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
- Trial of Australian Journalist in China on States-Secrets Charges Ends Without Verdict — Cheng Lei’s detention in August 2020 coincided with a sharp downturn in diplomatic relations between Beijing and Canberra.
- U.S. Charges Chinese Agent in Alleged Schemes to Forcibly Repatriate U.S., Canadian Residents — Case marks latest complaint alleging Chinese agents in U.S. are harassing dissidents or people China considers criminals.
- Covid-19 Outbreaks Slow Factory Activity in China — Services-sector activity also tumbled in March, as government efforts to smother outbreaks kept people away from malls, restaurants and hotels.
- Italian Yacht Maker Ferretti Floats Shares in Hong Kong — Company is majority owned by Weichai Group, a Chinese machinery maker.
- Stocks in China Suffer Worst Quarter in Years — The blue-chip CSI 300 Index lost nearly 15% in the three months to March 31.
- Video: U.S. vs. China: The Tech Behind Nike and Anta Sneakers — Anta ranks the fourth-largest sportswear brand in the world by market value.
The Financial Times
- Chinese trial of detained Australia journalist defers verdict — Cheng Lei was arrested in 2020 but diplomats were denied entry to closed-door trial.
- China PMI contracts as Covid outbreaks spark lockdowns — Government announces measures to shore up economic confidence for second time in two weeks.
- Brussels treads fine line with China on Russia — EU concerns over economic disentanglement from China are greater than in US.
- China ETF investors endure ‘dark’ month as macro factors take over — Fund managers say fundamental growth story, especially tech, has been overshadowed by events.
- Huawei faces dilemma over Russia links that risk further US sanctions — Chinese tech group has been early winner from Ukraine war but remains wary of Washington threat.
- Russia’s Ukraine war forges new unity of EU purpose on China — Bloc’s leaders will use Friday summit to pressure Beijing over its close ties with Moscow.
- Beijing moves to strengthen Moscow ties in wake of Ukraine invasion — Russian and Chinese foreign ministers meet for first time since conflict began last month.
- Shanghai’s alternating Covid lockdown batters bankers and vegetable buyers — Coronavirus outbreak causes disruption across Chinese financial hub and challenges zero-Covid policy.
The New York Times
- Covid, Russia and Economy Put the ‘China Model’ to the Test — With China’s prosperity and global standing seemingly at risk, some are wondering — aloud — whether the country is on the wrong track.
- Australian Journalist Who Worked for Chinese Media Stands Trial in Beijing — Cheng Lei, a former CGTN host, was detained in 2020. The Chinese authorities have accused her of divulging state secrets but offered no specifics.
- In Hong Kong, China’s Covid Aid Gets the Cold Shoulder — Disputes about medics, squat toilets and diaper-changing duties underscore longstanding tensions between residents of Hong Kong and the mainland.
Caixin
- China-U.S. Audit Regulation Talks Are Proceeding Smoothly, Securities Regulator Says — CSRC says the two sides will continue talking to work toward a resolution to a long-standing dispute over access to audit working papers.
- Chinese Steelmakers Increasingly Use Yuan to Buy Iron Ore Abroad — Baowu, Hesteel and others promote currency’s internationalization while reducing exchange-rate risks.
- Country Garden Snaps Up Property Assets From Partners Amid Market Turmoil — China’s largest real estate company by sales had acquired 35 such projects, illustrating it is one of the few private developers to maintain its financial health.
South China Morning Post
- China says it will hit US officials with visa restrictions over ‘vile lies’ about Xinjiang — Beijing has announced it will impose visa restrictions on American officials, in a tit-for-tat move after Washington restricted visas for Chinese officials accused of human rights abuses in Xinjiang.
- China urges US to unlock Afghanistan’s frozen assets — China has urged neighbouring countries to help build a stable Afghanistan and demanded that the United States returns the country’s frozen assets as Beijing seeks to bolster its role as a major influence in the region.
- US-China accounting war: SEC adds Baidu, Futu and three more to list of companies liable under audit oversight law — Futu Holdings, iQiyi and Baidu are among the latest names identified under the Holding Foreign Companies Accountable Act (HFCAA), according to a March 30 statement by the SEC.
Nikkei Asia
- China launches diplomatic blitz with Russia ties in balance — Beijing wary of pariah status as Moscow grows more isolated.
- Analysis: Shanghai lockdown affects Xi’s plans to promote allies — City chief Li Qiang’s move to Beijing likely on hold till economic impact weighed.
- Vanke boss sorry for profit drop as other China builders go quiet — Top developer by sales offers consolation of bigger dividend and share buyback.
Bloomberg
- Xi Keeps China Investors Guessing With Mystery Politburo Meeting — Investors looking for signals on China’s plans to tackle Covid-19, the economic slowdown or Russia’s war in Ukraine were left disappointed this week, when the Communist Party’s Politburo released a mysteriously brief statement from its latest meeting.
- Australian Envoy Decries China Secrecy in Anchor’s Spy Trial — Australia’s top diplomat in China called the decision to bar him from the espionage trial of a television anchor “deeply concerning,” a development that strains already tense ties between the nations.
- Apple Said to Weigh More Chip Suppliers, Including in China — Apple Inc. is exploring new sources of the memory chips that go into iPhones, including its first Chinese producer of the critical component, after a disruption at a key Japanese partner exposed the risks to its global supply.
- SEC Chief Doubts Imminent Deal to Avoid China Delistings — Securities and Exchange Commission Chair Gary Gensler tamped down speculation that a deal is brewing to keep about 200 Chinese stocks from losing their listings, signaling that only total compliance with U.S. audit inspections will allow the companies to keep trading on American markets.
Reuters
- China’s top leadership says cause of plane crash must be found soon — The cause of the crash of the China Eastern Airlines jet last week must be determined as soon as possible, state media said on Thursday, following a meeting of China’s highest decision-making body helmed by President Xi Jinping.
- Micronesia urges Solomons Islands not to sign China security pact — The leader of the Federated States of Micronesia has urged the Solomon Islands not to sign a security pact with China, saying he had “grave security concerns” and feared the Pacific could become embroiled in war between China and the United States.
- Chinese agent targeted dissidents in United States, U.S. prosecutors say — U.S. prosecutors on Wednesday accused a Chinese citizen of seeking to pressure critics of China’s government living in the United States to travel to China, where they might face punishment.
Other Publications
- The Washington Post: Inside Hunter Biden’s multimillion-dollar deals with a Chinese energy company — A Washington Post review confirms key details and offers new documentation of Biden family interactions with Chinese executives.
- Quartz: Sleep at work is the new work from home in China’s financial hub — China is finding ways to keep its economy moving along, even under its stringent covid zero policy.
