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
- Followers Describe Allure of Chinese Businessman Charged With $1 Billion Fraud — Guo Wengui has pleaded not guilty to accusations that he took money from thousands to fund a lavish lifestyle.
- France’s Emmanuel Macron Draws Criticism Over Taiwan Remarks — President’s call for Europe to set its own policy on Taiwan prompts rebukes on both sides of the Atlantic.
- China Signals Readiness to Further Ease Trade Dispute With Australia — Review of barley duties shows ties between Beijing and Canberra are improving.
- China Concludes Military Exercises Encircling Taiwan — Drills were successful in testing joint operations ‘under actual combat conditions,’ China says.
- China Consumer Price Growth Eases, Reflecting Caution on the Economy — While the scrapping of Covid controls has opened up the economy, joblessness and an uncertain outlook have kept a lid on domestic spending.
- For Apple, India Is the Next China — Apple’s move to open its famed retail store in India signals the market is a high priority.
- Debt Standoff Between China and U.S. Hurts Poor Countries, Zambia’s President Warns — Zambia’s debt restructuring set to be focal point at this week’s IMF and World Bank meetings.
- Baidu, SenseTime Shares Drop as China Proposes Rules for AI Chatbots — Regulators in China put a dampener on investors’ high hopes for Chinese companies’ new AI chatbots, proposing new rules for the burgeoning sector on Tuesday.
The Financial Times
- China slaps security reviews on AI products as Alibaba unveils ChatGPT challenger — Regulator warns content should embody ‘socialist values’ as Chinese companies race to catch up with US tech.
- China to review Australian barley tariffs as trade tensions ease — Canberra agrees to suspend WTO complaint ahead of Beijing’s push to join regional CPTPP pact.
- China’s banking regulators are caught between Beijing and its regions — The rules for resolving financial crises expose the tensions between central and local government.
- ‘The hand of China reaches here’: how Beijing pushes Uyghurs to spy on each other overseas — Xinjiang police try to manipulate Turkic Muslims abroad through offers of contact with family or threats to loved ones.
- Macron’s Taiwan remarks spark international backlash — French president criticised for saying Europe should distance itself from US-China tensions over island.
- China IPOs: fizzy pops will fade as reforms bed in — Expect a steady flow of new deals with tighter pricing.
- India boosts investment along disputed border with China — New Delhi seeks to strengthen presence on ground as it vies with Beijing for influence in fraught region.
The New York Times
- In China, Young People Ditch Prestige Jobs for Manual Labor — Some people who’ve walked away from China’s grueling corporate culture say it’s worth the financial sacrifice. “I was tired of living like that,” one said.
- China Brandishes Military Options in Exercises Around Taiwan — The People’s Liberation Army’s ships, planes and troops held three days of drills in a spectacle designed to warn Taiwan against challenging Beijing.
Caixin
- Geopolitics, Lack of Manpower Fuel Turbulent Revival for China’s International Air Travel — More than three months after China reopened its borders, international travel is still lagging far behind pre-Covid levels.
- Five Things to Know About Early Mortgage Repayments in China — This threatens to leave lenders nursing big losses as expected interest income disappears, and has prompted regulators to take notice.
South China Morning Post
- China urged to speed up self-reliance in military tech as Western sanctions render old model ‘unsustainable’ — ‘Key and core technologies’ for modern weaponry can no longer be bought or waited for, researcher at Beijing’s Academy of Military Sciences warns.
- China-Australia reach deal to resolve barley dispute, suspend WTO case, Australian foreign minister Penny Wong says — Foreign minister Penny Wong says Australia will suspend its case at the World Trade Organization while China conducts a review into duties imposed on Australian barley.
Nikkei Asia
- Alibaba unveils AI model as ChatGPT race heats up — Beijing issues proposed security rules to regulate emerging technology.
- Opinion: CPTPP members now have to figure out what to do about China — Lessons from U.K. accession set ground for dealing with Beijing and Taipei. By Wendy Cutler
Bloomberg
- China Mandates Security Reviews for AI Services Like ChatGPT — China plans to require a security review of generative AI services before they’re allowed to operate, casting uncertainty over ChatGPT-like bots unveiled by the country’s largest tech companies including Baidu Inc.
- China Auto Parts Makers Join Apple in Offshore Factory Push — Chinese car parts makers are facing growing pressure from overseas customers to set up factories outside the country as mounting trade tensions and three years of Covid lockdowns make them wary of relying too heavily on China.
- Macron China Taiwan US Backlash Builds Before Netherlands Visit — Emmanuel Macron’s latest attempt to cast the European Union as a balancing power between the US and China will be tested this week as he seeks to enlist support from the Netherlands.
- Cook to Open First Apple Stores in India in Pivot Beyond China — Apple Inc. Chief Executive Officer Tim Cook has scheduled a trip to open the iPhone maker’s first stores in India next week, underscoring the company’s ambitions for the country as a growth market and manufacturing base.
Reuters
- China investment drowns out decoupling rhetoric — International companies are reinforcing President Xi Jinping’s message that China is open for business.
- US House committee chair ‘concerned’ by Tesla deals in China — The leader of a U.S. congressional committee on China said on Monday he was concerned about electric carmaker Tesla Inc’s dependency on China, a day after the company revealed plans to open a Megapack battery factory in Shanghai.
Other Publications
- The Economist: Rivalry between America and China has spread to the Indian Ocean — The world’s most powerful navies are swarming to a long-neglected maritime region.
