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
- Russian Banks Turn to China to Sidestep Cutoff From Payments Systems — Sberbank, Alfa Bank and Tinkoff Bank said they are working on the possibility of issuing cards powered by China’s UnionPay.
- China Opposes Sanctions and Has a Reputation for Busting Them — Sanctions on Russia for Ukraine war could prove less effective if China offers market access.
- Chinese Tech Firms Weigh Opportunities in Russia After Western Pullout — Seizing market share from Apple, HP and others ceasing sales amid Ukraine war might not be so easy given mounting obstacles.
- TikTok and Netflix Pull Back From Russia, Adding to Its Tech and Media Isolation — Chinese-owned social-media platform halts new content in Russia in response to ‘fake news’ law; U.S. streaming giant suspends its service there amid operational challenges.
- China’s Robust Growth Target Points to More Stimulus Ahead — By setting its GDP goal at the high end of forecasts, Beijing has raised expectations for more monetary and fiscal measures this year.
- China’s Export Boom Eases, Raising Pressure for Stimulus — Policy makers face tough task of hitting ambitious growth target.
- China’s Covid-19 Cases Hit Highest Daily Total Since 2020 Wuhan Outbreak — Surge in infections driven in part by severe Hong Kong outbreak, with many new cases found in quarantine.
- Video: U.S. vs. China: The Tech and Design Behind Space-Tourism Rockets — The reusable rocket opens up commercial possibilities beyond tourism.
The Financial Times
- Ukraine says China is ready to act as a peacemaker — Kyiv believes Beijing wants to stop the war with Russia but critics warn of a ‘smokescreen.’
- China sets lowest growth target in 30 years as Ukraine fallout looms — Russian invasion adds to pressures from property crisis and weak consumption recovery.
- Hong Kong’s elderly vaccine refuseniks unmoved by soaring Covid deaths — Senior residents fear virus but are even more worried about perceived side-effects of jab.
- China investors drive frenzy for ‘Sino-Russian trade’ stocks — Investors bet Beijing will boost trade with Russia to soften blow from sanctions.
- Ukraine outcry and Covid chaos overshadow Xi’s celebrations — National People’s Congress should have been a chance for Chinese president to tout his achievements.
The New York Times
- Xi and Putin’s ‘No Limits’ Bond Leaves China Few Options on Ukraine — Beijing aligned itself with Putin as Russia prepared to invade Ukraine. Now its efforts to edge away are constrained by leadership politics.
- China Outlines Plan to Stabilize Economy in Crucial Year for Xi — China calls for heavy government spending and lending, as its leaders seek to project confidence in the face of global uncertainty over the pandemic and war in Ukraine.
- China’s Legislative Session to Focus on Economy — Russia’s invasion of Ukraine went unmentioned at the opening of an annual gathering of China’s legislature, as leaders focused on stabilizing economic growth.
- How China Embraces Russian Propaganda and Its Version of the War — In much of the world, Russia is losing the information war over Ukraine. In China, though, it’s winning big.
Caixin
- Cover Story: The Reshaping of the World as Ukraine War Rages On — Political traditions and policy principles upheld for decades were overturned in just a few days as Russian bombs flattened cities in Ukraine, leaving the world to wonder: Where all this will take us?
- China Willing to Mediate in Ukraine Crisis, Foreign Minister Says — China is willing to mediate in the Russia-Ukraine conflict and provide urgent humanitarian aid to the war-torn country, its Foreign Minister Wang Yi said Monday.
- Roundup: What the Government Work Report Told Us About China’s 2022 Economic Plans — Premier Li Keqiang presented the annual government work report to China’s top legislative body on Saturday, setting the nation’s GDP growth target for this year at around 5.5%, the lowest in decades.
South China Morning Post
- China to meet ‘severe’ commodity price volatility by boosting coal supply, oil and gas exploration — China’s top economic planning agency said on Monday it would steady energy supply this year in the face of escalating geopolitical conflicts.
- China’s ‘Two Sessions’ 2022: which moguls are in the hot seat over their real estate debts? — Delegates from China’s property developers, the nation’s largest debtors, are likely to be feeling the pressure when they show up at the Great Hall of the People for the annual legislative meeting in Beijing in the coming days.
- China, Russia trade surges amid Ukraine crisis, but ‘alarm’ as overall export growth slows — China’s trade with Russia surged at the start of the year, but “alarming” slowing overall export growth amid various headwinds have increased the pressure on Beijing to introduce policies to meet its new economic target, analysts said.
Bloomberg
- China Is Hidden Risk for Emerging Markets Behind Russia’s War — As traders grapple with the breakout of war in Europe, the prospect of a new regulatory crackdown in China is getting lost in the headlines, but potentially poses a larger risk to emerging-market assets.
- These Charts Show How China Is Going Slow on Climate Action — Anyone hoping the world’s biggest carbon emitter would use its annual parliamentary session to speed up action on climate change was left sorely disappointed this weekend.
- Xi Says China Can’t Rely on World Markets for Food Security — China can’t rely on international markets to ensure food security, President Xi Jinping told a political meeting, the state radio broadcaster reported on Sunday.
Reuters
- Xi says China will improve use of law in military engagement with foreign countries — Chinese President Xi Jinping told the military to step up the use of law in military engagement with foreign countries, state television CCTV reported on Monday.
- China vows new incentives to cut pollution, CO2, but says ‘stability’ paramount — China’s environmental commitments have come added under scrutiny this year as it tries to shore up growth and reduce the impact of stringent COVID-19 control policies on its economy and supply chains.
- China to provide Ukraine humanitarian aid, praises Russia ties — China’s Red Cross will provide humanitarian aid to Ukraine “as soon as possible”, Foreign Minister Wang Yi said on Monday, as he praised his country’s friendship with Russia as “rock solid”.
Other Publications
- Foreign Affairs: The Anti-Dollar Axis — Russia and China’s Plans to Evade U.S. Economic Power.
- Protocol: Alibaba is walking a tightrope between Russia and Ukraine — Three of Alibaba’s business partners in Russia have been sanctioned. The ecommerce giant is in an awkward position facing internal and external pressures.
