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 Reports Steady Youth Unemployment — China’s youth unemployment rate remained steady in March, another tentative sign that the world’s second-largest economy could be stabilizing.
- Apple to Spend More Than $250 Million to Expand Singapore Hub — Apple will invest more than $250 million to expand a regional hub in Singapore to support growth and new undertakings in artificial intelligence, as the U.S. tech giant seeks to diversify its footprint in Asia and cut exposure to China.
- China Pledges to Steady Yuan as Asian Currencies Come Under Pressure — China’s central bank reiterated its commitment to a stable yuan, joining the chorus of Asian officials concerned about weakening regional currencies.
- China Denounces U.S. Probe Into Shipbuilding Sector — The U.S. Trade Representative plans to open an investigation into China’s practices.
- China’s Air Passenger Numbers Surge in First Quarter — Chinese air passenger numbers surged at the start of the year amid pent-up domestic travel demand and government stimulus to revive cross-border travel.
- IMF Warns Surge in U.S., China Debt Could Have ‘Profound’ Impact on Global Economy — The U.S. and Chinese governments should take action to lower future borrowing, as a surge in their debts threatens to have “profound” effects on the global economy, the International Monetary Fund said.
The Financial Times
- UK proposes crackdown on foreign security risks to university sector — Deputy PM says government will examine new curbs around technology sharing and call in vice-chancellors.
- US, Japan and South Korea seek to limit dollar’s rise — Tokyo and Seoul voice ‘serious concerns’ after currencies hit by shift in interest rate expectations.
- Blurred [sovereign debt restructuring] lines — Would an official sector creditor by any other name be treated as sweetly?
- Iran oil exports hit 6-year high as west prepares sanctions — Surge in crude sales to China exposes limits of US and EU attempts to rein in Islamic republic.
- China’s ‘red circle’ law firms rush to tap other markets — Mainland’s biggest firms opening offices in Asia, US and Africa as they seek to challenge international rivals.
- TikTok ban bill put on faster track through US Congress — Move to bundle divest-or-ban measure with foreign aid could compel Senate to act against Chinese-owned app.
- Opinion: Germany’s doomed China strategy — The corporatist spell must soon break. By Martin Sandbu.
- Opinion: The dollar would survive Trump turning currency warrior — The greenback’s global role has endured shocks from without and within. By Alan Beattie.
- Opinion: China is moving towards full monetary independence — The country needs to inflate away its high debt burden. By Russell Napier.
- Opinion: Biden’s polite Trumpism on China — Communication matters precisely because the structural problem between the pair is probably insoluble. By Edward Luce.
The New York Times
- TikTok’s Origin Story: Court Files Show Role of GOP Megadonor Jeff Yass — Court records, mistakenly made public, tell a story about the birth of ByteDance, its bumpy road to success and the role of the Republican megadonor Jeff Yass’s firm.
- China Could Threaten Critical Infrastructure in a Conflict, N.S.A. Chief Says — Gen. Timothy Haugh, who is also the head of the U.S. military’s Cyber Command, said Beijing was “sending a pretty clear signal.”
- Biden Calls for Tariffs on Chinese Steel in Pittsburgh Pitch, Vying With Trump for Votes — Speaking to the United Steelworkers union in Pittsburgh, the president urged major increases to some tariffs on steel and aluminum products from China.
- The Global Turn Away From Free-Market Policies Worries Economists — More countries are embracing measures meant to encourage their own security and independence, a trend that some say could slow global growth.
- Opinion: What Would the Economy Look Like Under a Second Biden Term? — In all likelihood, it would amount to more of the same. We could do worse. By Peter Coy.
Caixin
- Former China Central Bank Deputy Admits Taking Over $50 Million in Bribes — Fan Yifei admits to taking money in exchange for helping companies and individuals with matters such as securing loans, jobs and business contracts.
- IMF Says It May Raise China 2024 GDP Forecast After Strong First Quarter — Fund’s chief economist also highlights continued weakness in property sector, domestic demand.
- Alibaba Doubles Down Overseas for New Growth Drive — AIDC, responsible for global businesses, is considered Alibaba’s most promising segment, despite stiff competition from fast-rising upstarts.
- Exclusive: China Should Do More to Drive Adoption of Carbon Capture Tech, IEA Official Says — The technology can help reduce the emissions of China’s heavy industries such steel and cement, Timur Gül tells Caixin.
- In Depth: Chinese Education Firms Learn Tough Lessons Overseas — As they expand, tutoring firms are finding it hard to localize offerings across markets and retain staff abroad.
South China Morning Post
- Canton Fair: Chinese Premier Li Qiang solicits views from ‘ambassadors of friendship’ as external tensions grow — Premier Li Qiang told overseas buyers at the Canton Fair that China’s development will inject more stability into the world economy and global trade as it seeks to shore up confidence and retain and entice investors.
- South China Sea: will Beijing ramp up militarisation after US missile system deployed in the Philippines? — Mid-range launcher now in the Philippines is a ‘powerful weapon’ capable of retaliatory strikes on mainland China, analysts say.
- Jewellery retailer Chow Tai Fook plans to rejuvenate brand, renovate 8,000 stores in mainland China and Hong Kong — Vice-chairman Sonia Cheng says overhaul aims to ‘set the course of the group’s future’, with fresh logo and online shopping improvements among changes.
- Alibaba’s Taobao launches 3D-capable shopping app ahead of Apple’s mainland release of Vision Pro mixed-reality headset — The app marks the latest effort by Alibaba to improve users’ experience on its various online platforms via augmented and virtual reality technologies.
Nikkei Asia
- Analysis: Why Xi and Biden chose the same day to send a message on Taiwan — The wording of a 45-year-old U.S. law gives China an opening in the Taiwan Strait.
- Jokowi asks China to help build new capital’s transport system — According to Indonesian Foreign Minister Retno Marsudi, Widodo requested China’s cooperation in a range of areas, including developing the country’s new capital, Nusantara, especially its transportation system.
- China pork prices in prolonged slump, pushing down CPI — The pork price slump is putting producers at increased bankruptcy risk and forcing the government to take actions including lowering production goals.
- Nokia cuts orders with China-listed supplier as U.S. pushes ‘clean network’ — Telecom sector’s supply shift escalates as companies avoid even Chinese capital.
- Opinion: Chinese workers need more skills for the country’s economic pivot — Educational institutions to play key role with ‘new quality productive forces’. By Wei Li.
Bloomberg
- Redwood Material’s Nevada EV Battery Recycling Facility Attempts to Rival China — A first look inside the high-tech recycling machine that’s gobbling up the equivalent of 250,000 dead EV batteries a year.
- Biden Calls China ‘Xenophobic,’ Ramping Up Campaign Rhetoric — President Joe Biden called China “xenophobic” while highlighting the Asian nation’s economic woes, as he sought to make the case for US economic strength during a campaign stop in the swing state of Pennsylvania.
- Opinion: Making Sense of China’s Magical 5.3% Growth — Strong first-quarter numbers are puzzling the Chinese, who witness a stagnant economy daily. Two factors reconcile the difference. By Shuli Ren.
- Opinion: The White House Has a New Trade Weapon Against China — Biden’s climate envoy just foreshadowed the end of the WTO as the US rewrites international rules to limit both carbon emissions and Chinese dominance of key industries. By Liam Denning.
Reuters
- Huawei starts sales of new Pura 70 smartphone to crowds amid chips scrutiny — hinese technology giant Huawei started selling two models of its highly anticipated, high-end Pura 70 smartphone series on Thursday that many analysts expect to contain an advanced China-made chip like its Mate 60 handset.
- Exclusive: UBS shuts some China private funds, will lay off staff, sources say — The firm plans to focus on alternative strategies such as funds of funds and is moving to expand private funds investing into overseas markets, all three of the sources said.
- Japan ‘two-faced’ for seeking closer ties while warning of China threat, Chinese state media says — In an editorial on Thursday, the CCP’s official newspaper said Japan claimed to be promoting bilateral relations but was also attempting to provoke confrontation by exaggerating China as a threat.
Other Publications
- CFR: Onshoring Semiconductor Production: National Security Versus Economic Efficiency — Is onshoring production to the U.S. — a goal of the CHIPS and Science Act — a practical path forward?
- POLITICO: Chinese diplomats are quietly meeting with Hill staffers about TikTok — After a bill that would force the sale of the company passed the House, diplomats from the Chinese Embassy met with Hill offices to push talking points defending the app.
- AP: Europe wants two things from China. It may not get far on either of them — There is some reason for hope in Europe. China badly wants foreign investment to boost its sluggish economy. But this may not outweigh the larger strategic reasons China has for aligning itself with Russia.
- The Atlantic: There’s No Easy Answer to Chinese EVs — Supercheap electric cars or an American industrial renaissance: Pick one.
- The Economist: Can the IMF solve the poor world’s debt crisis? — The fund will freeze out China if that is what it takes to offer relief.
- Semafor: Semafor World Economy Summit — Policymakers and business leaders discuss Trump, AI, and China.
