesses.
- Book Review: ‘The Peking Express’ by James M. Zimmerman — A century ago, justice-seeking bandits derailed a train in rural China and took dozens of hostages, a story unspooled by James M. Zimmerman in “The Peking Express.”
Caixin
- China’s New Personal Pension System Gets Lukewarm Response — Just 28 million people sign up for retirement accounts and even fewer make contributions, data from Ministry of Human Resources and Social Security show.
- In Depth: How China’s Export Surge Left the Shipping Industry With a Hangover — Falling freight rates are a sign of overcapacity in the sector, just as a host of new vessels ordered during boom times are about to be delivered.
- Huawei Struggling to Grow Smart Car Business, Executive Says — Software giant Huawei Technologies Co. Ltd. revealed that it is struggling to grow its fledgling smart driving systems business as Chinese automakers fear losing control of the “soul” of their cars and U.S. sanctions keep international firms at a distance.
South China Morning Post
- As Alibaba plans break-up, employees worry about its impact on units not focused on e-commerce — Some employees say the separation could hinder communication between units, and reduce outsiders’ trust of smaller departments.
- Without advanced chips, can China’s smartphone industry survive? — Chinese smartphone firms are facing an ‘innovation or die’ situation, as multinationals look to diversify and the United States ratchets up export controls on advanced semiconductor chips, industry insiders say.
- Hong Kong loses 94,000 workers in 2022 – biggest drop in labour force since records began almost four decades ago — According to Census and Statistics Department data, labour force including foreign domestic workers fell 2.4 per cent year on year to 3,776,300 in 2022.
- China’s longest US ambassador vacancy provides latest sign of bleak relations — The next envoy is expected to be Xie Feng, but the post in Washington has been vacant since December, the longest period since formal ties were restored in 1979.
Nikkei Asia
- Analysis: China’s Li Qiang orchestrates warm welcome for Hayashi — New premier needs better relations with Japan to reignite the economy.
- Opinion: U.S. allies are on board for China chip tech controls after all — Sharing of costs has reduced corporate grumbling about lost exports. By Chris Miller
Bloomberg
- US Says Tough China Moves Needed to Counter ‘National Champions’ — The Biden administration is pushing back against Chinese assertions that the US is containing the rise of the world’s second-biggest economy, with a senior diplomat saying more assertive economic measures were necessary to produce “a level playing field.”
- Hedge Fund Snow Lake Quits Hong Kong After More Than a Decade — China-focused hedge-fund firm Snow Lake Capital Ltd. has left Hong Kong after 12 years of operating in the city, people familiar with the matter said.
- Japan Weighs Bomb-Shelter Bill With Eye on China, North Korea — With tensions around Taiwan rising and North Korea firing missiles at a blistering pace, lawmakers in neighboring Japan are pushing for a rollout of shelters where its residents can take refuge in the event of an attack.
Reuters
- Analysis: China’s intensifying nuclear-armed submarine patrols add complexity for U.S., allies — China is for the first time keeping at least one nuclear-armed ballistic missile submarine constantly at sea, according to a Pentagon report – adding pressure on the United States and its allies as they try to counter Beijing’s growing military.
- Malaysia says Beijing concerned about its energy projects in South China Sea — Malaysian Prime Minister Anwar Ibrahim on Tuesday said Beijing has expressed concerns about energy activities by Malaysian state firm Petronas in the South China Sea, even though Kuala Lumpur believes the projects are in its territory.
- Foreign cash streaming back to China after Alibaba’s plans — Exchange data shows net foreign buying of mainland-listed stocks every day since Alibaba announced its intention to split up and float its business units last week, for a record quarterly total.
Other Publications
- NBC News: Chinese spy balloon gathered intelligence from sensitive U.S. military sites, despite U.S. efforts to block it — The intelligence China collected was mostly from electronic signals, which can be picked up from weapons systems or include communications from base personnel.
- The Washington Post: Heartland lawmakers push bans on Chinese purchases of American farms — Political furor signals rising distrust, deteriorating relations.
- Quartz: China is on a global hunt for rare earths — Even China, the dominant global force in rare earth minerals, is worried about securing access to new raw materials.
- Foreign Affairs: America Can Win the AI Race — It Has the Resources—Now It Needs a Plan. By Paul Scharre
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