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
- European Business Leaders Want a Stronger Hand With China, Not Decoupling — Executives from top European companies say EU calls for ‘strategic autonomy’ risk protectionism.
- China Orders Ride-Hailing Firm Didi’s App Removed From App Stores — Move comes two days after Chinese regulators blocked company from adding new users over cybersecurity concerns.
- China Widens Data-Security Probe of U.S.-Listed Tech Companies — Reviews follow a similar move against ride-hailing giant Didi.
- Chinese Regulators Suggested Didi Delay Its U.S. IPO — Ride-hailing giant, under pressure to reward shareholders, pushed ahead with NYSE listing despite concerns of China’s cybersecurity watchdog.
- Didi and the Big Chill on China’s Big Data — Beijing’s crackdown shows that successfully listing, especially on a foreign stock exchange, doesn’t mean a company is safe from regulators.
- Didi Falls Premarket as China’s Probes of U.S.-Listed Firms Jolt Investors — Ride-hailing giant tumbles 22% amid data-security reviews of popular Chinese mobile apps.
- Investors in Chinese Stocks Hope for Better Second Half After Weak Showing — MSCI’s China index had its worst first-half underperformance in eight years relative to its global benchmark.
- Facebook, Twitter, Google Threaten to Quit Hong Kong Over Proposed Data Laws — Industry group representing companies says proposed anti-doxing rules could put staff based locally at risk of criminal charges
The Financial Times
- Asian disparities reflect difference in quality of Covid vaccines — Contrasting fortunes of Singapore and China highlight how efficacy of jabs is key to reopening.
- Alibaba joins local government to bail out China’s Suning — Deal leaves billionaire founder without a controlling stake in the retailer.
- China watches Afghanistan anxiously as the US withdraws — Beijing is ready to co-operate with Taliban to prevent chaos across its border, diplomats say.
- China’s Belt and Road Initiative should stop financing new coal power — Ending the fuel’s use would help meet climate commitments and foster co-operation with western nations.
- Didi Chuxing: China raises red flag over New York listings — Ride-hailing app finds itself a football in the dirty east-west kickabout for data dominance.
- Warburg Pincus launches distressed asset venture in China — US private equity firm invests $600m in a partnership with local group Wensheng
- EU to develop investment initiative to counter Chinese influence — Draft statement seeks a “geostrategic approach” to investments abroad.
- What happens if Chinese household wealth is unleashed on the world? — Tentative steps at liberalisation reflect fears over the strong renminbi and risks of a bubble in domestic markets.
- Chinese listings in US flop despite fundraising frenzy — IPOs provide payday for Wall St but poor returns for investors with many below offer price.
- Apple wins privacy battle in China — Tracking system for iPhones developed by Chinese tech groups fails to gain traction.
- ByteDance starts selling AI that powers TikTok to other companies — New unit will help other companies personalise their websites and apps.
- Jean Liu drives Didi’s international image — Former Goldman Sachs executive and Lenovo founder’s daughter has long been ride-hailing app’s public ambassador.
- China’s tech group Kuaishou ends compulsory Sunday overtime — Move follows complaints of mistreatment made by sector’s employees.
- Chinese liquor stocks suffer hangover after Communist party centenary — Makers of high-strength hooch and beer tumble as market hit by worst sell-off in three months.
- Alibaba founders secure loans from global banks backed by company stock — Chinese tech billionaires Jack Ma and Joe Tsai take loans for property, private jets and business deals.
The New York Times
- China’s Crackdown on Didi Is a Reminder That Beijing Is in Charge — After targeting the ride-hailing platform days after its I.P.O., regulators on Monday moved against more companies that had recently been listed on Wall Street.
- The Tech Cold War’s ‘Most Complicated Machine’ That’s Out of China’s Reach — A $150 million chip-making tool from a Dutch company has become a lever in the U.S.-Chinese struggle. It also shows how entrenched the global supply chain is.
- China’s Communist Party Schools Nurture New Generation — Communist Party schools and academies are inculcating Chinese officials in Xi Jinping Thought as the country shifts in a more authoritarian direction.
- These Chinese Millennials Are ‘Chilling,’ and Beijing Isn’t Happy — Young people in China have set off a nascent counterculture movement that involves lying down and doing as little as possible.
Caixin
- Former Chief of China’s Mint Faces Graft Probe — He Lin, who also had a stint at the central bank, faces an investigation apparently linked to procurement.
- In Depth: New Pipeline Network Shakes Up China’s Natural Gas Dynamics — Country’s three energy majors are rushing to formulate and roll out new strategies following last year’s creation of PipeChina.
- China-Owned Nexperia Reportedly Looks to Snap Up Welsh Auto Chipmaker for $87 Million — Nexperia, a Dutch semiconductor firm owned by China’s Wingtech Technology, is in talks to buy U.K. chipmaker Newport Wafer Fab (NWF) for 63 million pounds ($87 million), according to a report by CNBC that cited sources close the deal.
South China Morning Post
- German think tank owner arrested on charges of spying for China and passing on Germany’s secrets — A German academic has been arrested on charges of spying for China and will appear in a Munich court later on Tuesday.
- As China’s foreign currency deposits pass US$1 trillion, banks face unwanted headache, yuan pressure — China’s post-coronavirus export boom has created massive headaches for its commercial banks over how to effectively recycle the huge influx of foreign currencies resulting from overseas sales, and in turn how to generate investment returns, analysts said.
- Alibaba restructures operations to form life services division to take on Meituan — Chinese e-commerce giant Alibaba Group Holding has formed a new life services division that covers digital mapping, online travel booking and food delivery in its latest corporate restructuring, a move that is poised to ratchet up competition with on-demand local services market leader Meituan.
Bloomberg
- Carrie Lam Dismisses Fears Over Hong Kong Bill Spooking Big Tech — Hong Kong Chief Executive Carrie Lam on Tuesday dismissed concerns about proposed legal amendments that would give its privacy commissioner far-reaching powers to investigate so-called doxxing offenses online.
- China Puts Most Powerful Agency in Charge of Climate Policies — China’s top economic planning body has been put in charge of devising a plan for the world’s biggest polluter to cut greenhouse gas emissions, indicating that climate policies are gaining a more central role in the nation’s long-term development strategy.
- Merkel, Macron Urge China to Allow More Flights to Help Ties — German Chancellor Angela Merkel and French President Emmanuel Macron pressed Xi Jinping in a video summit to allow more flights from Europe as they sought to repair ties with Beijing.
- China Officials Detail Plans to Bolster Hong Kong Security Laws — Senior Chinese officials laid out plans to expand Hong Kong’s security powers, despite international criticism of the reach of measures already taken to curb dissent in the Asian financial center.
Reuters
- China central bank office closes software maker over cryptocurrency trading — A Beijing office of China’s central bank said on Tuesday it had ordered the shutdown of a Beijing-based software maker over its suspected involvement in cryptocurrency trading.
- China’s Xi tells Macron, Merkel he hopes to expand cooperation with Europe — Chinese President Xi Jinping on Monday told French President Emmanuel Macron and German Chancellor Angela Merkel he hoped China and Europe would expand cooperation to better respond to global challenges, state broadcaster CCTV reported.
- France, Germany and China call on negotiators to seize opportunity in Iran talks — The leaders of France, Germany and China, after a three-way video call on Monday, called on all parties involved in the Iran nuclear talks to seize a window of opportunity for an agreement, a French presidency source said on Monday.
Other Publications
- The Economist: Stubborn optimism about China’s economy after a decade on the ground — Even as the tenth year of Xi Jinping’s rule approaches, China is still dynamic and restless.
- The Economist: Hong Kong’s regulators try to push back against Chinese market practices — A proposal to codify banking conduct could stir controversy.
- The Washington Post: Pakistan’s prime minister embraces China’s policy toward Uyghurs in remarks on Communist Party centenary – Pakistani Prime Minister Imran Khan offered on Thursday remarks rare for the leader of a large, Muslim majority country, reaffirming his support for Beijing’s policies toward Uyghurs in China’s Xinjiang region.
- The Washington Post: Chinese astronauts make first spacewalk outside new station — Two astronauts on Sunday made the first spacewalk outside China’s new orbital station to set up cameras and other equipment using a 15-meter-long (50-foot-long) robotic arm.
- Nikkei Asia: China’s Wingtech to buy biggest UK chip plant amid global crunch — Deal for Newport Wafer Fab could invite government scrutiny
- Nikkei Asia: Hong Kong drinks company Vitasoy faces China netizen calls for boycott — Beverage maker Vitasoy has become the latest target of Chinese netizens’ calls for a boycott after an employee circulated a memo online offering condolences to the family of a worker who had stabbed a Hong Kong police officer.
- Foreign Affairs: The Missing Chips — How to Protect the Semiconductor Supply Chain.
