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 Sets Heat Record as John Kerry Arrives to Discuss Climate — Temperatures in China’s northwest soared above 120 degrees on the day that the U.S. climate envoy arrived in Beijing to try to revive stalled cooperation on climate change.
- The Man Charged With Steering the Yuan Through China’s Economic Turmoil — Pan Gongsheng has experience in high-stakes tasks, but China’s fragile economy raises new risks.
- Restricting Chip Sales to China Could Backfire on U.S., Industry Group Says — The potential limits threaten to curtail American semiconductor companies’ push for domestic expansion, the SIA warns.
- Opinion: China’s Economy Hits the Skids — What happens next isn’t clear but the era of torrid growth is likely over. By Walter Russell Mead
The Financial Times
- China deletes Covid-19 death data — Statistics from Zhejiang province offer rare look at impact of Beijing’s pandemic policies.
- Chinese developer Evergrande reveals $81bn loss from property crisis — Results come two years after group’s default shocked global markets and led to sector collapse.
- Rio Tinto chief says west sees need to match China to secure resources — Jakob Stausholm defends miner’s Chinese exposure despite rising geopolitical tension.
- China and Russia step up military co-operation on Japan’s doorstep — Analysts warn Beijing and Moscow are starting to use their close partnership to project power against other countries.
- Harrods to launch private members’ club in Shanghai — Luxury department store targets growth from ultra rich in China.
The New York Times
- As China Bakes in Record Heat, John Kerry Presses Beijing on Climate Change — The extreme heat wave choking China has become a talking point for John Kerry, President Biden’s climate envoy, in his meetings with officials in Beijing.
- Where Is Qin Gang, China’s Foreign Minister? Beijing Won’t Say. — Qin Gang has not made a public appearance in three weeks. The Communist Party’s habitual secrecy around top officials has fueled speculation over the reasons for his absence.
- Opinion: A Look Back at Our Coming War With China — In a batch of recent books on U.S.-China relations, a war between the two superpowers is already raging. By Carlos Lozada
Caixin
- Five Things Powering China’s Energy Storage Boom — By 2027, China is expected to have a total new energy storage capacity of 97 GW, with a 49.3% compound annual growth rate from 2023 to 2027.
- Evergrande Finally Reveals $14.8 Billion Loss — China Evergrande Group has finally laid bare the barrels of red ink on its balance sheet as it released its long-delayed annual results.
- Opinion: China to Offer Modest Policy Support for Second-Half Growth Rebound — What can we expect in terms of policy easing and the economic recovery in the second half? By Wang Tao
South China Morning Post
- Is China’s Greater Bay Area ‘the future of Asia’? Top Saudi diplomat says investors can bet on it — Saudi Arabia’s top diplomat in southern China says the Greater Bay Area will be ‘the future of Asia’, but first some problems must be tackled in the economic and business hub.
- Billionaire co-founder of BYD uncertain about China’s ability to create breakthrough tech on par with ChatGPT — Xia Zuoquan says a lack of fundamental research and an underdeveloped capital market hurt China’s chances of creating ChatGPT-like tech in the short term.
- Food delivery giant Meituan adds more video features to app as Douyin marches into its market with Starbucks and Haidilao — As ByteDance’s Douyin pushes into the local delivery market, dominant player Meituan has taken a page from Douyin’s video playbook.
Nikkei Asia
- China vows to roll out consumption support policies without delay — Government official says economy faces ‘insufficient demand, weak momentum.’
- China’s existing-home prices back in free fall as sellers rush in — Cooling post-COVID economic recovery fails to lure buyers into market.
- Japanese, Chinese defense officers revive exchanges after 4 years — Countries increase communication to avoid clashes, including near Senkakus.
- Opinion: AI risks require China and U.S. to work together — Technology development without global guardrails could threaten human existence. By Brian Wong and George Chen
Bloomberg
- Kissinger Meets China Defense Chief in Pursuing Closer Ties — Former US Secretary of State Henry Kissinger met with Chinese Defense Minister Li Shangfu in Beijing on Tuesday, his first known visit to the capital city in four years.
- China’s CMOC Strikes $2 Billion Deal to End Congo Mining Dispute — China’s CMOC Group will pay Congo’s state-backed miner a $800 million settlement between 2023 and 2028 and at least $1.2 billion in dividends to end a dispute over royalties at one of the world’s biggest copper and cobalt mines.
- China Chip Startup Biren Plans Hong Kong IPO This Year as It Chases Nvidia — Chinese chip startup Shanghai Biren Intelligent Technology Co. is considering an initial public offering in Hong Kong as soon as this year, according to people familiar with the matter, aiming to capitalize on a wave of local clients turning to its AI chips as an alternative to banned Nvidia Corp. silicon.
- Chinese Media Deletes Article on Surge in Cremations After Covid — A Chinese media outlet removed an article reporting on a surge of cremations in a Chinese province in the first quarter, highlighting official sensitivity over discussions of the scale of mortality due to the government’s sudden relaxation of coronavirus restrictions in December.
Reuters
- Will China ever get rich? A new era of much slower growth dawns — China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich.
- Marcos hopes Xi’s talks with ex-Philippine president included South China Sea — Philippines President Ferdinand Marcos Jr said on Tuesday he hoped his predecessor, Rodrigo Duterte, and Chinese President Xi Jinping discussed Beijing’s actions in the South China Sea.
- Exclusive: China’s CITIC to move dozens of Hong Kong bankers to mainland to cut costs — China’s CITIC Securities plans to move dozens of bankers from its offshore platform CLSA in Hong Kong to the mainland to cut costs and meet Beijing’s call to bridge income inequality in the financial sector, people with knowledge of the matter said.
Other Publications
- The Economist: A battery supply chain that excludes China looks impossible — Green industrial policy and hawkish security policies are clashing.
- Politico: All eyes on China after Russia leaves Black Sea grain deal — Western countries are hoping Beijing can help pressure Moscow into rejoining a key global food security deal after the Kremlin formally pulled out of the agreement Monday.
- Foreign Policy: Can Norwegian Phosphate Help Save the World From China’s Blackmail? — A major discovery could have transformative industrial potential.
- China Media Project: Jewish Conspiracy Theories Find an Audience in China — Anti-Jewish content and conspiracies take up significant real estate among the top results on Chinese media platforms including Douyin, WeChat and Bilibili.
- Times Higher Education: Australian research collaboration with China in freefall — National interest not served by ‘overstating the threats’ or cultivating a ‘climate of uncertainty’, report says.
