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
- Two Men Persecuted in Xi’s China Tried to Escape. Only One Succeeded. — An activist blogger and a disbarred lawyer joined growing numbers of Chinese citizens looking to flee the country.
- Even a State-Linked Giant Can’t Escape China’s Real-Estate Crisis — China Vanke is under pressure but so far has managed to avoid a default.
- Beijing’s ‘Digest’ Plan Signals Shift in China’s Housing Crisis — Analysts stressed it marks the first time in a long-running real-estate downturn that top officials have publicly broached the subject of excess apartment supply.
- China Auto Sales Fell in April Amid EV Price War — Despite the slower market, new-energy cars, which include EVs and plug-in hybrids, maintained strong sales momentum.
- ‘I’m Not Your Mom’: Tech Exec’s Videos Spark Clash Over China’s Work Culture — Search giant Baidu fires its head of public relations after she outraged Gen Z workers.
The Financial Times
- Asian family offices switch focus as geopolitical risks rise — World is ‘different animal today’ in terms of geopolitics, say wealth managers.
- Baidu executive leaves tech company after ‘I’m not your mum’ outburst — PR head at Chinese search group sparked backlash after posting social media videos demeaning staff.
- Chinese competition a ‘defining challenge’ for EU companies — European businesses in China say profits hit by weak demand and increasingly sophisticated local rivals.
- China tech is seeking growth in the Middle East — Companies would face less political scrutiny in a region where ties are mainly centred around economic interests.
- Xi upgrades China’s ties with Hungary to ‘all-weather’ partnership — Description of relationship ‘for the new era’ comes as Viktor Orbán offers steadfast support for Beijing in the EU.
The New York Times
- In Budapest, Xi Hails a ‘Deep Friendship’ With Hungary — The Chinese leader met with Viktor Orban, the Hungarian prime minister, one of China’s most fervent admirers and protectors in Europe.
- Chinese Magnate in Straw Donor Scheme Agrees to Leave U.S. in Plea Deal — Hui Qin pleaded guilty to giving more than $10,000 in illegal political campaign donations to three candidates, including Mayor Eric Adams.
Caixin
- In Depth: Getting China’s Low-Altitude Economy Off the Ground — Chinese policymakers are looking to the skies for new ways to revive the nation’s economy.
- China Tea Brand Shares Drop on Suspicions About Viral Marketing Ploy — Chinese milk tea brand Xiangpiaopiao’s daily revenue and stock price fell after suspicions grew it may have staged a viral marketing ploy that purported to show its products printed with slogans protesting Japan’s discharge of nuclear wastewater into the ocean, stirring nationalistic sentiment and driving up sales.
- Baidu Executive That Bragged of Pitiless Management Style Leaves After Backlash — Baidu Inc.’s head of communications has left the Chinese tech giant after her promotion of harsh workplace culture sparked public anger, several company insiders told Caixin.
South China Morning Post
- China urged to support key middle class, fix social problems to ‘supersize’ domestic market — Policy adviser Liu Yuanchun says expanding weak domestic demand remains the ‘key measure’ for China, with reforms needed to empower rural population as Beijing eyes sustainable economic growth.
- China names new ambassador to India after 18-month vacancy amid border dispute deadlock — Beijing appoints senior diplomat Xu Feihong as its ambassador in New Delhi, filling long-standing gap that added to communication challenges in the wake of clashes in contested Himalayan region.
- South Korea’s top diplomat to visit China ahead of much-awaited summit with Japan — South Korean Foreign Minister Cho Tae-yul will travel to Beijing to meet Chinese counterpart Wang Yi just weeks before the East Asian neighbours are expected to join Japan at first three-way leaders’ summit since 2019.
Nikkei Asia
- China’s SMIC predicts fiercer price war for less advanced chips — Demand for second half of 2024 still ‘uncertain,’ top Chinese chipmaker says.
- China slowdown fears grip more European companies, EU chamber finds — Annual survey shows record-low appetite for investing in world’s No. 2 economy.
- Opinion: Next U.S.-China chip battle will require more than export controls — Washington could seek to ban import of common products with ‘legacy’ semiconductors. By David Feith and Ben Noon
Bloomberg
- Tesla Ramps Up Job Cuts in China as Sales Slowdown Bites — Tesla Inc.’s job cuts are escalating in China, according to people familiar with the matter, as Elon Musk contends with growing pressure to win back share in the world’s biggest auto market.
- Biden Set to Hit China EVs, Strategic Sectors With Tariffs — President Joe Biden’s administration is poised to unveil a sweeping decision on China tariffs as soon as next week, one that’s expected to target key strategic sectors with new levies while rejecting the across-the-board hikes sought by Donald Trump, people familiar with the matter said.
- HSBC, StanChart Press Sunak to Ease Clampdown on China Business — Rishi Sunak’s government faces pressure from banks including HSBC Holdings Plc and Standard Chartered Plc, as well as other major companies in the UK, to tone down proposed restrictions on doing business with China.
Reuters
- China’s BYD will consider second Europe plant in 2025, executive says — Chinese automaker BYD will consider building a second assembly plant in Europe in 2025, its European managing director Michael Shu said on Thursday.
- Philippines calls for expelling Chinese diplomats as South China Sea row escalates — The Philippines’ national security adviser called on Friday for Chinese diplomats to be expelled over an alleged leak of a phone conversation with a Filipino admiral in a significant escalation of a bitter row over the South China Sea.
- China’s green aluminium ambitions hit by erratic rains, power cuts — Erratic rainfall in China’s southwest is frustrating a multibillion-dollar push to green an aluminium industry that accounts for almost 60% of global output and, by some estimates, emits more carbon dioxide than Australia.
Other Publications
- Al Jazeera: How food and chopstick skills are helping ease US-China tensions — What officials eat and how have become key ingredients in efforts to find common ground in a testy relationship.
- Associated Press: China and US resume cooperation on deportation as Chinese immigrants rush in from southern border — Beijing and Washington have quietly resumed cooperation on the deportation of Chinese immigrants who are in the U.S. illegally, as the two countries are reestablishing and widening contacts following their leaders’ meeting in California late last year.
- CNBC: GM can regain market share in China after hitting 20-year low, executive says — General Motors believes it can regain market share in China after hitting a roughly 20-year low last year, GM President Mark Reuss said Thursday.
- POLITICO: Facing Hill pressure, tech group kicks out TikTok — NetChoice, a right-of-center tech lobbying group, dumped the video app following scrutiny from GOP leadership on Capitol Hill.
- CNN: Big Chinese cities are making it easier to buy homes to boost depressed property market — Two major cities in China have eliminated all remaining curbs on home-buying, in yet another sign that local governments are trying to revive the beleaguered real estate sector and spur growth in the world’s second-largest economy.
- MIT Technology Review: Hong Kong is targeting Western Big Tech companies in its ban of a popular protest song — And it’s already succeeded in making platforms like YouTube remove it worldwide.
- Semafor: US lawmakers propose fund for Taiwan’s ‘friends’ facing pressure from Beijing — A new bipartisan bill would direct US assistance to countries that face economic backlash from China for attempting to forge ties with Taiwan.
