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
- Pressure Mounts for U.S. Response After China’s Micron Ban — High-level talks are held to repairs ties between the two countries.
- China, Once Pioneer of Zero Covid, Shrugs Off Looming Wave — Cases are estimated to reach 40 million a week by end-May, hit 65 million weekly by late June.
- China, Pushing Ukraine Cease-Fire, Gets Cool Reception in Europe — European officials are rebuffing Beijing’s efforts to split the West.
- Chip Companies, Wary of Break With China, Seek Looser Limits on Federal Cash — Companies warn that regulations undermine U.S. attempt to revive semiconductor industry.
- A Barbecue Craze in China Shows Why Its Economy Is Undercooked — The journey of Zibo from industrial backwater to meat-grilling vacation hot spot reflects the bitter reality of China’s post pandemic recovery.
- How a Trade Loophole May Be Letting in Chinese Imports Made With Forced Labor — Millions of packages flood into the U.S. from China tariff-free and with little or no scrutiny under a category dubbed ‘de minimis’.
The Financial Times
- Portugal paves way to a Huawei ban on country’s 5G network — Lisbon’s new security assessment could deal blow to Chinese telecom equipment group’s ambitions in Europe.
- US and China address trade tensions in rare high-level Washington meeting — Gina Raimondo and Wang Wentao signal efforts to maintain dialogue despite clashes over chips.
- China’s car market has become a Darwinian battleground — Foreign makers have been caught out by speed of transition to electric vehicles and rapid rise of domestic rivals.
The New York Times
- Driver’s Licenses, Addresses, Photos: Inside How TikTok Shares User Data — Employees of the Chinese-owned video app have regularly posted user information on a messaging and collaboration tool called Lark, according to internal documents.
- Military Spending Emerges as Big Dispute in Debt-Limit Talks — President Biden has offered to freeze discretionary spending, including for defense. Republicans want to spend more for the military, and cut more elsewhere.
Caixin
- BYD Insurance Debuts After Takeover of Tomorrow Holdings’ E An — Electric-car giant plans to rapidly build the new unit into a new-energy vehicle insurance business.
- In Depth: The Teething Problems of China’s Schools for Troubled Students — these schools have been unable to meet the growing need for specialized education because they remain few in number, have difficulty attracting teachers and students and have insufficient government guidance on how to operate.
- Iflytek Stock Plunges After Chatbot Cries Foul — A viral screenshot surfaced of what appeared to be a chatbot-generated article that made unsubstantiated claims against the company.
South China Morning Post
- Xi Jinping calls for global cooperation on technology at Zhongguancun as Beijing courts top scientists — Microsoft founder Bill Gates, who spoke via a live-streaming feed, said that the theme of open cooperation ‘could not be timelier’, echoing Xi’s message.
- ‘The ball is in their court’: China silent on US request for defence chief talks, senior official says — Beijing yet to respond to Washington’s request for meeting between Chinese Defence Minister Li Shangfu and American counterpart Lloyd Austin on the sidelines of the Shangri-La Dialogue in Singapore next week.
- China’s top server makers stop orders of memory modules containing Micron chips, sources say — Inspur, which is under US trade sanctions, and Lenovo are among the biggest buyers of Micron products, which are under a partial ban in China.
Nikkei Asia
- Opinion: U.S. will come to regret holding back China at the IMF — Washington cannot expect Beijing’s help with dollar or inflation.
- Chinese companies seek opportunities in Indonesia’s new capital — $31bn development project on Borneo so far falling short of investment goals.
- Asian leaders home in on economic security in face of U.S.-China rift — Future of Asia speakers welcome ‘de-risking’ and urge return to multilateralism.
- China car wars: BYD, Great Wall spar over emissions standards — Accusations push down stock prices of nation’s 2 biggest EV manufacturers.
Bloomberg
- Opinion: Biden Is Right to Reengage With China — The US is making a concerted push to reengage with its foremost rival. It’s about time.
- What It Looks Like When Debt Blows Up: Next China — Cities across China are struggling to manage their finances, with Goldman Sachs estimating total government debt at about $23 trillion.
Reuters
- China solar panel maker Jinko to sell unit for $622 mln — China’s Jinko Solar Co Ltd said it would sell its unit for 4.3 billion yuan ($622.10 million) to buyers including a government-linked fund, as one of the world’s major solar panel producers looks to cut costs and improve efficiency.
- Moderna looks for opportunities in China after registering legal entity — The U.S. biotech firm registered a unit called Moderna (China) Biotech Ltd in Shanghai on May 24 with capital of $100 million.
Other Publications
- Hong Kong Free Press: ‘Not recommended’ reading: The books Hong Kong is purging from public libraries — While titles relating to democracy and protests in Hong Kong are among the topics apparently targeted, romantic essays and travel literature penned by democratic figures have also disappeared.
- Council on Foreign Relations: How to Secure Critical Minerals for Clean Energy Without Alienating China — There are multiple ways to bolster the security of U.S. critical mineral supply chains, such as the mining, processing, and application of minerals, among others.
- Foreign Policy: Is the Biden Administration Going Soft on China? — A policy shift toward economic engagement with Beijing seems to be underway in the White House.
- AP: As electric cars boom, locals fear Chinese battery plant will harm land in drought-stricken Hungary — Residents, environmentalists and opposition politicians worry that CATL’s sprawling factory will exacerbate existing environmental problems, hit the country’s precious water supplies and further undermine its economy to China.
- CSIS: Key Differences Remain between U.S. and Japanese Advanced Semiconductor Export Controls on China — Both the United States and Japan have formulated new national security strategies that acknowledge the need for closer coordination between the two countries.
- Rest of World: Five globally successful Chinese companies you’ve never heard of — TikTok and Shein are household names, but ShareIt and Yalla aren’t far behind.
