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
- Hong Kong Speech Therapists Jailed Over Children’s Books Ruled Seditious — Court sentences five to 19 months in prison over books that a judge ruled depicted the Chinese government as wolves and Hong Kong people as sheep.
- Universal Studios Beijing Cuts Staff as China Sticks With Zero-Covid Policy — An eight-week shutdown and cap on visitors have led to layoffs and losses at the theme park.
- Global Drought Saps Hydropower, Complicating Clean-Energy Push — Dry conditions in U.S., Europe and China have raised questions about how hydropower fits into changing energy mix.
- Opinion: How to Beat China in the New Space Race — It’s about more than money. The U.S. needs a strategy to harness private innovation. By Arthur Herman
The Financial Times
- China emerges as IMF competitor with emergency loans to at-risk nations — Pakistan, Sri Lanka and Argentina have together received more than $32bn since 2017, data show.
- EU set to ban products made using forced labour — Move could strain relations with Beijing in light of allegations about working conditions in Xinjiang.
- Renminbi heads for record annual fall against dollar — Covid lockdowns, sputtering economic growth and diverging monetary policy pile pressure on China’s currency.
- AMTD subsidiary hit with $264mn lawsuit over alleged ‘breach of contract’ — China’s Bank of Qingdao has taken the Hong Kong-based company to court.
The New York Times
- Russia says that a senior Chinese official expressed support for the invasion of Ukraine. — The comments are the clearest sign of support from China, which has preferred to stay on the sidelines and maintain ties with both Russia and Europe, without alienating either.
- Just Bread and Noodles: China’s Covid Lockdown Distress Hits Xinjiang — With lack of food, medicine and other crucial supplies, residents of Yining are chafing under a monthlong pandemic shutdown.
- Chinese Drones: The Latest Irritant Buzzing Taiwan’s Defenses — Drones are increasingly testing Taiwan’s capacity to respond to China’s growing military pressure. Soldiers shot one down recently and are ramping up defenses.
- Volker Türk, an Austrian Diplomat, Takes U.N. Human Rights Post — One of Volker Türk’s toughest challenges will be determining what to do about a highly critical report on China that his predecessor, Michelle Bachelet, released just before departing.
- Hong Kong Sentences 5 to 19 Months for Children’s Books Deemed ‘Seditious’ — Tales about a sheep village resisting a wolf pack prompted the charges against leaders of a speech therapists’ union, extending a government crackdown on dissent.
Caixin
- China’s No. 3 Party Leader Reaffirms Support for Russia’s Vital Interests — Li Zhanshu, the speaker of the Chinese parliament, reaffirmed during a trip to Russia last week that China is willing to continue to support its neighbor’s vital interests and to keep working with Moscow in fighting back against foreign interference and sanctions.
- Cover Story: China’s War on Rampant Telecom Scams — Never before have so many entrusted so much to complete strangers, transferring life savings to people who turn out to be cellphone or computer scammers.
South China Morning Post
- China’s No 3 official Li Zhanshu calls for united front with Russia against Western sanctions — In a readout by Chinese state news agency Xinhua released on Saturday night, Li was quoted as saying the two sides should share more experience in “legislation regarding fighting against external interference, sanctions and long-arm jurisdiction”.
- Chinese president may enshrine his views on ‘one country, two systems’ principle for Hong Kong in Communist Party’s charter — Article on Hong Kong by top policy body suggests leadership will formalise updates to principle by putting Xi Jinping’s views into party’s constitution, analysts say.
- Beijing offers reassurances Hong Kong’s ‘one country, two systems’ principle will not change after 2047 — Shen Chunyao, chairman of Legislative Affairs Commission of National People’s Congress Standing Committee, renews Beijing’s pledge at forum on Basic Law.
- 5 Hong Kong speech therapists behind politically provocative children’s books jailed 19 months each under sedition law — The judge stressed that children should be taught to love their country and homeland, and just as no one in Europe could deny the existence of the Holocaust, no one in Hong Kong could rely on freedom of speech to reject the fact that Beijing had “undisputable sovereignty over Hong Kong, which is an [inalienable] part of China”.
Bloomberg
- Biden to Boost US Biomanufacturing to Compete with China — President Joe Biden is poised to sign an executive order on Monday to help expand US biomanufacturing and reduce reliance on China.
- China Confirms Xi to Make First Trip Abroad Since Pandemic — China confirmed that Xi Jinping plans to travel to Central Asia this week, in what would be the president’s first trip aboard since the pandemic hit more than two years ago.
- CATL’s Rival CALB Starts Gauging Demand for $2 Billion H.K. IPO — Chinese battery maker CALB Co. has started gauging investor demand for its $2 billion Hong Kong initial public offering.
Reuters
- Exclusive: Biden to hit China with broader curbs on U.S. chip and tool exports — The Commerce Department intends to publish new regulations based on restrictions communicated in letters earlier this year.
- West weighs contentious anti-China move as U.N. rights council opens — Western countries face a dilemma as the U.N. Human Rights Council opens on Monday: confront China over human rights violations in its Xinjiang region and risk failing or miss the biggest opportunity to bring accountability in years.
- Xi to meet Putin in first trip outside China since COVID began — Xi Jinping will leave China for the first time in more than two years for a trip this week to Central Asia where he will meet Russia’s Vladimir Putin.
Other Publications
- The Washington Post: China competition spurs Biden push for domestic biotech subsidies — President to sign executive order Monday outlining goals for investment and training.
- The Guardian: Imperial College to shut joint research ventures with Chinese defence firms — Exclusive: two Chinese-sponsored aerospace research centres to close after warnings of ‘sleepwalking’ into aiding Chinese military.
- The Guardian: Xinjiang lockdown: Chinese censors drown out posts about food and medicine shortages — ‘Internet commentary personnel’ told to deluge social media with thoughts on anything from cooking to their personal mood.
