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
- Ex-Apple Engineer Indicted in Crackdown on Flow of Restricted Tech to China, Russia — Software engineer who allegedly stole self-driving-car technology is among those charged.
- Influential Middle East Leader Woos Russia and China, Testing U.S. Ties — President Sheikh Mohamed bin Zayed has positioned the U.A.E. as a friend to all sides since Moscow invaded Ukraine.
- Taiwan Opposition Taps Popular Former Cop in Election That Is Pivotal for U.S., China — Appeal of presidential candidate Hou Yu-ih cuts across party lines.
- Cutting Deposit Rates Has Become Mission Critical for Chinese Banks — Cheap lending has hit banks’ interest margins, which could weaken their capital positions.
- IBM, Google Give $150 Million for U.S.-Japan Quantum-Computing Push as China Looms — Deal to be announced at Hiroshima G-7 summit seeks to preserve American lead in critical technology.
The Financial Times
- Tencent’s revenues accelerate as China emerges from Covid lockdowns — Tech group reverses last year’s sales decline with an 11% rise for the first quarter.
- Sunak backtracks on promise to ban Confucius Institutes in the UK — Move criticised by predecessor Liz Truss, who in a speech in Taiwan urges prime minister to designate China a ‘threat’.
- VW talks to Huawei to boost flagging EV presence in China — Turmoil at German carmaker’s in-house software arm threatens to affect market share.
- South Korea gets tough on tech leaks to China — Seoul says US export controls have made Chinese companies more aggressive in acquiring expertise.
- Ex-Apple engineer accused of stealing trade secrets and fleeing to China — Case is among several announced on Tuesday over alleged crimes including export violations and smuggling.
The New York Times
- Biden Abruptly Cuts Short an Asia-Pacific Visit, to China’s Benefit — A Pacific island nation had gone to great lengths to host the U.S. president. Now a region is left to wonder again about American steadfastness.
- U.S. Tech Espionage Team Unveils First Cases Involving China and Russia — A new division set up by the government to pursue sanctions evasion and technology espionage announced arrests of individuals with ties to foreign governments.
- As China Looms Over Taiwan’s Presidential Race, the Opposition Picks a Moderate — The Kuomintang nominated Hou Yu-ih, a popular mayor who has said little about geopolitical issues, as the party tries to appeal to voters wary of Beijing.
- China Fines Comedy Company $2 Million For ‘Insulting’ the Military — The penalty came after a popular comedian joked about a military slogan often used by China’s leader, Xi Jinping, who has strictly curbed expression.
- Biden Vetoes Legislation That Would Reinstate Tariffs on Some Solar Panels — President Biden announced a two-year pause on the tariffs last year after importers complained that the penalties would threaten broader adoption of solar energy in the United States.
Caixin
- In Depth: How Smart Cars Are Upending the Auto Supply Chain — EVs and self-driving cars shift the focus of vehicle-making from nuts and bolts to integrated circuits and complex computer systems.
- Alibaba Transfers Self-Driving Research Team to Cainiao — Move is part of sweeping overhaul of the e-commerce giant in which the logistics arm Cainiao may be the first to go public.
South China Morning Post
- Beijing tightens control over rural China with training campaign for thousands of village chiefs — The nationwide coaching sessions aim to provide party guidance and ensure loyalty and social stability at county levels.
- Chinese-made military drones have hidden tech to stop them being used to attack China, source claims — Exported UAVs are said to include a feature that recognises an ‘electric geofence’ encircling Chinese territory and turns them away.
- China calls on Netherlands to ‘adhere to strategic autonomy’, as US restrictions weigh on trade — Premier Li Qiang spoke with Dutch counterpart Mark Rutte on Tuesday and discussed global supply chains, trade cooperation, the climate and the war in Ukraine.
Nikkei Asia
- Philippines’ Marcos backs probe on China-owned power grid company — Takeover of National Grid Corporation of the Philippines possible, Marcos warns.
- Baidu to ensure AI won’t ‘hallucinate’ on sensitive topics: CEO — Chinese search giant’s Q1 results beat expectations.
- Indonesia EV show attracts Chinese manufacturers — Wuling, DFSK and others bet on growing market despite still limited demand.
Bloomberg
- Hua Hong Semiconductor Wins Nod for $2.6 Billion China Listing — Hua Hong Semiconductor Ltd. has received a green light for its 18 billion yuan ($2.6 billion) second listing on Shanghai’s Star board, potentially the biggest in China this year.
- India Launches $2 Billion Drive to Woo Laptop Makers Like Apple — India is unveiling a 170 billion rupee ($2 billion) financial incentive plan to draw makers of laptops, tablets and other hardware to the South Asian nation as companies look to diversify supply chains beyond China.
- Founder Behind Mega China Bicycle Bust Starts Over in NYC — In February last year, a tiny coffee store with red neon signs opened at Gramercy Park, one of the most idyllic neighborhoods in New York City. The shop, labeled About Time Coffee, soon spawned four other prime locations in downtown Manhattan, peddling iced boba coffee that’s suddenly a trend on TikTok and Instagram.
- China Restarts GDR Approvals With New Rules on Registration — China’s securities regulator has announced new rules on global depositary receipts, paving the way for the resumption of a steady stream of listings in Europe.
Reuters
- Missions in China warned over ‘propaganda’ displays after Ukraine flags raised — China has notified foreign embassies and international organisations not to exhibit “politicised propaganda” on their buildings, an instruction diplomats say is aimed at missions that have displayed Ukrainian flags since Russia’s invasion.
- Smaller consultancies eye opportunities as China crackdown hits sector leader — Smaller consultancy and due-diligence firms in China reckon they stand to gain once business returns to normal after the shock administered by Beijing’s crackdown on firms supplying information deemed too sensitive to be shared with foreigners.
- China’s BYD beefs up autonomous driving credentials with new unit, hiring spree — BYD Co Ltd, may be China’s biggest electric vehicle maker by a country mile but it knows it lags rivals in autonomous driving, and has set up a new division and embarked on a huge hiring spree to rectify that shortcoming.
Other Publications
- The Economist: The fault lines in America’s China policy — How to make sense of the cacophony inside and outside the White House.
- Politico: Canadian lawmaker speaks out on being targeted by China — Michael Chong calls for overhauls in wake of foreign interference bombshell.
- Foreign Policy: How Beijing Forces Uyghurs to Pick Cotton — Coercive labor is getting less visible, but more intense. By Adrian Zenz
- MIT Tech Review: Inside Tencent’s weirdly secretive customer service center — To get my social media account back, I visited the Tencent office in Shenzhen where users come to plead their cases.
