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
- Fearful of Getting Cut Off, China Pushes for Self-Reliance — Its much larger economy is more difficult to cut off than Russia’s but that doesn’t make it bulletproof.
- Shanghai Lockdown Reignites Supply-Chain Problems for U.S. Companies — Apple, GE and Estée Lauder are among the disrupted businesses; some warn of effects extending into summer.
- Biden Officials Divided Over Easing China Tariffs to Slow Inflation — Treasury Secretary Janet Yellen favors move, while Trade Representative Katherine Tai is concerned about ceding leverage.
- Tariff Case Darkens Prospects for U.S. Solar — The latest solar tariff case highlights just how much uncertainty can slow growth in the renewable-energy industry.
- China’s Covid-19 Outbreak Cools Metals Rally — Lockdowns are seen eroding demand from world’s largest commodity consumer.
The Financial Times
- SEC investigating Chinese ride-hailing group Didi’s $4.4bn US IPO — High-profile founder of tech company makes social media posts invisible as scrutiny intensifies.
- China lockdowns erode multinationals’ revenues — Consumer confidence collapses as authorities enforce Xi Jinping’s zero-Covid policy.
- US moves towards imposing sanctions on Chinese tech group Hikvision — Biden administration wants to target surveillance camera maker accused of enabling human rights abuses.
- Alibaba targets bargain-hunting shoppers to boost slowing sales growth — Chinese ecommerce group’s Taobao Deals app is aimed at the estimated 930mn consumers in smaller and less affluent cities.
- Pop Mart: toymaker behind China’s collectibles craze looks to the west — Company targets global growth after creating frenzied demand at home for cutesy figurines.
- BMW and Audi suspend shipments by train to China — Railway official cites client worries about insurance and Russian confiscation.
- China’s independent refiners start buying Russian oil at steep discounts — Purchases come as Chinese state-owned commodity traders shy away to avoid sanctions.
- Estée Lauder cuts sales forecast because of China lockdowns — Cosmetics group joins multinationals hit by economic fallout from strict zero-Covid policies.
The New York Times
- Beijing tightens measures as some residents grow weary. — Authorities are trying to avoid a lockdown like the one imposed in Shanghai.
Caixin
- Five Things to Know About China’s Draft Rules on Local Financial Institutions — Draft regulations to strengthen supervision may be difficult to enforce and could even put unnecessary burdens on market participants, experts say.
- Shanghai Pledges to Restart Work at Major Construction Projects — Authorities are under pressure to better balance Covid control measures with the needs of business as the city’s Covid-19 outbreak takes a toll on the local economy.
South China Morning Post
- Apple supplier Foxconn freezes hiring of new workers for world’s largest iPhone factory in Zhengzhou amid citywide lockdown — Foxconn has frozen its hiring of new assembly line workers for the world’s largest iPhone factory, as the central Chinese city of Zhengzhou went into lockdown for seven days.
- Didi Global, China ride-hailing giant, reveals it faces an SEC probe about its NYSE IPO, on top of Beijing’s scrutiny and looming delisting — The Chinese ride-hailing giant revealed in its annual report filed on Tuesday that it faces a probe by the US stock-market watchdog concerning its US$4.4 billion initial public offering last summer.
- China’s top venture capitalist Neil Shen sells Meituan stock for US$799 million, according to stock exchange filings — Some of Sequoia Capital China’s other big bets in the tech sector include Shein, Alibaba and JD.
Nikkei Asia
- China’s CCTV in spotlight after ‘Ma’ arrest report shakes market — Brief plunge in Alibaba stock erased $27bn in share value.
- Hong Kong tanks to 148th in press freedom as Beijing tightens grip — Sharp drop reflects shuttering of Apple Daily, Stand News and other outlets.
Bloomberg
- Biden Accuses China Trying to Meddle With Competition Bill — President Joe Biden on Tuesday accused the Chinese government of trying to interfere in negotiations over a broad China competition bill that would bolster domestic semiconductor manufacturing.
- China’s Tech Companies Get a Temporary Reprieve, Not a Pardon — Greater clarity and the promise of growth are positive signs, but the shadow of the crackdown lingers.
- U.S. Takes First Step Towards Four-Year China Tariffs Review — The Biden administration is taking the first step toward a review of tariffs on more than $300 billion in Chinese imports that’s required to keep them from starting to automatically expire in July.
Reuters
- Beijing steps up COVID curbs as virus spreads in China — Beijing shut scores of metro stations and bus routes and extended COVID-19 curbs on many public venues on Wednesday, focusing efforts to avoid the fate of Shanghai, where millions have been under strict lockdown for more than a month.
- Blinken to outline U.S. China policy in speech on Thursday — U.S. Secretary of State Antony Blinken will deliver a speech on Thursday outlining U.S. policy towards China, the State Department said.
- HSBC investors give Ping An break-up plan cool response — HSBC investors gave a break-up proposal by its biggest shareholder a lukewarm response on Tuesday, voicing concerns a split would prove complex with no guarantee of raising returns.
Other Publications
- Foreign Policy: China Wants Its Investments in Afghanistan to Be Safer Than in Pakistan — Beijing could profit handsomely from Afghan resources and exports, but new ventures risk exposing Chinese nationals to violence.
- CSET: Preserving the Chokepoints — Reducing the Risks of Offshoring Among U.S. Semiconductor Manufacturing Equipment Firms.
