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 to Start Sale of Ultralong Bond to Support Economy — China will start selling the first batch of a planned $138.37 billion ultralong bond issuance this week, as Beijing looks to provide more support to the economy.
- More Chinese Cities Move to Buy Up Housing Inventories — The moves follow similar plans by a half dozen cities in recent weeks.
- Cybersecurity Risk Rose in Past Year, Say Compliance Professionals — Nine out of 10 compliance professionals surveyed by The Wall Street Journal said their cyber risks increased.
- Country Garden Avoids Further Default With Payments on Onshore Bonds — Analysts said the payment was atypical given the developer’s stretched finances and previous defaults on other offshore and inshore bonds.
- WuXi Shares Volatile as U.S. Bill Revised to Set Deadline for Decoupling — The revised bill also added WuXi Biologics to the list of biotech companies of concern on which the restrictions would apply.
- Temu Cools on the U.S. After Shelling Out Billions — App looks to reduce reliance on American shoppers as growth slows and scrutiny of TikTok grows.
- Suddenly There Aren’t Enough Babies. The Whole World Is Alarmed. — Birthrates are falling fast across countries, with economic, social and geopolitical consequences.
- As Silicon Valley Pivots to Patriotic Capital, China Ties Linger — Investors with connections to China are backing startups developing tech that the U.S. wants to counter Beijing.
- Looming TikTok Ban Gives Young Voters Another Beef With Biden — Legislation restricting the app is popular, but many users feel betrayed; ‘I think they are underestimating the fallout’.
- Inside the 21st Century Gold Rush — Geopolitical turbulence and economic worries have fueled an appetite for bars, coins and jewelry, especially from small investors.
- China Disinflationary Headwinds Continue as Consumers Hold Back — Spending on travel and cars remains subdued as factory-gate prices fell for 19th straight month.
- Biden to Quadruple Tariffs on Chinese EVs — The administration is preparing to announce higher levies on a range of clean-energy goods made in China next week.
- Xi Ends Europe Tour With Plenty of Pomp and Few Concessions — During his first trip to Europe in nearly five years, the Chinese leader brushed off criticism of Beijing’s trade practices and its support of Russia.
The Financial Times
- Three men charged by UK with assisting Hong Kong intelligence service — Second time new anti-spying laws have led to charges.
- US and China to hold first talks to reduce risk of AI ‘miscalculation’ — Tuesday’s meeting in Geneva part of ‘intense diplomacy’ to head off danger of ‘unintended conflict’.
- China reduces access to live data on share trades by foreign investors — Regulators intensify efforts to curb volatility and introduce measures to bolster market sentiment.
- China fires starting gun on $140bn debt sale to boost economy — PBoC and finance ministry firms up plans for long-dated bonds to support investment.
- China targets tropical Hainan for world’s biggest duty-free area — Beijing hopes keeping luxury shoppers onshore will stimulate lagging economic growth.
- China and ESG ETF closures soar in face of political backlash — Culls have been enacted despite surging enthusiasm for ETFs generally, with 58 successive months of global net inflows.
- Fast-growing Chinese retailer Miniso shifts expansion focus overseas — Finance chief says low-cost chain plans to open 600 stores abroad this year amid weak consumption in its home market.
- EU fighting to counter China’s influence in global south, says top official — Bureaucracy and conditions attached to development finance allow Beijing to move faster.
- Alibaba leverages cloud business to become a leading AI investor in China — Ecommerce giant offers computing resources to fast-growing start-ups in exchange for equity.
- China’s EV sector to test offshore markets after Zeekr’s strong US IPO — Geely-owned EV maker rises 34% despite fears over rising western protectionism against Chinese companies.
- China’s consumer inflation edges up in signal of slow economic recovery — Third straight month of price growth points to strengthening consumer demand despite falling factory prices.
- China makes Hungary a model for diplomatic ties in Europe — Xi Jinping’s upgrade of ties with Budapest highlights Beijing’s willingness to reward loyalty with investment and trade.
- US set to impose 100% tariff on Chinese electric vehicle imports — Move marks latest effort by Biden administration to protect domestic industry from cheap competition.
- US and China agree on climate collaboration despite trade tensions — New envoys first in-person talks in Washington described as ‘in-depth and productive’.
- Opinion: A missed opportunity for a China-EU grand bargain — Differences over Russia and economic frictions cast a shadow across Xi Jinping’s tour of European capitals. By Martin Sandbu.
The New York Times
- Chinese Woman Jailed for Reporting on Covid Set to be Freed — Yet Zhang Zhan’s supporters and human rights activists who had followed her case said they could not reach her or her family members.
- China’s Bullet Trains Are Raising Ticket Prices — The politically fraught move comes as part of a broader push in China to stem losses at subsidized public services.
- Aiming for Rosier Ties, Xi Wraps Up Europe Visit — The red carpet receptions China’s leader received in France, Serbia and Hungary helped recast a strained relationship with the continent.
- U.S. to Announce New Tariffs on Chinese Electric Vehicles — The administration could raise tariffs on electric vehicles from China to 100 percent in an attempt to protect American auto manufacturers.
- Opinion: China’s Dead-End Economy Is Bad News for Everyone — China’s economy has reached a dead end. Getting out will mean more trade friction with the United States. By Anne Stevenson-Yang.
Caixin
- Two ChemChina Ex-Leaders During Syngenta Deal Hit With Corruption Probe — Former Chairman Ren Jianxin and ex-President Yang Xingqiang were involved in the controversial acquisition of the Swiss agrochemical giant in 2017.
- Will China’s Latest Policy Call-to-Arms Turn the Ailing Property Market Around? — The government hopes to end the slump by studying policies to reduce the record vacant housing overhang, earning cheers from foreign investors and buoying share markets.
- Chinese Shipping Costs Spike on Red Sea Crisis, Robust Demand — The Shanghai Containerized Freight Index, which tracks changes in spot rates from the port city to destinations such as Europe, gained some 19% in the past two weeks.
- Accounting Firms in China Required to Store Audit Data on Mainland Under New Rules — Accounting firms in China will have to obtain approval first if they want to export audit working papers, new measures released Friday say.
- U.S. Adds More Chinese Firms to Blacklist Over Balloon Incident, Quantum Tech — Eight companies were added to the ‘Entity List’ due to their alleged support of a Chinese high altitude balloon that flew over the U.S. in February 2023.
South China Morning Post
- China, Hong Kong enhance Swap Connect scheme in time for its 1st birthday, easing access to mainland interbank derivatives — Enhancements aim to further open up China’s financial markets and strengthen Hong Kong’s status as an international financial centre.
- Beijing rejects ‘groundless’ Philippine claims it is trying to build artificial island in South China Sea — Manila said its coastguard had found crushed corals that had been dumped by Chinese ships around the disputed Sabina Shoal.
- In China, foreign awards face growing cynicism among academic community after European institution controversy — Controversy around European science honours leads to questions over legitimacy of some academic accolades.
- China is paying some workers in digital yuan – but few are choosing to use it — China has begun to test paying some state employees through its digital currency, but the trial is not making much impact in the e-CNY’s adoption as most quickly and automatically switch their salaries to cash.
- Opinion: What green light for Tesla says about China’s attitude to foreign investors — From the Shanghai Gigafactory to Tesla’s autonomous driving plans, China’s encouragement reflects give-and-take and a recognition of the mutual benefits of foreign investment and tech. By Edward Tse.
Nikkei Asia
- China’s Confucius Institutes flourish in ASEAN after West’s freeze-out — Geopolitical baggage less of a factor, while learning Chinese is seen as a smart move.
- Chinese cities’ last-ditch property easing exposes limited toolkit — Rather than raising hopes for a recovery, experts say the moves show how little space the authorities now have to work with.
- More subsea cables bypass China as Sino-U.S. tensions grow — Once billed as a future hub for subsea networks that form vital arteries of international communication, China is expected to see only three cables laid after this year.
- China carbon prices near record high as regulations tighten — The country’s biggest polluters are scrambling to buy emissions credits amid tightening government regulations.
- Opinion: Asia-Pacific free trade pacts have been a big success for the U.S. — Singapore agreement shows benefits in terms of strategic competition with China. By Bilahari Kausikan and Steven Okun.
Bloomberg
- Japan’s Carmakers Look to China Tech to Claw Back Market Share — China’s automakers dominate the domestic car market, especially for new-energy vehicles.
- Reports on China’s Bad Lending Data Disappear on Social Media — A series of research reports from Chinese brokerages on the country’s recent bad credit data disappeared from social media over the weekend, highlighting the increasing difficulty of getting reliable information about the world’s second-largest economy.
- AI Pioneer Kai-Fu Lee Aims to Bring China Its ChatGPT Moment — The Beijing startup founded by technology pioneer Kai-Fu Lee is introducing its first artificial-intelligence application for consumers, a step aimed at helping China capitalize on the promising technology.
- Chip Technology Spending Gets $81 Billion Boost in China Rivalry — US and allies vie with China for semiconductor supremacy, powered by wave of domestic investment.
Reuters
- Gazprom loss shows struggle to fill EU gas sales gap with China — Gazprom’s troubles reflect the deep impact the European sanctions have had on Russia’s gas industry, as well as the limitations of Moscow’s growing partnership with China.
- Shein steps up London IPO preparations amid U.S. hurdles to listing — The China-founded fashion company has also approached London-based fund managers for introductory meetings ahead of the planned float, said a source with direct knowledge of the matter.
- Former US Marine pilot arrested in Australia worked with Chinese hacker, lawyer says — Daniel Duggan, 55, a naturalised Australian citizen, also feared requests by Western intelligence agencies for sensitive information were putting his family at risk, the lawyer said in a legal filing seen by Reuters.
- China calls for boosting cooperation with S.Korea without interference: Yonhap report — Cho Tae-yul, South Korea’s foreign minister who is visiting Beijing, said that the two countries needed to keep up momentum on cooperation and carefully manage ties so disagreement does not turn into conflict.
- Opinion: China’s commodity imports show prices beat economic narrative — While overall economic conditions may set a longer-term trend, movements from month to month reflect shifts in price momentum. By Clyde Russell.
Other Publications
- Amnesty International: Overseas students face harassment and surveillance in campaign of transnational repression — China-based family members of Chinese students in Europe and North America targeted in retaliation for students’ overseas activism.
- Foreign Policy: China and the U.S. Are Numb to the Real Risk of War — The pair are dangerously close to the edge of nuclear war over Taiwan—again.
- Foreign Affairs: America, China, and the Trap of Fatalism — How to Manage the World’s Most Important Relationship.
- AP: Trump suggests Chinese migrants are in the US to build an ‘army.’ The migrants tell another story — Immigrants who spoke to the AP in Flushing said they came to the U.S. to escape poverty and financial losses from China’s strict lockdown during the pandemic.
