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 Tells Telecom Carriers to Phase Out Foreign Chips in Blow to Intel, AMD — Beijing’s move is the latest installment in a U.S.-China technology war that is splintering the global chip industry.
- China Seeks to Boost Stock Market Supervision — Chinese authorities will also strengthen oversight of listed companies.
- China Releases Details of Trade-In Program for Consumer Products — Beijing launched a similar trade-in program to boost domestic consumption in 2009 and 2010.
- China Exports Rise as Trade Tensions Mount — Outbound shipments pick up as Beijing supports the manufacturing sector and U.S. warns on overcapacity.
- U.S. Foreign Investment Watchdog to Gain New Powers Under Administration Proposal — The plan would bulk up the enforcement authority of the Committee on Foreign Investment in the U.S. amid ongoing economic confrontation with China.
- A New Generational Divide Opens Over Cheap Stuff on Temu — The fast-growing Chinese online retailer has middle-aged Americans hooked on its discounts. Their kids can’t stop roasting them.
The Financial Times
- Value of China’s exports falls sharply on sliding prices — World’s second-largest economy has turned to trade to offset weak domestic consumption.
- China asserts ‘deep friendship’ with North Korea as Russian influence grows — Senior official’s trip to Pyongyang signals Beijing’s disquiet about burgeoning ties between Kim Jong Un and Vladimir Putin.
- Hong Kong digital assets exchange warns over viability of city’s new crypto rules — Licensed trading facility looks overseas as 24 companies vie for regulatory approval.
- US vows ‘ironclad’ defence of Philippines military in South China Sea — Support from Washington reflects mounting alarm at Beijing’s assertiveness in Indo-Pacific.
- US asks China to tell Iran not to retaliate against Israel — Diplomatic push comes as Washington says Tehran is readying military response to strike on consulate.
- Chinese fraud victims seek return of £3bn in bitcoin seized in UK — Group calls for help from Beijing to recover funds held by London police since money laundering investigation.
The New York Times
- China Feels Boxed In by the U.S. but Has Few Ways to Push Back — China seeks to project military power in the seas around its coastline, yet also faces pressure to mend relations with neighbors for the good of its economy.
Caixin
- In Depth: Fusion Sector Heats Up as China Pursues Next-Gen Nuclear Power — China is experiencing a different kind of nuclear race as everyone from government labs to private sector giants and startups seek to develop next-generation fusion energy.
- Exclusive: Bank of China Veteran to Become ICBC Vice President — Banking veteran Zhang Shouchuan is set to become a vice president at Industrial and Commercial Bank of China Ltd. (ICBC), as the world’s largest lender by assets continues to reshuffle its top brass, sources told Caixin.
- New Nuclear Reactor Connected to South China Grid — A new nuclear reactor has been connected to the grid in southern China, as the country rapidly expands its nuclear power fleet to decarbonize its economy.
South China Morning Post
- China overtakes Germany in some exports, raising trade profile and EU eyebrows ahead of Scholz visit — A recent report has found China has overtaken Germany in terms of certain exports, an elevation of status for the Asian juggernaut but a potential source of tension for already fraught bilateral relations.
- China trade: exports tumble in March, but ‘robust growth’ on the horizon as overseas demand recovers — China’s exports in March were dragged down by a higher base in the same period last year, but a strong recovery in demand in overseas markets is set to lead to ‘robust export growth’ this year, analysts said.
- Huawei has a new car and PC, but no P70 smartphone as people await next big launch after Mate 60 — Huawei announced new versions of its Luxeed S7 electric sedan and a PC with AI built in, but people are still awaiting its next big smartphone launch since the Mate 60.
Nikkei Asia
- China exports decline by 7.5%, far more than forecast — Imports down 1.9% in dollar terms as March data overshadows positive factory signals.
- Japan to collaborate on Chinese payment services with joint QR code — Industry aims to start mutual use in Southeast Asia, India by Osaka 2025 Expo.
- China counters closer U.S.-Japan-Philippines ties with diplomatic flurry — Beijing shows ‘it also has friends’ in North Korea, Russia, Vietnam, ex-Taiwan leader.
Bloomberg
- A Crumbling Metro Reveals Failed Promise of China’s Billions in Africa — A $475 million light-rail system serving Ethiopia’s Addis Ababa shows how some China-funded infrastructure investments across the continent are now suffering from neglect.
- China Exports Drop More Than Expected in Setback to Recovery — China’s exports slumped in March, dealing a blow to hopes that booming sales abroad will offset weak demand at home and drive growth in the world’s second-largest economy.
- China Inflation Stalls as US Speeds, Adding to Pressure on Yuan — China’s consumer prices barely increased from a year earlier and industrial prices continued to slump, underscoring the deflationary pressures that remain a key threat to the economy’s recovery.
Reuters
- China’s March exports and imports shrink, miss forecasts by big margins — China’s exports contracted sharply in March while imports unexpectedly shrank, undershooting forecasts by big margins, highlighting the stiff task facing policymakers as they try to bolster a shaky economic recovery.
- China summons Japanese, Philippine diplomats over negative comments — China summoned Japanese and Philippine diplomats on Friday to express dissatisfaction over negative comments about it aired during a summit of the leaders of the United States, Japan and Philippines, the foreign ministry said.
- Between the US and a hard place, Germany’s Scholz ‘re-engages’ with China — Last year Germany launched a strategy to “de-risk” from China, but on Saturday Chancellor Olaf Scholz starts a high-stakes visit there hoping to shore up ties at a delicate point with the U.S. and EU threatening to hammer Chinese goods in subsidy rows.
Other Publications
- BBC News: Biden urged to ban China-made electric vehicles — President Joe Biden has been urged to ban imports of Chinese-made electric cars to the US.
- POLITICO: Why Germany’s Scholz is bowing to the Chinese dragon — Ignoring pressure from Washington, chancellor seeks Beijing’s embrace.
- The Economist: China’s fishing fleet is causing havoc off Africa’s coasts — The victims are non-Chinese crew members, local fishermen and marine life.
- Associated Press: US airlines ask the Biden administration not to approve additional flights between the US and China — Large U.S. airlines and some of their unions are asking the Biden administration to stop approving any more flights between the United States and China because of what they call “anti-competitive” policies that China imposes on U.S. carriers.
- Washington Post: A drone factory in Utah is at the epicenter of anti-China fervor — After struggling for years for survival, U.S. small drone manufacturers are getting a second shot, despite prices many times higher than China’s DJI.
- Foreign Policy: The Chipmaking World Hedges Its Taiwan Bets — Earthquake or not, building semiconductor factories off the island has become a global imperative.
- Council on Foreign Relations: China’s New Currency Peg — It is a given in polite economic society that China should move toward a more flexible exchange rate regime. By Brad Setser
