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
- Another Foreigner Detained in China, This Time a Korean Soccer Pro — Seizure on bribery charges follows a crackdown on China’s soccer scene and raids of foreign businesses.
- China’s Youth Unemployment Tops 20% Amid Signs of Stalling Recovery — Economic indicators fell short of expectations, fueling chatter of monetary stimulus.
- Two U.S.-Listed Online Brokers Cut China Apps as Regulatory Pressure Persists — Futu and Tiger Brokers earlier agreed to stop accepting new customers from mainland China.
- Swiss Listings Have Been a Drag on Chinese Stocks — Chinese shares listed on Swiss exchange have fallen amid anemic trading.
- China’s Demand for Oil Hits Record as IEA Raises Global Forecasts — Outlook highlights widening divide between booming demand in the developing world and lackluster requirements in Europe and North America.
The Financial Times
- China’s economic recovery in doubt as industrial output falls short — Data adds to growing sense that Chinese economy has failed to fully recover after removal of zero-Covid policies.
- Ford to scale back China investments amid EV competition from local rivals — Chief executive Jim Farley warns there is no guarantee foreign companies can ‘win’ against local electric-car makers.
- G7 host Japan seeks unity on threat from China — Hiroshima summit tests advanced economies’ ability to jointly respond to challenge from Beijing.
- Russian PM to attend business forum in China as bilateral trade rises — Mikhail Mishustin’s visit to Shanghai next week points up Moscow’s growing dependency on Beijing.
- US angst over Chinese land ownership exposes a deepening rift — Washington may stop foreigners buying land near military bases, but some states want to go much further.
The New York Times
- Can the World Make an Electric Car Battery Without China? — From mines to refineries and factories, China began investing decades ago. Today, most of your electric car batteries are made in China and that’s unlikely to change soon.
Caixin
- China Tells Custodian Banks and Brokers to Step Up Oversight of Private Funds — Industry association issues order to help ensure fund managers comply with new rules for privately offered investment products.
- In Depth: Hong Kong Targets Young Talent, Tech Sector in Post-Covid Push — In the wake of Covid isolation, Hong Kong is taking a targeted approach to reviving its position as a global business hub — an image that waned during the pandemic as expats left in droves amid ever tough restrictions.
South China Morning Post
- ‘China-friendly’ Hungary hails Beijing’s peace efforts in Ukraine during meeting between top diplomats — Foreign affairs chief Wang Yi calls on Europe to avoid ‘Cold War mentality’ during visit by Hungarian foreign minister Peter Szijjarto, who expressed ‘wholehearted support’ for Chinese proposal for ending war.
- Futu and UP Fintech take down trading apps in China to fully comply with CSRC requirements on access to offshore equities — The Chinese Securities and Regulatory Commission ordered both companies in December to rectify ‘illegal operations’ and stop signing up new customers based in mainland China.
- China’s capital Beijing to provide state-sponsored computing resources to AI firms amid ChatGPT frenzy — The municipal government has unveiled a new draft policy supporting the Chinese capital’s artificial intelligence industry, including the provision of state-funded computing power for relevant companies.
Nikkei Asia
- Lab monkey prices soar in U.S. after China cuts off exports — Hunt for new supplier continues as Beijing keeps research animals on short leash.
- Chinese companies switch auditors to avoid U.S. delisting risk — American, Singapore companies gain business as accountant inspections begin.
- Futu, UP Fintech shares fall on plan to remove apps in China — Online brokerages already barred from soliciting new mainland investors.
Bloomberg
- China’s Record-High Youth Jobless Rate Is Set to Get Even Worse — China’s record high youth unemployment rate may climb further in the months to come, a warning sign that will pressure policymakers to take action.
- Chinese LGBTQ Center Closes Down Abruptly Amid Xi Clampdown — A prominent LGBTQ+ center in China is closing down after 15 years, another sign of the tightening of space for sexual orientation-focused organizations under President Xi Jinping.
- Hong Kong Public Libraries Purge Books on Tiananmen Crackdown — Hong Kong libraries have purged books about the deadly 1989 Tiananmen Square crackdown, marking the latest step in the city’s campaign against free speech.
Reuters
- With eye on Ukraine, top Chinese general calls for unconventional warfare capabilities — Drawing lessons from the Ukraine crisis, a top Chinese general urged greater integration of novel capabilities, including artificial intelligence, with conventional warfare tactics ahead of any confrontation with the West.
- China’s April data show economic recovery losing steam, testing policymakers — Tuesday’s batch of data, which also showed a further decline in property investment, adds to concerns about the outlook for the world’s second-biggest economy as both its domestic and export engines of growth remain underpowered.
- Russia denounces Macron over China comments — Russian officials on Monday denounced comments by French President Emmanuel Macron that Moscow was becoming subservient to China, saying Western countries must get used to a world underpinned by the Kremlin’s close ties with Beijing.
Other Publications
- The Economist: Europe can’t decide how to unplug from China — We calculate the continent’s exposure to the Asian power
- Associated Press: China says ready to ‘smash’ Taiwan self-rule as US prepares major arms package, sends advisers — China’ is prepared to “resolutely smash any form of Taiwan independence,” its military said Tuesday, as the U.S. reportedly prepares to accelerate the sale of defensive weapons and other military assistance to the self-governing island democracy.
- The Verge: Congress called Huawei a national security risk — it’s still in US networks — Before TikTok and semiconductors, the US was fighting a war against Chinese telecom. What happened?
- Foreign Affairs: To Compete With China on Tech, America Needs to Fix Its Immigration System — Washington Must Make It Easier to Recruit and Retain Top Talent. By Eric Schmidt
