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
- Suspected China Hack of Microsoft Shows Signs of Prior Reconnaissance — Investigators suspect personal data taken in earlier huge hacks or scraped off social-media sites aided breach of Microsoft Exchange Server.
- Tesla Says Its Car Cameras Aren’t Activated in China — Company moves to reassure consumers concerned about privacy after Beijing restricted use of the vehicles.
- The Beijing Games Are Giving the Biden Administration an Olympic-Sized Headache — A flurry of stories suggesting the U.S. could boycott the 2022 Winter Olympics was tamped down Tuesday, but tension over China’s hosting is just beginning.
- Tencent’s Biggest Investor Cashes In on Pandemic Rally — Internet conglomerate Prosus raises $14.6 billion by selling stock in Chinese internet giant.
The Financial Times
- The challenge of blocking Chinese cotton to help the Uyghurs — Any action taken by the west to combat use of forced labour is riddled with complexity.
- Foreign investors face critical legal test for $82bn in China bonds — Restructuring of state-linked group could signal how Beijing plans to handle rising defaults.
- Laos deepens China tilt by appointing Xi’s ex-schoolmate as presidential aide — Former commerce minister Khemmani Pholsena offers personal link to Vientiane’s largest creditor.
- Turkey summons Chinese ambassador in rare spat about treatment of Uyghurs — Ankara takes action over China embassy tweet that targeted Turkish politicians critical of Beijing.
The New York Times
- Biden Backs Taiwan, but Some Call for a Clearer Warning to China — As China grows stronger and bolder, some experts want to end Washington’s decades-long policy of “strategic ambiguity.”
- Here’s How to Handle the ‘Genocide Olympics’ in Beijing — The Olympiad gives us leverage. Let’s use it.
- W.H.O. and Critics Look at What’s Next to Investigate Virus Origins — A scientific mission to China proposed further study for a number of topics. Critics and the director of the W.H.O. have weighed in as well.
Caixin
- JD.com Links Up With Visa to Promote Global Sales — Foreign users of Chinese e-commerce giant will be able to connect Visa cards with their JD.com accounts, easing mobile payments.
- Trip.com Brings Its Shares Home With $1.3 Billion Hong Kong IPO — Company joins a growing list of major New York-traded Chinese internet firms making secondary listings in the territory.
- In Depth: China’s Film Industry Suffers Brain Drain as Game Developers Poach Talent — One visual effects firm founder said his digital artists are being lured away with salaries three times higher than what he can offer.
- Exclusive: Driverless Truck Startup TuSimple Seeks $1 Billion in U.S. IPO — Chinese-backed company based in San Diego eyes a valuation of $5 billion to $7 billion with Nasdaq debut set for April 15.
South China Morning Post
- China approves bid to build fifth rocket launch site as Zhejiang province fires up for space boom — A port city in eastern China has launched an ambitious plan to build the country’s fifth rocket launch site, under a longer-term goal to ramp up space infrastructure to meet the demands of an expected boom in commercial missions.
- China’s e-commerce shake-up: Tiktok sister app Douyin woos merchants in direct assault on Alibaba, Pinduoduo — Beijing-based ByteDance, the world’s most valuable start-up at US$400 billion, is wooing merchants to its premier short-video platform by touting the benefits of selling on Douyin, the Chinese version of TikTok, in a bid to challenge the country’s larger online retail platforms.
Bloomberg
- Huarong Said to Plan Asset Sales, Avoid Debt Restructuring — China Huarong Asset Management Co. is preparing to offload non-core and loss-making units as part of a broad plan to revive profitability that would avoid the need for a debt restructuring or government recapitalization, according to people familiar with the matter.
- Yuan Erases Year’s Gains Against Dollar While PBOC Steps Aside — China’s yuan is hurting after months of standing tall against the dollar.
- China’s Bid to Ramp Up Vaccinations Hindered by Supply Shortages — China’s ambitious effort to vaccinate 560 million people — 40% of its population — by the end of June is running into a supply shortage, forcing health authorities to extend the intervals between two doses, and leaving some people unable to book their second shots.
- Italy Mulls Shielding Automotive, Steel From Chinese Interest — Italy is considering extending state protection against foreign ownership to the automotive and steel sectors, in a bid to shield businesses from Chinese interest, a government minister said.
- Tencent Bets Billions on Gamers With More Fans Than NBA Stars — At the height of the global pandemic in October, more than 6,000 people packed into a new 25-acre stadium in Shanghai to watch one of the world’s biggest sporting contests. Another 45 million tuned in online, about as many as watched the six games of the 2020 NBA Finals on TV. The matchup was the League of Legends world championship — a watershed moment for competitive gaming and its overseer Tencent Holdings Ltd.
- Global Funds End Two-Year Buying Spree in China Government Debt — Global funds trimmed holdings of China’s government debt for the first time in two years in March, as their yield premium over Treasuries narrowed and authorities announced plans for more debt sales.
Reuters
- U.S. Senate panel to to consider major China competition bill on April 14: source — The U.S. Senate Foreign Relations Committee has scheduled a meeting on April 14 to consider bipartisan legislation to boost the country’s ability to push back against China’s expanding global influence, a Senate aide said on Thursday.
- Exclusive: China’s Bilibili in talks to buy Yoozoo Games’ stake in $765 million deal – sources — China’s Bilibili is in talks to buy a 24% stake in Yoozoo Games as part of a nearly 5 billion yuan ($765 million) deal, two people said, as the online video site aims to tap its legion of young users to grow in the world’s top gaming market.
- Press freedom in Macau’s gambling hub under spotlight as China ramps up scrutiny — At a meeting at the Portuguese unit of Macau’s public broadcaster TDM on March 10, two senior journalists addressed about 25 staff, reading new editorial rules requiring them to promote “patriotism, respect and love” for mainland China.
Other Publications
- Economist: China’s rulers want more control of big tech — As the Communist Party whips digital platforms into line, trillions of dollars in market value are at stake.
- The Atlantic: Uyghur Women Aren’t Safe No Matter Where They Go — Leaving Xinjiang has not meant they are free of China’s grasp.
- The Diplomat: Yes, China Has the World’s Largest Navy. That Matters Less Than You Might Think. — China’s fleet relies disproportionately on smaller classes of ships – and U.S. capabilities are bolstered by its allies’ navies.
- Foreign Affairs: China’s Techno-Authoritarianism Has Gone Global — Washington Needs to Offer an Alternative.
- Nikkei Asian Review: The OECD should set its sights on China — Mathias Cormann’s golden chance to even up the global economic system.
- Nikkei Asian Review: Duterte faces China dilemma over ‘militia’ in South China Sea — Philippine president avoids criticizing Beijing, hoping for pandemic aid.
- Nikkei Asian Review: Greenland says no to China-backed rare-earth mine in election — Party opposed to Kvanefjeld project wins, denting Beijing’s ambitions.
