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’s Xi Jinping Plans Russia Visit as Putin Wages War in Ukraine — Chinese leader is expected to use Moscow trip to push for multiparty peace talks.
- Russia, China Challenge U.S.-Led World Order — Biden’s Kyiv visit, Putin’s speech show two sides digging in for long fight in Ukraine as China also weighs in.
- Biden to Make Show of Unity in Meeting With Eastern European Leaders — Visit comes as China tries to claw back influence in Europe.
- ChatGPT Fever Sweeps China as Tech Firms Seek Growth — As companies play catch-up, they face hurdles including securing advanced chips and China’s tight censorship rules.
- Leaking Chip Secrets to China Results in Jail Terms for Ex-Samsung Employees — South Korea court rules that workers stole technology to make semiconductor cleaning equipment.
- Chips Act Will Test Whether U.S. Can Reverse Semiconductor Exodus — $53 billion is on tap to lure crucial industry back to U.S. shores and keep it here
- Video: U.S. vs. China: How Nuclear Capabilities Stack Up Across Land, Sea and Air — After decades of lagging behind the U.S., China has been expanding its nuclear force on land, at sea and in the air.
- Opinion: Stand Up to China’s Bullying and Defend Taiwan — The island nation is a candle against the darkness of the Communist Party. By Mike Gallagher
The Financial Times
- Missing Chinese banker was working to set up Singapore family office — China Renaissance chief Bao Fan was establishing a fund to safeguard wealth before disappearance.
- Bao Fan: rainmaker’s disappearance bodes badly for whole sector — Investors should ask whether Beijing is preparing a broader crackdown on banks and bankers.
- Chinese lithium prices fall 30% as demand for electric vehicles weakens — Cost of clean energy’s ‘white gold’ still eight times what it was a year ago.
- China has its eye on overseas listings — Don’t you want VIE, baby?
The New York Times
- China’s Economic Support for Russia Could Elicit More Sanctions — U.S. officials pledged to crack down on shipments to Russia that can be used for both civilian and military purposes, but that has proved hard to police.
- China Tries to Mend Europe Ties Without Distancing Itself From Russia — Beijing, in urgent need of reviving its economy, wants to mend ties with Europe but is struggling to create distance between itself and Moscow.
- China’s Leading Electric Carmaker Has Arrived in Germany — BYD is a powerhouse in China and sells the most electric vehicles of any company in the world. Now it has a plan to attract buyers in Europe’s largest economy.
- Inside Taiwanese Chip Giant, a U.S. Expansion Stokes Tensions — Employee doubts are rising about Taiwan Semiconductor Manufacturing Company’s $40 billion investment in an Arizona factory.
- How Arizona Is Positioning Itself for $52 Billion to the Chips Industry — The state has become a hub for chip makers including Intel and TSMC, as the government prepares to release a gusher of funds for the strategic industry.
Caixin
- China’s No. 3 EV-Battery Maker Vows to Appeal CATL Patent Case — A local court had ordered CALB to stop selling products that violate its larger rival’s IP and pay the plaintiff $5.2 million in damages.
- Chinese Property Developers Signal Barrels of Red Ink for 2022 — Billions of dollars in net losses will include asset impairment write-downs for unsold housing units, based on estimates issued by publicly traded companies.
- Exclusive: The Bidding War for Fosun’s Nangang May Heat Back Up — While steelmaker Shagang already paid almost half the $2.21 billion deal price, Citic Pacific and Fangda Steel are still lurking in the wings to snap up the Fosun crown jewel.
South China Morning Post
- Taiwanese foreign, security delegation meets US officials for closed-door talks — Foreign Minister Joseph Wu leads group from the island in seven hours of discussions at the AIT’s Washington Headquarters.
- Baidu founder Robin Li bets internet search giant’s future on developing China’s answer to ChatGPT — Baidu CEO Robin Li says firm is on top on AI trend as internet search giant announces plans for new share repurchase programme of up to US$5 billion.
Nikkei Asia
- China tells big tech companies not to offer ChatGPT services — State media outlet blasts chatbot as spreading U.S. government ‘misinformation’.
- China tops nuclear fusion patent ranking, beating U.S. — Beijing races to create ‘sun on Earth’ in hopes of taking renewables lead.
Bloomberg
- China Urges SOEs to Drop Big Four Auditors on Data Risk — Chinese authorities have urged state-owned firms to phase out using the four biggest international accounting firms, signaling continued concerns about data security even after Beijing reached a landmark deal to allow US audit inspections on hundreds of Chinese firms listed in New York.
- China Mulls Mandatory ESG Disclosures for Domestic Public Firms — China is planning to make ESG disclosures compulsory as part of efforts to shift to a lower-carbon economy, according to people familiar with the matter.
- US-Made Rare Earths to Skip China In Supply Deal With Japan — America’s only rare-earths producer has agreed a deal to ship output from its new processing plant to Japan, part of a broader move by the US and allies to reduce China’s role in their critical supply chains.
- Hong Kong Revokes Visa of Disgraced Chinese Doctor, Reports Say — Hong Kong revoked the visa of a man identified by local media as the disgraced Chinese scientist who created the world’s first genetically altered babies, hours after he announced he was headed to the territory to work on gene therapies.
Reuters
- China’s Xi calls for tech self-reliance amid U.S. tension — President Xi Jinping said China must resolve issues in key technological fields from the bottom up, state media reported, as the country deals with a growing number of mainly U.S. export controls on advanced technology.
- U.S. House panel to hold hearing on policy toward China — The hearing, announced by the panel’s chair, Representative Michael McCaul, a Republican, is called, “Combating the Generational Challenge of CCP Aggression.”
- Analysis: How a U.S. budget dispute imperils funding for Taiwan weapons — U.S. congressional efforts to counter China’s military threats toward Taiwan could stumble over a problem much closer to home: partisan battles in Washington imperiling billions of dollars in security assistance for the self-governed island.
Other Publications
- The Economist: The Philippines’ proximity to Taiwan makes it central to Western strategy — America has secured access to nine military bases in its former Asian colony.
- The Economist: What are “golden visas”? — And why they are so controversial, especially in Europe.
- Foreign Affairs: Xi the Survivor — How Washington Overestimates Chinese Weakness. By Christopher Johnson
- The Globe and Mail: Opinion: Stand up to China, Mr. Trudeau — A suspected spy balloon floating 30,000 feet above Yukon? Shoot it down. A concerted effort to interfere in elections at ground level? Nothing to see here, folks.
