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
- Ant IPO-Approval Process Under Investigation by Beijing — Focus is on how Jack Ma won speedy permission for stock listing last year.
- China’s Imports of Commodities Drive a Boom in Dry-Bulk Shipping — The cost of moving goods like iron, coal and corn jumped to a 10-year high this week in a sharp rebound from last year’s industrial downturn.
- Students From China, Iran, Brazil and South Africa to Be Allowed Into U.S. This Fall — Exemptions from travel bans could lead to rebound in international-student enrollment, if visa processing picks up.
The Financial Times
- China plots regional influence push as India battles Covid crisis — Beijing promises vaccines and medical aid to neighbours as rival’s death toll tops 200,000.
- Hong Kong exchange posts record profit on trading and IPO boom — City’s bourse benefits from series of big listings by Chinese groups.
- Europeans reassess the double-edged sword of trade with China — Growth in commerce has eased Covid’s economic hit to EU but risks human rights backlash.
- China is wrong to think the US faces inevitable decline — Its economic assets are too great and, while America could falter, that would be its choice and not its fate.
- China set to report first population decline in five decades — Officials are preparing response to census data that should have been released weeks ago.
- Iron ore hits record on China demand — Copper continues march towards high as commodities return to favour with investors.
The New York Times
- Is There a War Coming Between China and the U.S.? — A new novel about 2034 has unnerving echoes of today’s headlines.
Caixin
- Developer China Fortune’s Woes Worsen as Profit Plunges — Debt-ridden company reports 74.9% drop in earnings on shrinking revenue, lingering effects of clampdown on real estate sector.
- China’s Aluminum Giants Post Bumper Profits as Talk of Curbs Lift Prices — World’s largest producer Chalco says first-quarter profits more than double to 967 million yuan from same period in 2019.
- In Depth: 5G Calls Out to Miners, but Will They Answer? — High-speed technology could automate and make other improvements at China’s thousands of coal mines. But many aren’t sure if the high cost is justified.
- Vaccine Startup Clover Biopharma Files for Hong Kong IPO — Chengdu-based company developing Covid-19 shot based on recombinant protein technology joins parade of biotechs seeking funds.
South China Morning Post
- China to punish data exports to overseas courts as Beijing beefs up defence against US long arm — A clause has been added to China’s draft data security law that will punish Chinese companies for handing over domestically stored data to foreign police, courts and investigators without Beijing’s consent, a move that will make it harder for overseas law enforcement agencies to get data out of China.
- Japan approves world’s biggest free-trade deal after China’s call to boost Asian economy — Japan’s parliament approved joining the world’s largest free-trade deal, the Regional Comprehensive Economic Partnership, on Wednesday as signatories aim for it to come into effect from the start of next year.
Bloomberg
- South Africa to Add Sputnik, Sinopharm Shots to Vaccine Arsenal — South Africa plans to buy Russia’s Sputnik V vaccines and shots developed by China’s Sinopharm Group Co. Ltd as it steps up efforts to tackle the coronavirus.
- Vanke Said to Prepare for $2 Billion Property Management IPO — China Vanke Co., the country’s largest developer by market value, is working with an adviser to prepare for a listing of its property management business in Hong Kong that could raise about $2 billion, according to people with knowledge of the matter.
- China-Centric Online Casinos Exit Philippines Due to Virus Curbs — About half of the more than 60 online casinos in the Philippines have permanently shut due to coronavirus restrictions, affecting as many as 30,000 foreign workers, the nation’s gaming agency chief said.
- Supply Chain Initiative From Japan, India, Australia Under Way — Japan, India and Australia’s trade ministers have met to officially launch the Supply Chain Resilience Initiative, following reports that the three nations are working together to counter China’s dominance on trade in the Indo-Pacific.
- Tycoons Failed Hong Kong. They Won’t Be Missed — Rule by elite businessmen is a system that has passed its sell-by date.
Reuters
- China’s Huawei reports quarterly revenue drop as smartphone income hit — China’s Huawei Technologies saw revenue fall 16.5% in the first quarter compared to a year earlier, hurt by a dip in sales after selling its budget smartphone unit Honor in November.
- China’s industrial profits nearly double as demand for raw materials rises — BEIJING (Reuters) -Profits at China’s industrial firms nearly doubled in March from a year ago, as demand for raw materials surged along with the economic recovery, official data showed on Tuesday.
Other Publications
- Foreign Affairs: Washington Is Avoiding the Tough Questions on Taiwan and China — The Case for Reconsidering U.S. Commitments in East Asia.
- Nikkei Asian Review: Japan approves world’s largest free trade pact with China and ASEAN — Move raises possibility for RCEP to enter into force later this year.
- Nikkei Asian Review: China gets serious about antitrust in cyberspace — Tech majors like Alibaba told they cannot force customers to ‘take sides’.
- Brookings: What does Biden’s first 100 days tell us about his approach to China? — By David Dollar. When it comes to China, President Biden is largely continuing Donald Trump’s approach. Secretary of State Antony Blinken has indicated that there are three types of issue areas when it comes to China: ones where we will confront China, ones where we will compete, and ones where we can cooperate on the basis of common interests.
- Axios: Republicans in key 2024 states targeted with anti-China ads — A low-key group is quietly harvesting contact information for Republicans in key presidential swing states who share a distaste for the Chinese government, Axios has learned.
