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
- Li Auto Posts Slowest Delivery Growth in Nearly Two Years — The Chinese electric-vehicle maker’s delivery growth slowed in April amid an intensifying EV price war, lower-than-expected sales of its first fully electric model, and rising competition from Huawei-backed Seres.
- Beijing Braces for a Rematch of Trump vs. China — Officials are preparing for the potential of more turbulent U.S. relations and another trade war should Trump get re-elected.
- China Moving Forced Laborers Amid U.S. Crackdown, Biden Official Says — Coerced laborers are being moved out of Xinjiang as China makes efforts to frustrate supply-chain due diligence, a Labor Department official says.
- Opinion: China Has Crossed Biden’s Red Line on Ukraine — The president warned Xi not to provide ‘material support’ to Russia. Will there be consequences? By Matt Pottinger.
The Financial Times
- Why Xi Jinping is afraid to unleash China’s consumers — The pressure on Beijing to find a new growth model is acute but the president seems resistant to deeper economic reform.
- China’s politburo pledges more support for economy facing ‘many challenges’ — Promise of measures to shore up growth comes as high-tech output drives expansion in factory activity.
The New York Times
- Chinese Scientist Who Shared Covid Sequence Protests Lab Closure — Professor Zhang Yongzhen had flouted a government ban by disclosing the genome of the Covid virus soon after it emerged in Wuhan in 2020.
- Expressway Collapses in Southern China Amid Heavy Rains, Killing 24 — The road gave way in the early morning in an apparent landslide. At least 30 other people were injured, many of them seriously.
- China’s Electric Cars Keep Improving, a Worry for Rivals Elsewhere — More capable autonomous driving is just one way Chinese automakers are threatening to pull ahead — their E.V.s are also becoming bigger and roomier.
- Hamas and Fatah Officials, Longtime Rivals, Met in China — The Chinese government did not say when the talks between the main Palestinian factions were held. Expectations for progress were low.
Caixin
- Chinese Leaders Hints at New Pivot in Tackling Property Downturn — Politburo is to study policies for reducing existing housing stock, while optimizing new housing supply.
- Fatal Car Crash Mars Huawei’s Efforts to Break Into Electric-Vehicle Market — The accident involved an Aito M7 Plus, a product of the tech giant’s collaboration with Seres Group, claiming three lives including a toddler.
- China’s Steel Industry Faces Sharp Drop in Profits Amid Rising Costs and Weak Demand — Revenue for China’s steel industry is falling faster than production costs, with iron ore prices high, sales declining and steel prices continuing to fall.
- ‘Green Hydrogen’ Machine China’s Next Hot Export — Electrolyzers may become the country’s fourth-largest new energy export, Tsinghua University professor says.
- Shift in Economy Sees Rural Migrant Workers Seeking Jobs Closer to Home — Downturn in the property sector has seen more rural workers seeking jobs in the service sector in big cities.
South China Morning Post
- Argentina’s foreign minister pledges unchanged ‘China-friendly’ policy during visit aimed at steadying strained ties — Diana Mondino’s delegation was the first official visit to China since the country’s Western-leaning government took office last year.
- China’s exports to Mexico are getting heavier tariffs – is it a sign of more to come? — With new tariffs being imposed by Mexico on most Chinese imports, observers and analysts disagree on whether stricter measures are being considered – but most say pressure from the US is at play.
- Mainland Chinese companies most active group in Hong Kong’s flagging office rental market, Knight Frank report says — The appetite of mainland Chinese firms for premium space was not enough to stem a steady increase in the vacancy rate as more office premises came online and overall demand shrank.
- Binance’s Changpeng Zhao sentenced to 4 months’ prison in US for allowing money laundering — The world’s largest cryptocurrency exchange allowed numerous trades that violated US sanctions, including ones involving Hamas, al-Qaeda and Iran.
- Opinion: How the US can set standards on international deep-sea mineral mining — The US is far behind other countries like China when it comes to the race for critical minerals lying beneath international waters. By joining the UN Convention on the Law of the Sea, Washington can shape the rules for seabed mineral exploration. By James Borton and David Hessen.
Nikkei Asia
- China flexes muscle at sea as new aircraft carrier starts trials — China’s newest aircraft carrier, the Fujian, set out for its first sea trials on Wednesday, the latest milestone in Beijing’s military buildup as tensions simmer in both the East and South China seas.
- How China’s ad-hoc tech pipeline fuels Russia’s Ukraine war efforts — Civilian electronics, sourced from Chinese e-commerce sellers, find their way to the battlefield.
- China enlists Tencent, Weibo and Douyin to protect state secrets — Law taking effect Wednesday seen requiring internet companies to help curb leaks.
- China May Day travel set to test consumer appetite for spending — The holiday, which runs from Wednesday to Sunday this year, is the biggest in China after Lunar New Year and National Day, and spending trends during the period are seen as an indicator for the Chinese economy as a whole.
- U.S. law firm Mayer Brown prepares split from Chinese operations — Senior management at the law firm recently asked clients in Hong Kong if they would continue working with the local entity when it has been spun out, said a source familiar with the discussion.
Bloomberg
- Estée Lauder Cuts Revenue Outlook as Challenges in China Persist — Estée Lauder Cos. lowered its revenue outlook for the remainder of the year citing continued challenges in China.
- Tesla Seals Deal for China Maps, Whether Musk Wants Them or Not — Tesla Inc.’s pivotal partnership with Baidu Inc. in China may amount to a U-turn of sorts for Elon Musk, who’s long claimed his company can eventually offer self-driving without high-definition maps.
- US, Philippines Eye Agreement to Cut China Nickel Dominance — The U.S. and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the Southeast Asian nation, a key supplier of the metal that’s crucial for electric vehicle batteries.
- Macau Casinos Remain Resilient in April as Consumers Seek Fun — Macau’s casino industry showed resilience in April, with gaming revenue surpassing analyst estimates despite weeks of bad weather in southern China.
- Opinion: Tesla’s Self-Driving Cars Can’t Duck US-China Silicon Curtain — Elon Musk’s decision to tie up with search giant Baidu makes sense. It’s an admission that he needs to pool expertise with rivals in order to keep pace. By David Fickling.
Reuters
- Most Americans see TikTok as a Chinese influence tool, Reuters/Ipsos poll finds — TikTok says it has spent more than $1.5 billion on data security efforts and would not share data on its 170 million U.S. users with the Chinese government.
- Near-record high LME prices a magnet for Chinese copper exports — Chinese producers are selling into the rally, driven by a speculative frenzy that took copper prices on the London Metal Exchange to two-year peaks of $10,208 a metric ton this week.
- Graphite miners lobby US govt to impose levy on China-sourced EV material — If successful, the move will pit the miners against their main customers — the original equipment manufacturers (OEMs) and add to tensions with China.
Other Publications
- Foreign Policy: The Very Real Limits of the Russia-China ‘No Limits’ Partnership — Intense military cooperation between Moscow and Beijing is a problem for the West. Their bilateral trade is not.
- The Washington Post: Is Bougainville the next battleground between China and the U.S.? — The Pacific region is hoping a huge, abandoned copper-and-gold mine will be its ticket for independence from Papua New Guinea.
- Forbes: TikTok Employees Are Being Singled Out For Interrogation At U.S. Border — Border Patrol agents have asked employees traveling to the U.S., many of whom are Chinese, about their access to sensitive American data and whether they are members of the Chinese Communist Party.
- The Guardian: China erases memory of ‘white paper’ protests in further threat to journalism — Silencing of a film-maker documenting the widespread 2022 demonstrations against Covid controls is part of rising suppression of press freedom.
- CNAS: Beyond China’s Black Box — Five Trends Shaping Beijing’s Foreign and Security Policy Decision-Making Under Xi Jinping.
- Semafor: AI in Africa opens up new battlefront for China, US — The two countries have in recent weeks stepped up efforts to collaborate with African countries on attracting AI investment and formulating policy.
