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
- HSBC, StanChart Shares Slide as New Rules Could Restrict Chinese Funds in Hong Kong Accounts — HSBC fell 3.9%, while Standard Chartered slipped 5.6% and Prudential slid 6.5%.
- Xi to Leave China for First Time This Year. Destination: Pyongyang. — Visit shows North Korea’s rising importance among the U.S.’s biggest adversaries.
- American Pleads Guilty to Working in U.S. as Chinese Agent — Thomas Pauken II aided Chinese effort to obtain sensitive information, Justice Department says.
The Financial Times
- PwC cuts partner payouts in China Evergrande fallout — Proceeds from a 2022 disposal will no longer be distributed as firm deals with fines and looming lawsuit.
The New York Times
- China Builds an Economic Fortress as Global Tensions Rise — Beijing says the changes are needed for national security, but they could complicate efforts by Chinese companies to find growth.
- Why Xi Jinping Is Going to North Korea to Court Kim Jong-un — As Xi Jinping visits Pyongyang, he faces an emboldened North Korean dictator, whose alliance with Russia has reduced his dependence on China.
Caixin
- China Exchanges Overhaul Major Indices to Favor AI and Chip Stocks — China’s major stock exchanges are overhauling their benchmark indices to add domestic artificial intelligence and semiconductor companies.
- Mainland Investors Scramble for Hong Kong Accounts as Offshore Trading Curbs Bite — Chinese mainland investors are rushing to Hong Kong to open bank and brokerage accounts in person.
- China’s Shifting Demographics Set to Reshape College Admissions — The number of students registering for China’s highly competitive national college entrance examination, known as the Gaokao, has fallen for the second consecutive year.
- How a China Pharma Giant’s Founder Went From Billionaire to Criminal — Seven years after drugmaker Kangmei Pharmaceutical Co. Ltd.’s accounting fraud scandal erupted, its imprisoned founder Ma Xingtian is back in the spotlight.
South China Morning Post
- China, South Korea boost commercial flights as tourism increases between the 2 countries — The additional flights are the first increase between the two countries since before the Covid pandemic.
- China proposes nuclear-powered floating island to reshape global shipping — Powered by molten salt reactors, the complex will function as a container terminal and zero-carbon platform.
- US citizen and journalist charged with acting as Chinese agent — According to court documents, Thomas Weir Pauken II worked at the ‘direction and control’ of Chinese officials for at least seven years.
- Chinese leader Xi Jinping visit to North Korea confirmed for next week — Relations rebuilding after years of relative isolation due to pandemic, Beijing’s denuclearisation stance and closer Pyongyang-Moscow ties.
Nikkei Asia
- Taiwan ‘leak’ of military hosting reveals shifting China power balance — Taipei may seek to highlight deterrence amid Chinese pressure, US arms sale delay.
- Tata-Chery collaboration highlights Indian EV makers’ China reliance — EV platform being used for Avinya cars amid efforts to cut development times.
Bloomberg
- China, HK Investors Banned From SpaceX IPO on Security Grounds — The decision to exclude investors from Hong Kong and mainland China was based on guidance related to the US International Traffic in Arms Regulations.
- Banks Curb China Trips, Delay Events After Cross-Border Scrutiny — Banks are reassessing their approach on the mainland after Beijing launched a campaign against unauthorized cross-border trading to stem capital flight.
- Trump Officials Worry US Loophole Let Chinese Firms Buy Nvidia Blackwell Chips — The debate concerns potential loopholes that may have allowed Chinese companies to buy advanced AI chips from companies like Nvidia in countries outside of China.
Reuters
- Taiwan, China coast guards in renewed standoff at top of South China Sea — The Taiwanese and Chinese Coast Guards were engaged in another tense standoff near the strategically located Pratas Islands.
- China’s solar majors charge into batteries as panel sales falter — The sector has been hit by weaker domestic installations, slowing exports and record-low prices.
Other Publications
- BBC: China cracks down on soft porn, violence and materialism in viral micro dramas — China has ordered provincial authorities to crack down on materialistic, violent and sexualised content in locally produced micro dramas.
- Foreign Policy: China Is Too Big for Shangri-La — Snubbing a key security forum shows Beijing’s new confidence.
- Foreign Affairs: How China Misperceives Itself — Beijing’s Blindspots Hinder Real Reform.
- The Economist: Xi Jinping gives China’s crack scientists new jobs inside government — Tech rivalry is reshaping the ruling elite.
- Politico: Republicans probe China’s influence in data center opposition — The House GOP is asking the administration to investigate whether China-linked entities are fueling resistance to artificial intelligence infrastructure.
