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 Lifts Ban on Group Tours to U.S. and Other Countries — Beijing’s decision will likely boost global tourism after three years of Covid-19 pandemic restrictions.
- U.S. Investment Ban on China Poised to Deepen Divide — President Biden’s order comes on top of a slowing Chinese economy, Covid lockdowns and rising tensions between the two powers.
- China Relies on U.S., Allies for Hundreds of Products — New research argues countries could use those exports to counter economic pressure from China.
- China’s Economy Isn’t Ailing—It’s ‘Evolving’: IPO Lawyers Told to Watch Their Language — Authorities’ recent guidance has sown confusion over what Chinese companies should say.
- Canada Says China Likely Behind a Disinformation-Campaign Targeting Lawmaker — Allegations of Chinese interference prompt government promises of increased vigilance.
The Financial Times
- Chinese deflation is hard to export — And the flip side of floating rates is credit risk.
- Sunak weighs following Biden on curbing tech investment in China — British government is consulting business before responding to Washington’s new restrictions on US capital.
- White House unveils ban on US investment in Chinese tech sectors — Biden cites security risk as he restricts American capital for companies linked to China’s military.
- Global law firm Dentons’ retreat exposes China risks — Pivot highlights dilemma sector faces as Beijing tightens anti-spying rules.
- China’s internet giants order $5bn of Nvidia chips to power AI ambitions — Baidu, ByteDance, Tencent and Alibaba rush to acquire GPUs amid concern US will soon clamp down on their export.
The New York Times
- Biden Orders Ban on New Investments in China’s Sensitive High-Tech Industries — The new limits, aimed at preventing American help to Beijing as it modernizes its military, escalate a conflict between the world’s two largest economies.
Caixin
- China Renaissance Founder Bao Fan Remains in Custody — Authorities extend detention of top investment banker in investigation after his February disappearance rattled financial markets.
- Another Chinese Chip Design Venture Is Shutting Down — Geely Holding’s Xingji Meizu Group decides to terminate the business due to uncertainties in the global economy.
- Brilliance China Plunges as Hong Kong Graft Busters Probe Chairman — Wu Xiao An detained by authorities and released without charges being filed, BMW’s China partner discloses.
South China Morning Post
- China slams Fukushima water release plans in scorching UN paper. But will Japan be swayed by criticism? — Beijing asks why Tokyo refuses to dispose of ‘safe and harmless’ water within its territory, says dumping in Pacific will harm health and environment in document submitted to United Nations.
- China breaks ground on major project that could boost renewable energy production in Gobi Desert — It will be the first pumped storage hydropower project in Qinghai, where solar and wind account for 63 per cent of electric grid, as northwestern province faces growing pressure to meet peak energy demands.
- Car giant Geely’s new smartphone venture closes chip unit, underscoring difficulties in China’s self-sufficiency drive — The 200-strong team has become the second casualty among smartphone-related ventures that have heeded Beijing’s call for semiconductor self-sufficiency.
- China population: college graduates offered free accommodation to help tackle ageing society, but feasibility questioned — An estimated 400 million people in China will be 60 and over by 2035, representing 30 per cent of the population, with a rapidly ageing society one of several demographic issues facing Beijing.
Nikkei Asia
- Xi opens Beidaihe with no elders but plenty of challenges — Secretive conclave to discuss Taiwan unification, sour economy and U.S. ties.
- China group tourism revival clouded by weak economy — End of Japan, U.S., other tour bans lifts shares, but will wary visitors come?
- Opinion: U.S.-China rivalry has upsides for the world — Competition will drive technological innovation to higher levels. By Charles Ormiston.
Bloomberg
- Tokyo Electron Says Chinese Firms Are Buying Up Legacy Chip Tech — Chip gear maker predicts strong demand from China to continue.
- PBOC Adviser’s Private Sector Reform Call Deleted on Chinese App — During the speech, Liu emphasized the need for a “big theory breakthrough” in private economy development.
- Deflation in China: Why Prices Are Falling and What Beijing Can Do — The unique factors contributing to China’s problems are deep and ingrained. Solving them may not be an easy fix.
Reuters
- Lloyd’s of London leads insurers tightening Taiwan cover as conflict risks rise — “Availability of cover for Taiwan has got tighter,” Crispin Hodges, head of trade and political risk with insurer Canopius, told Reuters.
- ‘BRICS bank’ looks to local currencies as Russia sanctions bite — Hobbled by the impact of sanctions, the New Development Bank needs to increase its local currency fundraising and lending.
- Column: China’s renewed appetite for Australian coal disrupts Asia flows — China’s renewed appetite for Australian coal is forcing a realignment of seaborne flows in Asia. By Clyde Russell.
Other Publications
- Just Security: Deterrence Lawfare to Save Taiwan — American officials should make clear as a deterrent warning that the worst-case scenario—military aggression against Taiwan and its people—would eviscerate the “one China” policy.
- The Washington Post: How floods and extreme heat could test China’s one-party system — The country is reckoning with more unprecedented precipitation — at one spot last week, 2½ feet of rain fell within about 3½ days.
- AP: China sends ships and fighter jets toward Taiwan in new show of force — In the past year, it has also sent navy vessels as well as drones to circle the waters near the island.
- The Atlantic: Why You Should Worry About China’s Missing Minister — If the world’s best China experts can’t figure out what happened to one of the country’s most internationally recognizable officials, then imagine what else remains hidden behind the regime’s closed doors.
- The Economist: Can China escape deflation? — Three false dogmas are inhibiting the authorities’ response.
- The Economist: Joe Biden’s China strategy is not working — Supply chains are becoming more tangled and opaque.
- Brookings: Technology Competition Between Nations: Views from Industry Leaders — Even as the US and China grow more aggressive in their efforts to ‘win’ the global technology competition, how that competition plays out will not be decided solely by officials in Beijing and Washington, D.C.
