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
- Your Next Electric Vehicle Could Be Made in China — China is now the world’s top auto exporter. Russia is a factor, but strength in EVs is the bigger story.
- U.S. and China See Fragile Opportunity to Repair Ties — A first test is a meeting between Commerce Secretary Gina Raimondo and her Chinese counterpart.
- China Spends Billions on Risky Bets to Lock Down World’s Lithium — Beijing’s quest to secure supplies of the metal is leading it to buy up stakes in mines throughout the developing world.
- As Pressure on Experts Rises, a Chinese Province Hits Back at Claims About Its Debt — Government has taken hard line against some firms that provide expert testimony.
The Financial Times
- Siemens chief vows to ‘defend and expand’ market share in China — Roland Busch stresses its importance for innovation despite pressure from Berlin to diversify.
- US reluctance on trade deals sends Latin America towards China — Beijing’s offer of commerce and investment wins more friends than the good intentions of Washington and the EU.
- Chip wars with China risk ‘enormous damage’ to US tech, says Nvidia chief — Jensen Huang tells lawmakers to be ‘thoughtful’ about imposing more export controls on Beijing.
- Big drop in German exports to China raises fears over EU’s economic powerhouse — Decrease in demand from Asia’s largest economy sparks concern over how Berlin can fix industrial malaise.
- Life in China’s oldest county exposes challenges of demographic crisis — Primary schools become old people’s homes and factories struggle to find staff as population ages.
- China is an increasingly hostile place for foreign consultancies — Raids in recent weeks have left US and British companies uneasy about the future.
The New York Times
- U.S. Navy Steps Up Efforts to Curb Iran’s Ship Seizures in Strait of Hormuz — The United States is increasing patrols in the busy shipping lanes, where Iranian forces have taken two internationally flagged tankers in recent weeks.
- China and Russia, Targets at G7 Summit, Draw Closer to Fend Off West — Beijing and Moscow are holding visits this week as alarm grows in China that Western countries backing Ukraine are turning their attention to Asia.
Caixin
- Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets — The industry, long a source of shadowy funding for property developers, faces a reckoning now that the real estate industry is in crisis.
- Jilin Province Trust’s Former Chairman Sentenced to 14 Years in Prison — Conviction of Tai Ge on corruption charges extends the trust’s scandal streak to include four of its chairmen since 2001.
- Chinese Supermarket Chains Hit Speed Bumps in Post-Pandemic Recovery — First-quarter sales decline for seven of the 14 publicly traded supermarket chains, and four of them operate in the red.
South China Morning Post
- China raises supply chain concerns as the Netherlands plans curbs on chip technology — Foreign Minister Qin Gang urged his visiting Dutch counterpart to ensure ‘fairer’ access to semiconductor technology.
- TikTok parent ByteDance’s billionaire founder Zhang Yiming sets up investment fund in Hong Kong — Zhang Yiming’s Cool River Venture, incorporated on Monday, will invest mostly in technology-related industries, according to sources.
- China-Russia trade likely to have ‘plateaued’ even as leaders hail ‘unprecedented high level’ relations — Mishustin expects bilateral trade to reach US$200 billion in 2023, but analysts have warned room for growth in energy shipments could be limited.
Nikkei Asia
- China-based AIIB aims to launch emergency relief fund — Multilateral bank’s crisis reserve comes as it wraps up COVID-19 recovery facility.
- Alibaba’s cloud unit to lay off around 1,000 before planned IPO — Move follows tech giant announcing spinoff of group within 12 months.
- Higher Mexican wages complicate push for non-China supply chains — GM, Panasonic among companies seeing big increases in labor costs.
Bloomberg
- German Bosses Defy Scholz’s Plea to Shift Away From China — Chancellor Olaf Scholz’s government is pushing to reduce Germany’s dependence on China, but bosses from some the country’s biggest companies are pushing back.
- Top Solar Firm Warns Excess Capacity May Bring Wave of Failures — China’s world-leading solar industry could face a wave of bankruptcies if the current aggressive expansion of manufacturing capacity continues, according to the sector’s biggest player.
- ByteDance Co-Founder Sets Up New Venture Firm in Hong Kong — ByteDance Ltd. co-founder Zhang Yiming has set up an investment company in Hong Kong, indicating he’s planning a new chapter after quitting his leadership roles at the social-media giant in 2021.
Reuters
- Exclusive: Russian hypersonic scientist accused of betraying secrets to China — The director of a top Russian science institute, arrested on suspicion of treason along with two other hypersonic missile technology experts, stands accused of betraying secrets to China, two people familiar with the case told Reuters.
- Exclusive: Chinese hackers attacked Kenyan government as debt strains grew — Two of the sources assessed the hacks to be aimed, at least in part, at gaining information on debt owed to Beijing by the East African nation: Kenya is a strategic link in the Belt and Road Initiative – President Xi Jinping’s plan for a global infrastructure network.
- South Korea asks US to review China rule for chip subsidies — South Korea has asked Washington to review its criteria for new semiconductor subsidies, concerned over the impact of rules to limit chip investment in countries such as China, a U.S. public filing showed.
Other Publications
- The Economist: Australia has faced down China’s trade bans, and emerged stronger — The “lucky country” may be uniquely able to endure Chinese bullying.
- The Information: Venture Capitalists Face Pressure to Divest From China — Sand Hill Road firms that chased China’s tech gold rush have been quietly plotting ways to distance themselves from a brewing conflict between the two superpowers.
- Associated Press: Canadian appointee rejects probe into China election interference; opposition blasts decision — Opposition lawmakers have demanded a full public inquiry on the alleged Chinese interference since reports about it earlier this year by the Globe and Mail newspaper.
- Politico: States weigh new Chinese investments carefully, but few shut doors — States leaders are mindful of how politically toxic engagement with Beijing has become.
- MIT Tech Review: I ordered a bubble tea by drone in Shenzhen — Chinese company Meituan made drone food delivery possible—but the process is still not seamless.
