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
- Samsung’s Chip Business Is Hot. Will China Take a Bite? — Booming memory-chip sales are likely delivering another record quarter. But a potent new competitor may be waiting in the wings.
- Shanghai Doctor Speaks Out Against China’s Covid Policy, Strikes a Nerve With Weary Public — City residents find channel to voice growing frustration as Beijing sticks to its war at all costs against the pandemic.
- As Property Downturn Drags On, Chinese Developers See an Uncertain Future — A historic real-estate boom is over, say property analysts, and the market could get worse before it gets better.
- Founder of China’s JD.com Steps Down as CEO — Richard Liu, founder of e-commerce giant, is the latest tech billionaire to leave his post, passing the baton to trusted deputy.
The Financial Times
- Ukraine recovery needs a debt write-off and help from the EU and China — Russia’s invasion has caused such material destruction that a vast postwar aid effort is essential.
- JD.com/Richard Liu: another tech boss bites the dust — Beijing’s crackdown on the tech sector means wealthy, powerful bosses are under critical scrutiny.
- JD.com founder Richard Liu steps down in latest Chinese tech chief exit — Beijing’s campaign to rein in Big Tech has spurred a series of high-profile resignations.
- America and China — the defining relationship — Competitive co-operation or containment? Two books set out opposing views on how the US should approach its superpower rival.
- Shanghai Covid lockdown ‘will have a global effect on almost every trade’ — Restrictions across Chinese cities create logistics logjam, threatening greater economic fallout.
The New York Times
- Shanghai’s Covid Lockdown Poses Test to China’s Leadership — Residents in Shanghai, China’s most populous and cosmopolitan city, have responded to the government’s pursuit of zero Covid with a rare outpouring of criticism.
Caixin
- In Depth: Uncertainty and Anxiety in Chinese Private Equity — Freeze on IPOs — especially abroad — casts a chill over tech startup finance in China, despite recent signals of a government thaw.
- In Depth: Metaverse Trailblazers Hope to Make Real Money From Virtual People — As technologies behind ‘digital humans’ advance, startups are exploring how to capitalize on the concept.
- Kaisa in Strategic Agreement With State-Owned Builder and Bad-Debt Manager — Defaulted property developer to cooperate with Merchants Shekou Industrial and Great Wall Asset Management in real estate, tourism and other businesses.
South China Morning Post
- China’s draft financial stability law takes aim at ‘scattered’ rules governing systemic risks — China’s central bank said in a draft law released on Wednesday that the existing legal framework to mitigate financial risks is disorganised and ‘lacks overall design’.
- On-demand service giant Meituan launches urgent deliveries as Shanghai extends Covid-19 lockdown — A shortage in food supply has become one of the most pressing issues for the city of 25 million since the lockdown began last week.
- JD.com founder Richard Liu hands over chief executive’s role to Xu Lei, becoming the latest Chinese tech billionaire to step back — Xu Lei, with more than 10 years at the company, will also join the board as an executive director, while Richard Liu remains as chairman.
Nikkei Asia
- Analysis: Xi risks stumbling with Putin if he plays his cards wrong — If Russia fails in Ukraine, questions would arise over long-term authoritarian leadership.
- Chinese hackers launch cyberattacks against Ukraine amid war — Experts speculate strikes aimed at collecting information on refugees.
- EV price hikes fueled by battery costs send jolts across China — Supplies of nickel and lithium fail to keep pace with growing demand.
- CATL to mass-produce EV batteries in Germany by year-end — Chinese manufacturer’s first overseas factory cleared to start by authorities.
Bloomberg
- Foreign Airlines Told to Cut Passengers Into Covid-Hit Shanghai — International airlines have been told to ensure that flights into Shanghai are less than half full as part of the Chinese financial hub’s latest attempt to curb the spread of Covid-19, according to people familiar with the matter.
- Containers Stack Up at China’s Ports as Lockdown Blocks Trucks — Containers full of frozen food and chemicals are piling up at China’s biggest port in Shanghai as the lock down of the city and virus testing means truckers can’t get to the docks to pick up boxes.
- Tencent Closes Game Streaming Site After Beijing Blocks Merger — Tencent Holdings Ltd. announced it will shut down its game streaming service, more than a year after Beijing blocked its effort to create China’s equivalent of Amazon.com Inc.’s Twitch through a merger.
- China Coal Hub Approves Mega-Mine That Can Produce for 97 Years — Officials in the key Chinese coal mining hub of Ordos approved a massive mine that can produce 15 million tons annually and operate for nearly 97 years.
Reuters
- Shanghai to start another round of citywide COVID tests — Shanghai will ask all 26 million residents to take another round of COVID-19 tests, a city official said on Wednesday, adding that lockdown curbs would continue until the exercise is complete.
- China warns U.S. against House Speaker Pelosi visiting Taiwan — China warned on Thursday it would take strong measures if U.S. House of Representatives Speaker Nancy Pelosi visited Taiwan and said such a visit would severely impact Chinese-U.S. relations, following media reports she would go next week.
Other Publications
- The Economist: China’s regulators warm to American listings — That may not be enough for American investors to warm to Chinese shares.
- The Economist: Don’t underestimate Xi Jinping’s bond with Vladimir Putin — Shared security concerns bring China and Russia close. But so do similar views of history.
- The Economist: Policy experiments have been good for China — But it is not very good at them.
- The Economist: Save globalisation! Buy a Chinese EV — Electric cars can help stop the world from decoupling.
- The Atlantic: The Final Blow to Hong Kong — The city deftly connected China and the world for decades. That historic balancing act won’t be revived.
