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
- China Touts Its Diplomatic Strength in Russia’s Backyard — Xi Jinping talked of closer economic and security ties in a summit with the leaders of Central Asia’s five former Soviet states.
- China Puts Spymaster in Charge of U.S. Corporate Crackdown — Investigations into due-diligence firms show how state-security clique is gaining more control over economic policy.
- U.S., Taiwan Reach Trade Deal as Tensions With China Simmer – Agreement stops short of broad market-opening measures.
- China’s Recovery Loses Steam, Signaling Trouble for Global Economy – Country’s youth unemployment hits record high as new economic data falls short of expectations.
The Financial Times
- Wagner-linked group buys helmets from China despite sanctions — Entities connected with mercenary leader Yevgeny Prigozhin continue to frustrate western bid to choke off supplies.
- A Chinese comedian walks into a political storm after army joke falls flat — Punchline referring to military slogan sparks uproar and gloom over free expression in China
- To invest or cut loose: western carmakers’ China conundrum — VW and Ford lay out rival approaches to the world’s largest auto market.
- Fund manager Amundi shifts assets from US to China — Paris-based firm attracted by valuations and says investors have priced in ‘too much risk’.
- Biden is adjusting course on China — To some extent, we can shape how China behaves and ought to keep trying.
- Xi Jinping pushes Central Asian defence co-operation plan — Chinese president’s offer to help with security comes as Russian influence in the region weakens.
The New York Times
- Liz Truss, Britain’s Briefest Prime Minister, Meets Taiwan’s Leader — Liz Truss, the former British prime minister, met Taiwan’s leader, who has sought to push back against China’s efforts to isolate the island democracy.
- To Counter China, G7 Countries Borrow Its Economic Playbook – Wealthy democracies rev up an effort to spend trillions on a new climate-friendly energy economy, while stealing away some of China’s manufacturing power.
Caixin
- China Complicates UBS’ Acquisition of Credit Suisse — If the deal were completed today, the combined bank would be in violation of Chinese regulations governing the ownership of securities firms.
- China Revises 2022 Economic Data Downward Including Real Estate — Adjusted figures provide a more favorable comparison for the shaky property sector as authorities cite distortions in originally reported figures.
- BMW to Produce New Line of EVs in China From 2026 — The German auto giant will also make the high-voltage batteries for the cars in the Asian country, where it is planning to invest $1.4 billion in a new factory.
South China Morning Post
- China’s use of Russian port to ship goods domestically is ‘symbolic’ of closer ties, but hurdles remain — The bilateral agreement takes effect in June, giving China a shorter and cheaper route to transport goods from its northeastern region to its eastern economic powerhouse.
- Beijing unveils ‘battle plan’ to supercharge innovation hub, lure foreign talent — Beijing International Science and Technology Innovation Centre, to be overseen by China’s president, is set to be completed by 2025.
- China’s deluge of weak economic data prompts pointed calls by Premier Li Qiang on inspection tour — For new-energy vehicles, China will ‘optimise purchase and usage policies’ to further tap the market and drive consumption, especially in rural areas, Li vows during his inspection tour in Shandong province.
- China pulls on Tang dynasty Silk Road ties to help secure central Asian future — Five regional leaders were greeted with dancers and a banquet harking back to Xian’s imperial past as a centre of trade and culture.
Nikkei Asia
- China’s Xi pledges billions in loans to Central Asian nations – Beijing aiming to fill void left by Russia in former Soviet republics.
- Asia’s internet cable projects delayed by South China Sea tensions – Telcos and tech giants look to bypass region as Beijing presses territorial claims.
- China surpasses Japan as world’s top auto exporter – Tesla EVs and Russian deliveries drive industry into lead.
Bloomberg
- China’s Yuan Jumps After Central Bank Vows to Curb Speculation — China’s yuan jumped on Friday after the country’s central bank moved to shore up the currency following a recent selloff, vowing to curb speculation and calling for more stability in the foreign exchange market.
- US Hits Roadblock in Bid to Renew China Military Ties: Its Own Sanctions — The US is hitting a roadblock of its own making as it seeks to revive ties with China’s military: sanctions it imposed on the current defense minister back in 2018.
Reuters
- China’s Xi unveils grand development plan for Central Asia – Chinese President Xi Jinping on Friday unveiled a grand plan for Central Asia’s development, from building infrastructure to boosting trade.
- Poland says China should put pressure on Russia to end war – Poland called on China to exert pressure on Russia to end its war in Ukraine during a meeting between two top officials in Warsaw.
- China opposes G20 meeting in Indian-rule Kashmir and will skip it – China said on Friday that it is opposed to a G20 tourism meeting next week in the disputed Himalayan territory of Kashmir in India and will not attend.
- AstraZeneca’s China boss says drugmaker will seek to “love the Communist Party” – Global drugmaker AstraZeneca will seek to be a patriotic company in China that “loves the Communist Party”, its China president said at an event on Friday.
- US consultancy Mintz’s executives leave Hong Kong after China raid – Some Hong Kong-based staff with U.S. consultancy Mintz Group have left the city after the firm’s Beijing office was raided by Chinese police in March.
Other Publications
- The Guardian: China aims to subordinate the west, claims US politician on UK visit – Republican Mike Gallagher, leading a delegation on London trip, says world is in ‘window of maximum danger’.
- ChinaPower: Changxing Island: The Epicenter of China’s Naval Modernization – As part of China’s ongoing efforts to modernize the People’s Liberation Army Navy (PLAN), work is currently underway to transform Shanghai’s Changxing Island into a colossal “shipbuilding base.”
- AP: China’s loans pushing world’s poorest countries to brink of collapse – A dozen poor countries are facing economic instability and even collapse under the weight of hundreds of billions of dollars in foreign loans.
- Foreign Affairs: China’s Status Anxiety – Beijing Fights to Be Treated as America’s Equal on the World Stage.
