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
- Fewer U.S. Companies Applied to Export Sensitive Technology to China Last Year — Applications to export sensitive technology and goods to China dropped by 26.2% between 2021 and 2022, U.S. official says.
- China’s Spring Stall Darkens Employment Picture — New data confirms the nation’s post-Covid recovery has lost significant momentum.
The Financial Times
- Beijing calls on Arm to intensify chip co-operation with Chinese companies — Designer plays critical role in semiconductor industry under pressure from US export restrictions.
- US defence chief warns incidents with China’s military could ‘spiral out of control’ — Lloyd Austin calls for greater dialogue after Beijing refuses meeting at Shangri-La security forum.
- Canadian pension fund CDPQ puts brakes on China investment — Pullback follows similar decisions by GIC and Ontario Teachers’ Pension Plan.
- China’s weak recovery is turning off foreign investors — Quick rebound expected after the relaxation of zero-Covid policies has not materialised.
- Three accused of harassing Chinese dissident stand trial in ‘Fox Hunt’ case — Former New York police officer allegedly helped track down victim.
- China’s faltering outlook for growth — Local government debt restructuring is needed to avoid a lost decade.
- US-China tensions have upended global order, Jamie Dimon warns — JPMorgan chair says international situation more complex for business than in the cold war era.
The New York Times
- China Crosses Milestone With C919 Flight but Has Long Way to Go — The C919 jet, made by a state-owned manufacturer, completed its first commercial flight. But Western rivals still supply most of China’s planes.
- China Investing in Open-Source Intelligence Collection on the U.S. — A new report outlines Chinese efforts to mine public information from the Pentagon, think tanks and private companies to gain insight on the American military.
- Russia Denounces West Over Drone Strike on Moscow — Kremlin officials said Ukraine’s allies should have condemned the strike, and argued again that its real war was with the West.
- China Wants to Set the Terms of Any ‘Thaw’ With the U.S. — China has pushed to set the terms of its re-engagement with the Biden administration, rebuffing a request for a defense meeting while urging Washington to drop sanctions.
- Europe Frets U.S. Battery Factory Subsidies Will Hurt, Not Help — The European Union is trying to assemble the building blocks to produce electric cars, but subsidies are luring companies to the United States.
- Ex-N.Y.P.D. Sergeant Accused of Doing China’s Bidding Goes on Trial — Michael McMahon, a former New York Police Department sergeant, faces federal charges with two other men. They are accused of intimidating Chinese citizens in the United States.
Caixin
- BRICS-Backed New Development Bank Issues Record $1.2 Billion of Panda Bonds — Yuan-denominated borrowings on China bond market will support international lender’s infrastructure and sustainable development projects.
- In Depth: China’s Proposed New Curbs on Private Securities Funds Spark Controversy — Draft rules tightening control of fundraising, investment and management have triggered concerns they will constrain securities funds’ freedom to execute their investment strategies.
- Middle East Offers New Opportunities for China’s Belt and Road Investors, Analyst Says — Flush with cash from booming oil and gas sales, many countries in the region have the funds to pay for infrastructure construction.
- Southern China Faces Tight Power Supply Amid Hot Weather — Demand in Guangdong surges just as supply from Yunnan hydropower plants dries up following low precipitation.
South China Morning Post
- China seeks stronger economic ties with Saudi Arabia beyond crude oil as Middle East seeks ‘ideal partner’ — China has stepped up diplomatic and economic efforts in the Middle East beyond traditional oil and gas cooperation, particularly with Saudi Arabia, with the region needing to ‘look East’ to fulfil its development wishes, analysts said.
- China pledges support for Sri Lanka through ‘difficult times’, renews promise to develop ports through belt and road — Chinese vice-minister and Sri Lankan foreign secretary reaffirm commitment to Beijing’s multibillion-dollar infrastructure plan as South Asian country battles economic crisis.
- Despite ‘no limits’ ties, China has moved carefully on Russian energy since Ukraine invasion — Slim boost to Russian energy ties reveals ‘balancing act’ by China on the West, Swedish Institute of International Affairs analysis shared with the Post says.
- Opinion: As more nations oppose China, how seriously does the world take Beijing? — From Canada to Italy, Switzerland to Lithuania, countries are standing up to China or de-risking, some making moves they would never try with the US. If the world does not take China seriously, the risk is that Beijing could act radically.
Nikkei Asia
- Chinese EV battery maker Gotion mulls factory in Morocco — Plan is to invest $6.3bn initially for a 100-gigawatt plant.
- Philippines’ top coal miner turns to Japan to cut China reliance — Semirara Mining and Power diversifies export markets.
- Opinion: Germany can ignore anxious CEOs while setting China policy — Economic stakes are much lower than often portrayed.
- Analysis: For Xi, China’s diet is too dependent on U.S., Ukraine — Beijing now wants more farms than forests in reversal of policy.
Bloomberg
- Exxon Eyes China Plastics Market With Multi-Billion-Dollar Petrochemical Complex — Exxon Mobil Corp. is forging ahead with a multi-billion-dollar petrochemical complex that’s the cornerstone of its growth strategy in China, even as political tensions push other corporations to reassess their exposure there.
- Billionaire Arnault Plans to Visit China After Musk and Dimon — LVMH CEO Bernard Arnault intends to visit China this month after the country reopened following pandemic-era lockdowns that had hampered luxury sales in one of the world’s biggest consumer markets, according to people familiar with the matter.
- Singapore, China Agree to Set Up High-Level Defense Hotline — China and Singapore agreed to work toward establishing a secure defense telephone link for high-level communications, as the two nations seek to bolster ties amid rising regional tensions.
- Investment Firm Hillhouse Can Now Help Rich Move to Singapore — Hillhouse, the investment firm best-known for making its fortunes backing China’s biggest startups, can now help the super rich obtain permanent residency in Singapore as part of a government program.
- China’s Economic Powerhouse Plans More Offshore Wind Than World Builds in a Year — China’s Guangdong province will accept bids this month to construct 23 gigawatts of offshore wind power as one of the nation’s economic engines seeks to stave off energy shortages.
Reuters
- Wall Street faces life in China’s second tier — Jamie Dimon is this week experiencing in person the conundrum of doing business in China. The JPMorgan boss flew into Shanghai to head up a trifecta of confabs the U.S. bank is hosting in the city.
- Taiwan donates $5 mln towards rebuilding Ukraine with Lithuania — The funds will be spent towards rebuilding a school in Borodianka and a kindergarden in Irpin, Central Project Management Agency said in a statement.
Other Publications
- Foreign Policy: Stop Worrying About Chinese Hegemony in Asia — U.S. fears are not only irrational—they’re a potential self-fulfilling prophecy.
- The Economist: America’s states are pursuing their own foreign policies — State legislatures are becoming another front in America’s clash with China.
- The Economist: New research helps explain why China’s low birth rates are stuck — The scars left by China’s population-control policies are clear. Last year, its population started to fall for the first time since 1962.
- CSIS: G7 Gives First Definition to ‘Economic Security’ — The statement makes no explicit mention of any particular country, but paragraph 51 of the main communiqué, which covers a range of China-related concerns, leaves little doubt which country was top of mind for G7 leaders. By Matthew P. Goodman
- CSIS: Pursuing Strategic Competition: Relative Competitive Position Matters — U.S. policy needs to take into consideration the global technological and commercial landscape of specific sectors and that a one-size-fits-all approach won’t work. By Scott Kennedy
- CSIS: Operationalizing the G7 Commitment to End Forced Labor in Global Supply Chains — Despite agreeing to work together, G7 members have taken an uneven interest in tackling forced labor in supply chains and have adopted widely varied approaches to address it. By Marti Flacks and Steven Orientale
