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
- Blinken China Speech to Affirm Beijing as Main U.S. Rival — The speech, postponed after secretary of state tested positive for Covid-19, is expected to emphasize the administration’s view of China.
- The Most-Hated Solar Company in America — Auxin Solar accused Chinese makers of avoiding U.S. tariffs. The resulting probe by U.S. officials has delayed billions of dollars in solar-power projects.
- Breaking Up HSBC Wouldn’t Solve its Political Woes — As relations between China and Western democracies have deteriorated, Europe’s most valuable bank increasingly has found itself in the crossfire.
- Binance Picks Paris to Be Regional Hub in Europe — The world’s largest crypto exchange, which lacks a headquarters, worked for 18 months to get approval from France’s financial regulator.
- In Covid-19 Battle, Taiwan Finds Alternative to Chinese-Style Lockdowns — Taiwanese health authorities gradually remove restrictions even as cases climb to record highs; ‘The closer the virus is, the calmer we have to be.’
- China’s Services Sector in Doldrums as Covid-19 Lockdowns Bite — Beijing’s zero-Covid policies spur more companies to seek investment opportunities in other countries, business group says.
The Financial Times
- ‘We will vote with our feet’: European businesses warn China over zero-Covid policy — EU Chamber of Commerce calls for new approach as country’s services sector activity sinks to lowest level in two years.
- Hikvision shares plunge after US sanctions threat — Washington accuses Chinese surveillance camera maker of facilitating human rights abuses.
- China’s zero-Covid stance is a warning to investors — Communist Party’s reputation for pragmatism has been damaged by strategy to contain the pandemic.
- China demand worries dull oil price impact of EU’s Russian embargo plan — Traders are ‘very wary’ that lockdowns in China will crimp demand for crude.
The New York Times
- China’s Covid Lockdowns Leave Millions Out of Work — Migrant workers and recent college graduates have been hit hardest by shuttered factories, closed construction sites and an anemic job market.
- China’s Covid Policies Have European Companies Wary of Investing — Lockdowns and supply chain issues have soured European businesses in China on the idea of further investment in the country, a survey finds.
Caixin
- In Depth: How the War in Ukraine Is Rattling China’s Energy Transition — Natural gas may be marginalized as domestic industries fall back on reliable coal, experts say.
- PBOC Backs Coal Industry With $15 Billion of Credit — Central bank follows through on government commitment to increase coal production as China seeks to secure its energy supplies.
- China’s Central Bank Vows Normalized Supervision of Tech Sector — The People’s Bank of China backs up Politburo signal last week that a year-long crackdown on the industry is drawing to a close.
South China Morning Post
- SEC ratchets up US-China dispute by adding JD.com, Pinduoduo and 80 Chinese stocks to list liable under auditing oversight law — The US and China have been at odds for two decades over the mandate that grants access to all audit work papers for US-listed foreign companies.
- NetEase launches first US studio in Texas as China’s second-largest video games player seeks growth outside hostile home market — Opening of US studio reinforces trend of Chinese video gaming companies doubling down on overseas markets for earnings growth.
Nikkei Asia
- SEC warns 80 more Chinese companies of impending U.S. delisting — JD.com, JinkoSolar, NetEase and Sinopec included on latest list.
- China’s lost Youth League: Group sidelined as Xi seeks 3rd term — Once proud Communist Party faction on shaky ground heading into its centennial.
Bloomberg
- U.S. Threat to Hikvision Shows China Ties Near a Tipping Point — The fate of a Chinese technology giant at risk of unprecedented U.S. sanctions will show whether the Biden administration intends to significantly ramp up tensions with the world’s second-biggest economy.
- Six Indicators That Will Signal China Is Abandoning Covid Zero — Experts say Beijing will move gradually to dismantle its rigid zero tolerance policy rather than end all curbs overnight.
- Biden’s China Policy Is Poised for Re-Airing, Not a Refresh — The unveiling of President Joe Biden’s detailed strategy toward China — delayed by internal deliberations, Covid-19 and the Ukraine conflict — will have to wait even longer.
Reuters
- China to fight comments, actions denying its COVID response policy -state media — China will fight any comments and actions that distort, doubt or deny the country’s COVID-19 response policy, state television reported on Thursday, after a meeting of the country’s highest decision-making body.
- U.S. Senate moves to launch formal talks on massive China competition bill — The U.S. Senate on Wednesday moved to begin formal legislative talks on a long-stalled bill to pay for $52 billion in semiconductor chips manufacturing subsidies and boost U.S. competitiveness with China.
- Running on hope, China markets want action, not more policy pledges — Hopes are focused on vague promises of help – last week from the powerful Politburo and in March from Vice Premier Liu He – as well as a chance that a high-level meeting could signal an end to a long crackdown on the internet sector.
Other Publications
- The Economist: China’s erratic policies are terrifying investors — The folly of zero covid has turned former evangelists into fierce critics.
- The Economist: Can Chinese big tech learn to love Big Brother? — The government’s crackdown eases, but the damage has been done.
- Quartz: Russia’s lost alumina supply from Ukraine is now coming from China — Russia needs alumina, also known as aluminum oxide, to make aluminum. Aluminum is a crucial component in everything from soda cans to automobiles to military products.
- The Guardian: Beijing orders ‘stress test’ as fears of Russia-style sanctions mount — Exclusive: exercises are to prepare China for the possibility of similar embargos from the US and its allies.
- Rest of World: China’s latest marketing trend: salesbots pretending to be your friend — “I need to treat them like customers, but also friends.”
