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
- China’s Zero-Covid Policy Is Ending, but Not Everyone Is Celebrating — Many in China are staying home and canceling travel as they worry about outbreaks, suggesting further disruption to the country’s economy.
- Chinese Tweeter in Exile Ran One-Man News Hub on Protests — ‘Teacher Li’ became a record-keeper out of the reach of censors as demonstrations swept his homeland.
- Former U.S. Pilot Helped Chinese Aviators Train for Aircraft Carriers, Indictment Says — U.S. and its allies have expressed concerns that Western pilots could be helping China.
- India’s Manufacturing Push Takes an Audacious Gamble on Chips — With generous incentives and help from Taiwan’s Foxconn, India is hoping to kick-start a chip fab industry.
- Biden’s Africa Summit Seeks to Reset Relations — War in Ukraine has exposed divisions over U.S. efforts to isolate Moscow and maintain support for the war.
The Financial Times
- China stops counting asymptomatic cases as Covid crisis deepens — Authorities say they will boost vaccination rates but analysts warn of ‘messy’ exit strategy.
- Export controls hit China’s access to Arm’s leading-edge chip designs — Alibaba among groups unable to purchase top designs.
- US to add Chinese chipmaker to trade blacklist — YMTC and others may go on ‘entity list’ as early as this week.
- China’s zero-Covid retreat sparks wealth management product sell-off — Vicious circle as fund managers are forced to sell holdings to satisfy wave of redemptions.
The New York Times
- How Will China Fare With Covid? ‘Meaningless’ Data Clouds the Picture. — Despite assurances that the situation is under control, information on infections has become more opaque now that Beijing has rolled back pandemic restrictions.
- Europe Reaches Deal for Carbon Tax Law on Imports — If approved, as expected, the plan would impose tariffs on countries that fail to take strict steps to curb their greenhouse gas emissions.
Caixin
- Delayed Guangzhou Auto Show to Go On, Despite Exhibitor Pullouts — The car industry, seen as a pillar of the city’s economy, has been counting on the rescheduled event to stoke consumer confidence and help revive vehicle production as Covid spreads nationwide.
- Longfor Gets $101 Million of Offshore Loans From Bank of China — Real estate developer becomes the first to tap into a measure intended to help cash-strapped property companies roll over foreign debt.
- Chinese Mainlanders Rush to Macao for mRNA Vaccinations — Chinese mainland residents are rushing to Macao to get BioNTech’s messenger RNA-based Covid-19 vaccines as infections surge amid the government’s easing of pandemic controls.
South China Morning Post
- Former Chinese lawmaker Yu Zhigang dies in detention while awaiting corruption verdict — Authorities say Yu Zhigang, who was investigated as part of Xi Jinping’s anti-graft campaign and pleaded guilty to taking nearly US$1 million in bribes last year, suffered a brain haemorrhage and died in May.
- Macau to sign licensing agreements with the 6 winning casino operators on Friday, source says — The city’s six incumbent casino operators were awarded licences that run from January 1, 2023 to December 31, 2033.
- Chinese agribusiness giant Fufeng gets US federal clearance for controversial North Dakota land sale — Inter-agency body says it will not block the company’s US$700 million corn milling plant, which some residents oppose because of proximity to air force base and espionage fears.
- US lawmakers unveil bipartisan bid to ban China’s TikTok — The proposed legislation would block all transactions from any social media company in or under the influence of China and Russia.
Nikkei Asia
- Asian countries top list for worst jailers of journalists: report — Committee to Protect Journalists says imprisoned reporters at global record.
- Hong Kong takes biggest ever fall in global ‘Power City’ rankings — Financial hub down to 23rd from 13th; Singapore and Tokyo remain in top 5.
Bloomberg
- Court Approves HK Airlines’ $6 Billion Debt Restructuring — Hong Kong’s High Court approved Hong Kong Airlines Ltd.’s HK$49 billion ($6.3 billion) debt restructuring plan, boosting the carrier’s chance of survival after years of financial turmoil.
- Hong Kong Activist Wins Appeal Against Tiananmen Protest Charge — A Hong Kong court overturned the conviction of a prominent local democracy activist for her role in a banned Tiananmen memorial last year, in a rare victory for the city’s beleaguered opposition.
- US to Add More Than 30 Chinese Companies to Trade Blacklist — The Biden administration plans to put Yangtze Memory Technologies and more than 30 other Chinese companies on a trade blacklist that would prevent them from buying certain American components, deepening tensions between the world’s two economic superpowers.
- Opinion: That Silicon Fence Around China Is Almost Complete — Getting key allies Japan and the Netherlands on board is a crucial part of Washington’s containment policy.
Reuters
- China stops publishing asymptomatic COVID cases, reports no deaths — China’s National Health Commission (NHC) will as of Wednesday stop reporting new asymptomatic COVID-19 infections, as many people without symptoms no longer participate in testing, making it hard to accurately tally the total count, it said.
- Analysis: China’s massive older chip tech buildup raises U.S. concern — China’s largest chip maker SMIC is ramping up production of a decade-old chip technology, key to many industries’ supply chains, setting off alarm bells in the United States and prompting some lawmakers to try to stop them.
Other Publications
- The New Yorker: A Professor Who Challenges the Washington Consensus on China — Jessica Chen Weiss argues that Biden Administration policy is contributing to an “action-reaction spiral.”
- Politico Europe: Six Chinese diplomats leave UK after alleged assault — Exit of Chinese consul-general and five others marks yet another low point in U.K.-China relations.
- The Washington Post: E.U. seeks to pressure China on climate by taxing steel and cement — Once finalized, the landmark tariff deal on highly polluting products would push China to limit its emissions — by far the highest in the world.
- Politico: China Dominates the Rare Earths Market. This U.S. Mine Is Trying to Change That. — Mountain Pass sits at the center of America’s plan to rival China’s iron grip on critical rare earth elements used in advanced commercial and military technology.
