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 Fishing Fleet, the World’s Largest, Drives Beijing’s Global Ambitions — Governments and conservation groups accuse the ships of fishing illegally and advancing military goals.
- Tesla Should Brace for Impact in China — The electric-vehicle maker has cleaned up in China due to solid technology and a first-mover advantage, but the Auto Shanghai expo shows real competitors are roaring out of the gate.
- Australia Cancels China Infrastructure Deal, Citing National Interest — Decision deepens diplomatic dispute; Beijing says Australian government has no sincerity to improve ties.
The Financial Times
- Ping An profits hit by property developer’s woes — China’s biggest insurer caught up in troubles of real estate group China Fortune Land.
- China berates Australia for cancelling Victoria BRI projects — Beijing says Canberra’s decision proves it has no intention of repairing frayed relations.
- Jack Ma’s Ant shrinks money market fund as Beijing cracks down — Fintech group pushes users to move savings to other managers as pressure intensifies.
- EU and India plan global infrastructure deal — Move seen as response to China’s vast Belt and Road Initiative.
The New York Times
- Jack Ma Shows Why China’s Tycoons Keep Quiet — High-profile business leaders have been detained, sidelined or silenced as the Communist Party moves forcefully to keep companies in line. Today, the best strategy is to lie low.
Caixin
- China Sets Up Special Fund to Invest in Greater Bay Area Projects — Without disclosing size of commitment, NDRC sets out to back science and tech innovation, education, infrastructure and youth entrepreneurship.
- China Plans to Double Energy Storage Capacity Within Five Years — With a focus on boosting battery storage, proposals aim to use emerging technologies to add 35 GW to power banks by 2025.
South China Morning Post
- Taiwan planning for zero emissions by 2050, President Tsai Ing-wen says — Taiwan has begun to assess how it can reach zero emissions by 2050, President Tsai Ing-wen said on Thursday, after green groups criticised the government for not doing enough to fight climate change.
- China trade: Xinjiang exports to US doubled in first quarter, even as cotton ban and sanctions kicked in — Despite American bans on key products and sanctions on major companies, Xinjiang’s direct exports to the United States more than doubled in the first quarter of 2021 – a trend that has baffled analysts.
- TSMC founder Morris Chang says China’s semiconductor industry still five years behind despite decades of subsidies — In a rare public appearance since retiring nearly three years ago, Morris Chang, the 89-year-old founder of the world’s largest contract chip maker, said China is not yet a competitor in chipmaking and that Taiwan should defend its leadership in semiconductor manufacturing.
Bloomberg
- Gold Buying Is Bouncing Back in Key Markets of China and India — India’s gold imports from Switzerland surged to highest in almost eight years in March, in a sign that Asian consumers are once again a key pillar of support for the precious metal.
- Soy and Corn Extend Rally on Weather Worries, Strong Demand — Corn extended gains above $6 a bushel and soy topped $15, setting fresh mulityear highs, as China’s rampant demand and adverse weather threaten to further tighten supply.
- Steel Futures Soar in China as Output Cuts Meet Robust Demand — Steel futures in China extended their surge as the country pushes to rein in production amid a seasonal pick up in demand.
- Hong Kong Arrests Six in $322 Million Money Laundering Case — Hong Kong authorities arrested six people suspected of money laundering involving HK$2.5 billion ($322 million), in the latest case to hit the Asian financial hub.
- Wen Jiabao’s Eulogy Exposes the Paradox of China Under Xi Jinping — Local media treatment of Wen Jiabao’s eulogy to his late mother exposes the paradox of the country’s identity under Xi Jinping.
- How Might China Rescue Huarong? Look at What’s Left of Bank of JInzhou — China is looking at a 2020 bailout as a restructuring model. But investors shouldn’t breathe easy. The PBoC bought Jinzhou assets at a 70% discount.
Reuters
- Column: Shanghai aluminium soars as China’s production stalls — Shanghai aluminium prices last week hit their highest since 2010 as the Chinese market gears up for a seasonal demand peak.
- China CNOOC’s first-quarter revenue jumps 21% on oil price recovery — China’s national offshore oil and gas producer CNOOC Ltd reported on Thursday its first quarter revenue surged 21% on year on recovering oil and gas prices and higher sales.
- U.S. Senate committee advances sweeping China bill — The U.S. Senate Foreign Relations Committee on Wednesday backed sweeping legislation to push back against China on issues including human rights, economic competition and international influence, sending the measure for consideration by the full Senate.
- U.S. lawmakers back $100 billion science push to compete with China — WASHINGTON (Reuters) -A bipartisan group of U.S. lawmakers on Wednesday introduced legislation calling for $100 billion in government spending over five years on basic and advanced technology research and science in the face of rising competitive pressure from China.
Other Publications
- Economist: Sanctions are now a central tool of governments’ foreign policy — The more they are used, however, the less effective they become.
- Economist: Huawei and other non-carmakers invade Auto Shanghai — The live trade show is back—with a new guest list.
- Nikkei Asian Review: China bill boosts US diplomatic, military presence in Indo-Pacific — Senate committee adds diplomatic boycott of Beijing Games to sweeping legislation.
- Nikkei Asian Review: Pakistan car bomb at Chinese ambassador’s hotel kills 5 — Envoy unhurt but increased security threats overshadow Beijing’s interests.
- The Diplomat: Latin America Believed in Chinese Vaccines. Now It May Have Reason to Rethink. — China’s latest disclosure could reconfigure regional politics and promote domestic development across the Americas.
- The Diplomat: Australia Ends China Deals on National Interest Grounds — In response, Chinese state media warned of “serious consequences for unreasonable provocation against China.”
- The Diplomat: COVID-19 Vaccine Delays Push Indonesia Into Reliance on China — Beijing’s comments on “vaccine nationalism” hints at its desire to position itself as the vaccine supplier of first resort to the developing world.
- The New Yorker: The Forgotten History of the Purging of Chinese from America — The surge in violence against Asian-Americans is a reminder that America’s present reality reflects its exclusionary past.
