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.
Paid subscribers automatically have this list emailed directly to their inboxes every day by 10 a.m. EST. Subscribe here.
The Wall Street Journal
- China Stocks Hit Fresh Turbulence, Casting Doubt Over Recent Rebound — Billions of dollars recently flowed into China-focused mutual funds, but Beijing’s zero-Covid policy and tech regulations continue to weigh on markets.
- Casino Stocks Fall as Macau Shuts Businesses Amid Covid-19 Outbreak — Shares of Las Vegas Sands, Wynn, others down amid latest restrictions.
- Hyundai and Kia Are Challenging Tesla. Chinese Brands Could Be Next. — The South Korean auto makers’ success, particularly with EVs, offers a road map for the likes of BYD.
- Opinion: Chinese Communist Cells in Western Firms? — Xi Jinping has pressed for measures giving party apparatchiks more power over foreign companies. By Dennis Kwok and Sam Goodman
The Financial Times
- China restaurants/Haidilao: hotpot chain spin-off faces inflation test — The long-term prospects for the sector are less inviting than the menus.
- BYD shares tumble on speculation over Warren Buffett exit — Shares in electric car maker drop 12% after mystery stake appeared in Hong Kong stock exchange clearing system.
- Pacific islands struggle to find unity in face of China’s diplomatic offensive — Opposition leader and analyst blame Beijing for Kiribati’s withdrawal from meeting.
- China’s contrasting path offers the potential for uncorrelated returns — Investor case for Chinese assets rises despite regulatory and geopolitical risks.
- China-South Korea ETF cross-listing scheme stalls — The programme was announced last year but companies say there has been no progress.
- China’s Ganfeng Lithium buys lithium mines in Argentina — Purchase of Lithea comes as global competition for metals needed to power electric vehicles hots up.
The New York Times
- Dangerous Heat Wave Strikes China — Parts of the east and south withered under extreme temperatures, even as health workers in hazmat suits persisted in a round of mandatory coronavirus tests.
- The Rajapaksa Family Promised Sri Lanka Prosperity, but Brought Destitution — The Rajapaksas fall, and take Sri Lanka with them.
Caixin
- China Pilots Giving Private Equity and Venture Capital Funds a New Exit Option — Chinese funds will have the option to distribute shares in a portfolio company to their investors, an alternative to the more common cash distributions.
- Ganfeng Lithium to Buy Two Argentinian Mines as Race Heats Up for Battery Raw Materials — The company plans to spend up to $962 million on the assets, which together can produce up to 30,000 tons of lithium carbonate a year.
- Hang Seng Composite Index Dumps Six Chinese Developers — Sunac and China Evergrande are among those removed, after the real estate firms suspended trading for three months and failed to release their 2021 annual reports.
South China Morning Post
- China’s GDP target ever more distant, with second quarter growth tipped for 2-year low — China’s economy is forecast to grow by 1.4 per cent year on year in the April-June period, its slowest quarterly expansion since the first three months of 2020
- China’s Tsinghua Unigroup completes debt restructuring, ownership change to keep afloat its major semiconductor operations — Under new owner Beijing Zhiguangxin Holding, Tsinghua Unigroup gets a new lease on life to run some of the nation’s major semiconductor operations.
- China’s banking-crisis victims promised money, but outcry as ‘it doesn’t solve underlying problem’ — A number of protesters remain in police custody, while others say distrust of Henan government is rife amid financial scandal, even as authorities vow to begin repayment of deposits up to 50,000 yuan (US$7,450) this week.
Nikkei Asia
- China’s hefty tax rebates batter COVID-hit local governments — Property crunch and virus policy heap pressure amid severe structural imbalance.
- China bank protest highlights history of lax oversight — Officials vow to pay back funds frozen at banks in Henan province.
- BYD shares tumble on speculation over Warren Buffett exit — Electric car maker drops 12% after stake appears in Hong Kong exchange system.
Bloomberg
- WeChat Is China’s Most Beloved (and Feared) Surveillance Tool — This one app became so powerful that it could have posed a real threat to Beijing’s rule, the new book Influence Empire reveals.
- Xi’s Covid Authoritarianism Meets Red Line at Vaccine Mandates — President Xi Jinping has made use of his authoritarian power in China to impose the world’s strictest controls against Covid-19. But there’s one pandemic measure he hasn’t pushed: vaccines.
- China Inc. Seeks Both Peace and Capital in Swiss IPO Rush — Chinese firms, grappling with a delisting wave in New York, are heading for Zurich, drawn by its greater geopolitical certainty and wealthy investors.
- Israel’s Tech Industry Warms Up to US Investment Over China — Ahead of President Biden’s visit to Jerusalem, his administration continues to push for more restrictions in a pressure campaign to cut Beijing off from a crucial source of advanced technology.
Reuters
- U.S. VP Harris will join Pacific Islands meeting in push to counter China — U.S. Vice President Kamala Harris will participate in the Pacific Islands Forum leaders’ meeting on Tuesday, a senior administration official said, as Washington steps up its engagement to counter China in the region.
- China complains to Japan about Taiwan vice president at Abe funeral — China’s Foreign Ministry said on Tuesday its embassy in Japan had lodged “stern representations” with the government there about Taiwan Vice President William Lai attending the funeral of former Japanese prime minister Shinzo Abe.
- China tells local governments to drop COVID tests on some goods — China’s health authority said on Tuesday that local governments no longer need to test some imported goods for the coronavirus, in a move aimed at reducing the cost of its strict COVID-19 prevention measures.
Other Publications
- Politico: McConnell gets GOP backup in his move to snarl bipartisan U.S.-China bill — The Senate minority leader won’t entertain the multi-billion-dollar competitiveness package while Democrats pursue a party-line spending plan. His gambit may not stop them, though.
- Rest of World: The dream is over for China’s tech workers — A government crackdown and economic downturn have led to massive layoffs, but some are relieved to exit the grueling ‘996’ work life.
- Foreign Policy: China Is Stealing Taiwan’s Sand — A surprisingly precious resource is another front in gray zone warfare.
